Cognition
Cognition develops Devin, an AI software engineer that can take on scoped development tasks and work alongside human engineering teams.
The Company
Cognition was founded in 2024 to build AI agents capable of completing meaningful software-engineering work. Its flagship product, Devin, is positioned as a cloud agent that can understand codebases, plan work, write and test code, and operate in development workflows.
The company’s value has accelerated with adoption of coding agents. Cognition said its annualised revenue run-rate grew to $492M by May 2026 and then to $900M by September, alongside a Series E that brought total capital raised above $2B at a $48B valuation.
Why It Matters
Cognition is one of the clearest private-market tests of whether AI agents become a new software-production layer rather than a feature inside existing developer tools. Its trajectory affects model providers, IDEs, cloud platforms, outsourcing businesses, and the economics of venture-backed software teams.
Valuation History
What Changed
Cognition launches Devin, its AI software engineer.
Raises $400M at a $10.2B post-money valuation.
Raises more than $1B at a $26B valuation and reports $492M revenue run-rate.
Raises more than $2B at a $48B valuation and reports $900M annualised revenue run-rate.
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