AI coding startup Cognition raises $1B at $25B pre-money valuation | TechCrunch

Cognition, maker of the autonomous AI software engineer Devin, raised more than $1 billion at a $25 billion pre-money valuation. The valuation is a major increase from a $10.2 billion post-money valuation after a $400 million funding round eight months earlier. The latest round was led by Lux Capital and General Catalyst, with participation from existing investors including Founders Fund and 8VC. New investors included Ribbit Capital, Atreides, and Layer Global. The company positions the funding as confidence in independent AI coding startups. Cognition reports enterprise customers such as Mercedes-Benz, NASA, Goldman Sachs, and Santander, and it reports $492 million in annualized revenue run-rate. Enterprise usage of Devin grew 50% month over month for six months.

"But Cognition, which acquired the remaining bits of Windsurf last year, says it counts big enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers. It also says it's reached $492 million in annualized revenue run-rate as enterprise usage of Devin has grown 50% month over month for the past six months."

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