Home / Technology / AI Coder Devin Raises $1 Billion, Valued at $25B
AI Coder Devin Raises $1 Billion, Valued at $25B
27 May
Summary
- Cognition raised over $1 billion at a $25 billion valuation.
- Funding round was led by Lux Capital and General Catalyst.
- Enterprise clients include Mercedes-Benz, NASA, Goldman Sachs.
Cognition, the company behind the AI software engineer Devin, announced it has raised more than $1 billion. This funding round values the company at $25 billion pre-money, a substantial increase from its previous $10.2 billion valuation just eight months prior.
The funding was spearheaded by Lux Capital and General Catalyst, with strong participation from existing investors and new backers alike. This significant investment signals robust investor confidence in the burgeoning market for independent AI software coding startups.
Despite competition from established tech giants, Cognition highlights its impressive client roster, which includes major enterprises such as Mercedes-Benz, NASA, Goldman Sachs, and Santander. The company reported an annualized revenue run-rate of $492 million, driven by consistent user growth.
Enterprise adoption of Devin has seen a remarkable 50% month-over-month increase over the past six months, showcasing strong market traction and demand for advanced AI coding solutions.
