Cognition AI has just raised over $1 billion in a new Capital round, bringing the company's valuation to $26 billion, more than double that of its previous round in September last year.
This round was co-led by Lux Capital, General Catalyst, and 8VC, with participation from Ribbit Capital, Atreides Management, and Founders Fund. The company, founded in 2023, is notable for Devin, an automated programming agent.
Cognition's year-on-year revenue increased from $37 million last May to $492 million. Its clients include Goldman Sachs, Mercedes-Benz, and several U.S. government agencies.
Cognition said it will use the new Capital for internal model development, improving the product experience, and possibly acquiring other businesses. The company also stated that over 90% of its internal source code is created by Devin.
