Cognition AI, the startup behind AI coding agent Devin, has hit a $10.2 billion valuation after elevating $400 million, marking a bounce from the corporate’s $4 billion valuation earlier this 12 months, reviews Bloomberg.
Founders Fund, the Peter Thiel-backed VC, led Cognition’s newest spherical, with participation from present buyers like Lux Capital, Joe Lonsdale’s 8VC, Elad Gil, Definition Capital and Swish Ventures.
In July, Cognition acquired AI coding startup Windsurf, simply days after Google poached the startup’s CEO, co-founder, and analysis leads.
The elevate comes after critical progress for Cognition’s core product. The startup’s annual recurring income from Devin has climbed to $73 million in June, up from $1 million in September 2024. Internet burn has remained below $20 million since its founding two years in the past, per Bloomberg.
On the identical time, the corporate has constructed a status for putting strict calls for on its employees. Final month, Cognition laid off 30 staffers and provided buyouts to the remaining 200 workers, providing them a means out of the expectation to work 80-hour, six-day weeks.
