Svmuu News: AI programming startup Cognition announced the completion of a new funding round of over $1 billion, with its pre-money valuation surging to $25 billion, doubling from the $10.2 billion post-money valuation achieved just 8 months ago.
This funding round was led by Lux Capital and General Catalyst, with continued participation from Founders Fund and 8VC. New investors include Ribbit Capital, Atreides, and Layer Global.
According to official data, the company's AI programmer product, Devin, has achieved a 50% month-over-month growth in enterprise user adoption over the past 6 months. The company's current Annual Recurring Revenue (ARR) has reached $492 million, with customers including major institutions such as Mercedes-Benz, NASA, Goldman Sachs, and Santander Bank.
Facing competition from native AI coding tools such as Anthropic Claude Code, OpenAI Codex, and Google Jules, Cognition stated that Devin's continued growth and the acquisition of Windsurf assets demonstrate that independent AI programming agents still possess commercial viability.