Cognition AI, the startup behind AI coding agent Devin, has hit a $10.2 billion valuation after raising $400 million, marking a jump from the company’s $4 billion valuation earlier this year, reports Bloomberg.
Founders Fund, the Peter Thiel-backed VC, led Cognition’s latest round, with participation from existing investors like Lux Capital, Joe Lonsdale’s 8VC, Elad Gil, Definition Capital and Swish Ventures.
In July, Cognition acquired AI coding startup Windsurf, just days after Google poached the startup’s CEO, co-founder, and research leads.
The raise comes after serious growth for Cognition’s core product. The startup’s annual recurring revenue from Devin has climbed to $73 million in June, up from $1 million in September 2024. Net burn has remained under $20 million since its founding two years ago, per Bloomberg.
At the same time, the company has built a reputation for placing strict demands on its workers. Last month, Cognition laid off 30 staffers and offered buyouts to the remaining 200 employees, offering them a way out of the expectation to work 80-hour, six-day weeks.