AI Startup Cognition Raises Over $1B in Funding, Valuation Jumps to $25B

According to its official statement, AI programming startup Cognition has completed a funding round exceeding $1 billion, with pre-money valuation rising to $25 billion, doubling from the $10.2 billion post-money valuation eight months earlier.

Led by Lux Capital and General Catalyst, with participation from Founders Fund, 8VC, Ribbit Capital, Atreides, and Layer Global, the funding fuels growth of Devin, Cognition's AI programmer product. Over the past six months, Devin achieved 50% month-over-month enterprise user growth, driving the company's annualized recurring revenue (ARR) to $492 million. Major clients include Mercedes-Benz, NASA, Goldman Sachs, and Banco Santander.