Cognition raises $1B as Devin reaches a reported $492M revenue run-rate

Cognition is the missing megadeal from the previous refresh. TechCrunch reports that the maker of Devin raised more than $1B at a $25B pre-money valuation, or $26B post-money. Lux Capital, General Catalyst, and 8VC led the round, with existing investors including Elad Gil, Soma Capital, Omri Casspi, and Founders Fund, plus new investors such as Ribbit Capital, Atreides, and Layer Global. The valuation jump is dramatic: Cognition was valued at $10.2B post-money after a $400M round just eight months earlier. The company says enterprise customers include Mercedes-Benz, NASA, Goldman Sachs, and Santander, and that annualized revenue run-rate reached $492M with enterprise usage of Devin growing 50% month over month for six months. Watch whether independent coding-agent companies can maintain share against Claude Code, Codex, and Google's coding agents.

Key details: Cognition, Devin, $1B+ raised, $25B pre-money valuation, $26B post-money valuation, $492M annualized revenue run-rate, 50% month-over-month enterprise usage growth, Lux Capital.

Continue swiping for more AI Brief stories.