Cognition Inc., provider of AI programming tools, has raised more than $1 billion in a Series D round led by Lux Capital, General Catalyst and 8VC. The deal values the company at $26 billion, up from $10 billion in September.
Cognition says its annualized recurring revenue has surged from $73 million last June to $492 million, spurred by a tenfold increase in enterprise usage of its products since the start of the year.
Its flagship offering, Devin, is a cloud-based AI agent that automates programming tasks a single developer could complete in three hours. For Mercedes-Benz, Devin completed an eight-month code modernization project in just eight days.
The agent splits work across multiple sub-agents for parallel code generation, integrates with tools like Datadog for troubleshooting, and can automate recurring tasks like updating documentation.
Devin's capabilities are enhanced by Cognition's custom AI model, SWE 1.6, which avoids reasoning loops to speed up processing.
Devin is accessible through Windsurf, a desktop code editor Cognition acquired last year. Windsurf has over 1 million users across 4,000 organizations and also uses a second local AI agent called Cascade for simpler coding tasks.
Cognition faces competition from tech giants and startups like Cursor, which recently raised $2.3 billion and inked an AI training partnership with SpaceX. Cognition will use its new capital to broaden product adoption and hire more staff.