Cognition raises $1B at $26B valuation as Devin writes 89% of its own code

Cognition has raised more than $1 billion at a $26 billion valuation. The round was led by Lux Capital, General Catalyst and 8VC. Existing investors including Founders Fund, Elad Gil, Alpha Wave, Definition Capital, Positive Sum, Avenir, Vitruvian, Bain Capital Ventures, Conversion Capital, 137 Ventures, Soma Capital and Omri Casspi participated along with new investors Ribbit Capital, Atreides and Layer Global. Cognition launched Devin two years ago as the first AI software engineer. Enterprise usage has grown more than 10 times since the start of this year and run-rate revenue grew to $492 million. The company works with organizations including Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army and the U.S. Navy as well as startups including Exa, Modal, Eight Sleep and OpenRouter. Mercedes-Benz reduced an eight-month legacy modernization project to eight days with Devin. Itaú fixes 70 percent of security vulnerabilities automatically using the system. Infosys and Cognizant have embedded Devin into their work delivery processes. Cognition operates as an independent agent lab and works closely with foundation model labs. It evaluates model performance across more than 100 categories of software engineering tasks. The company launched SWE-1.6 which has become the most used model in Windsurf and at Cognition 89 percent of code committed by its engineers is committed by Devin.