Cognition, the San Francisco-based lab behind the AI agent Devin, recently announced it raised $1 billion in funding at a valuation of $26 billion. The raise was led by Lux Capital, General Catalyst and 8VC and follows two years after Cognition’s initial launch of its AI software engineer.
The company counts organizations including Citi, Mercedes-Benz and the U.S. Army among its customers, helping them make their software development lifecycles more autonomous. As an agent lab, Cognition works with AI model labs, evaluating model performance across multiple software engineering task categories to ensure customers can leverage the best available capabilities. Devin’s usage among enterprise customers has grown more than tenfold since the start of the year, and the company has increased its run-rate revenue to $492 million.
“We’re now shifting to a world of self-driving software development. Individual engineers are able to spend more of their time on the creative structuring of problems and tasks, and their army of Devins reliably executes,” the company stated in a blog post.
Its latest injection of funding will help Cognition grow its team as it continues to fuel its ongoing growth momentum.
