Devin's valuation is growing faster than the code is running, doubling in 8 months, VCs really dare to bet.

Cognition completed a $1 billion Series D funding round, with a pre-money valuation of $25 billion, more than doubling from the $10.2 billion valuation eight months ago. The lead investors were Lux Capital and General Catalyst, with several top investment firms participating. Cognition is the developer of autonomous AI software engineer Devin, with an annual revenue of $492 million, and a 50% monthly increase in clients over the past six months, including Mercedes-Benz, NASA, Goldman Sachs, and Santander Bank. The market for code agency competition is fierce, with products from Anthropic, OpenAI, and Google occupying market share. This funding round demonstrates that top venture capital firms still have confidence in independent AI coding startups.