AI coding startup Cognition raises $1B at $25B valuation
Original: AI coding startup Cognition raises $1B at $25B pre-money valuation
Why This Matters
Validates market for independent AI coding tools despite big tech competition
Cognition, creator of autonomous AI software engineer Devin, raised $1 billion at $25 billion pre-money valuation. Round led by Lux Capital and General Catalyst, marking major jump from $10.2 billion valuation eight months ago.
Cognition announced raising over $1 billion at a $25 billion pre-money valuation, a significant increase from its $10.2 billion post-money valuation in September when it raised $400 million. The round was led by Lux Capital and General Catalyst, with participation from existing investors Founders Fund and 8VC, plus new investors Ribbit Capital, Atreides, and Layer Global. The company, which makes Devin autonomous AI software engineer, reports customers including Mercedes-Benz, NASA, Goldman Sachs, and Santander. Cognition claims $492 million annualized revenue run-rate with enterprise usage growing 50% month-over-month for six months. The funding represents confidence in independent AI coding startups despite competition from Anthropic's Claude Code, OpenAI's Codex, and Google's Jules.