Cognition AI has closed a Series D funding round of over $1 billion, bringing its post-money valuation to $26 billion. This is more than double its $10.2 billion valuation from just eight months ago.
The company, founded in November 2023, builds Devin, the first autonomous AI software engineer. Devin handles entire engineering tasks from start to finish, and now writes roughly 90% of Cognition's internal code. CEO Scott Wu describes Devin as a "tireless, skilled teammate" that enhances human productivity.
The Series D was led by Lux Capital, General Catalyst, and 8VC, with participation from Founders Fund and Elad Gil. New investor Ribbit Capital also joined. Clients include Goldman Sachs, Citibank, and small engineering teams.
Cognition's annualized recurring revenue has grown from $37 million to $492 million in under a year. The company also recently acquired Windsurf, an AI code editor.
Originally focused on cryptocurrency, Cognition pivoted to broader AI applications. Devin is now used in blockchain tooling, including Sui integration through Crossmint's GOAT SDK.