Cognition (Devin): $1B Series D at $26B valuation
Cognition has raised over $1B at a $26B valuation led by Lux Capital, General Catalyst, and 8VC. Its AI software engineer Devin has seen enterprise usage grow >10x since the start of the year, with run-rate revenue reaching $492M. Customers like Mercedes-Benz cut an eight-month project to eight days. Cognition is moving toward self-driving software development, with 89% of its own code committed by Devin.
Article intelligence
Key points
- Cognition raises over $1B at $26B valuation in Series D led by Lux Capital, General Catalyst, and 8VC
- Devin enterprise usage grows >10x since start of 2025, run-rate revenue hits $492M
- Customers include Citi, Mercedes-Benz, Goldman Sachs; Mercedes-Benz cuts eight-month project to eight days
- Cognition's own engineering team has 89% of code committed by Devin, aiming for autonomous software development
Why it matters
This matters because cognition raises over $1B at $26B valuation in Series D led by Lux Capital, General Catalyst, and 8VC.
Technical impact
May affect model selection, inference cost, product capability, and evaluation benchmarks.
Cognition has raised over $1B at a $26B valuation led by Lux Capital, General Catalyst, and 8VC, with support from existing investors including Founders Fund, Elad Gil, Alpha Wave, Definition Capital, Positive Sum, Avenir, Vitruvian, Bain Capital Ventures, Conversion Capital, 137 Ventures, Soma Capital, and Omri Casspi. We’re also excited to welcome new investors including Ribbit Capital, Atreides, and Layer Global.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software. Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492M.
As we’ve scaled, Cognition has become a trusted partner for the world’s largest and most impactful organizations like Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy. Fast-growing startups like Exa, Modal, Eight Sleep, and OpenRouter have also made their software development lifecycle more autonomous with Devin.
Customers are delivering real outcomes with this leverage. Mercedes-Benz cut an eight-month legacy modernization project down to eight days. Systems integrators like Infosys and Cognizant have embedded Devin into how they deliver work to ship projects faster than ever before. Itaú, Latin America’s largest bank, fixes 70% of security vulnerabilities automatically with Devin.
The Independent Agent Lab
Cognition is an agent lab. We work closely with all of the foundation model labs to make sure every Cognition customer gets the best of all models available.
The value of independence is increasing as token usage grows exponentially across the industry.
Teams today care more than ever about the ratio of price to performance, which requires using the right model for the right task. We evaluate model performance across 100+ categories of software engineering tasks, and architect Devin to help engineering teams automatically manage spend.
Earlier this year, we started building out our model training program. We recently launched SWE-1.6, which has become the most used model in Windsurf, and which customers love for both its cost and speed (up to 950 tok/s).
What’s Next
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. Our own engineering team provides some of the clearest evidence of this shift: at Cognition, 89% of code committed by our engineers is committed by Devin (and the rest by local agents in Windsurf).
We’re growing our team to match this moment. If you’re excited about building the future of software engineering in a world with many more software engineers, join us. And if you haven’t seen the latest in Devin firsthand, try it out now.
- ArticlesArticles
Devin in Windsurf
04.15.26
An Early Preview of SWE-1.6 and Research Update
03.01.26
How Cognition Uses Devin to Build Devin
02.27.26
Introducing Cognition for Government
02.25.26
Introducing Devin 2.2
02.24.26