AI coding startup Cognition raises $1 billion at $25 billion valuation
The Story
Cognition, the maker of the autonomous AI software engineer Devin, announced Wednesday it has raised more than $1 billion at a $25 billion pre-money valuation. The round was led by Lux Capital and General Catalyst and included existing and new investors. The company reported $492 million in annualized revenue run-rate and counts Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers.
Key Facts
- Cognition raised more than $1 billion at a $25 billion pre-money valuation.
- The round was led by Lux Capital and General Catalyst.
- Existing investors included Founders Fund and 8VC.
- New investors included Ribbit Capital, Atreides, and Layer Global.
- The company’s post-money valuation in September was $10.2 billion after a $400 million round.
- Cognition acquired the remaining bits of Windsurf last year.
- The company reported $492 million in annualized revenue run-rate.
- Enterprise usage of Devin grew 50% month-over-month for the past six months.
- Customers named include Mercedes-Benz, NASA, Goldman Sachs, and Santander.
- The company called Devin an autonomous AI software engineer.
Conflicting Reports
No conflicting reports identified in the source article.
Still Unclear
- The exact amount raised beyond “more than $1 billion” is not specified.
- The post-money valuation after this round is not explicitly stated.
- The specific date of the announcement (only given as “Wednesday”) is not further identified in the article text.
- A complete list of all participating investors is not provided.
Misconceptions
No widespread misconceptions addressed in the source article.
Key Figures
No specific individuals named in the source article.
