Devin Creator Cognition Raises $400 Mn at $10.2 Bn Valuation to Expand AI Coding Agents

AI startup Cognition on September 8 announced that it has raised more than $400 million in a funding round led by Founders Fund, valuing the company at $10.2 billion post-money. 

Existing investors Lux, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC also participated, alongside new investors including Bain Capital Ventures and D1 Capital.

Founded in 2024, Cognition develops AI-powered coding agents and tools for software development. The company’s revenue growth has accelerated rapidly, with its AI coding agent Devin expanding from $1 million in annual recurring revenue (ARR) in September 2024 to $73 million in ARR by June 2025. 

“While we are still in the earliest innings of AI code, agents are already doing real work alongside individual developers and within large enterprise engineering teams,” Cognition said in a statement on X.

The company reported that its total net burn has remained under $20 million throughout its history. Earlier this year, Cognition acquired Windsurf, a coding-focused integrated development environment (IDE), which it said more than doubled ARR and gave it a complete suite of AI coding products.

“Today, the two main forms of AI coding tools are IDEs and agents. Engineers naturally want both: the IDE for when you want to make each decision, and the agent for when you want execution,” the company said.

Cognition said the acquisition of Windsurf has significantly boosted its enterprise business, with annual recurring revenue rising more than 30% in the seven weeks since the deal closed. The company noted that there was less than 5%overlap in enterprise customers before the acquisition, allowing it to combine “the rapid adoption of Devin with Windsurf’s IDE product and scaled GTM machine” to accelerate growth.

“Our combined platform now powers category-defining customers including Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre,” the company said.

Cognition said its mission is to build the future of software engineering by allowing developers to focus on creative problem-solving while delegating execution to autonomous agents. “We envision a world of software abundance where engineers become architects,” the company said.

Reflecting on its origins, the founding team stated: “When we started Cognition, we were a small group of engineers who shared a lifelong love of coding and more than a decade of friendship. We hunkered down in a New York apartment and built the product we always wanted for ourselves.”

The company has invited engineers interested in its mission to join its growing team.