AI coding startup Cognition raises $1B

AI coding startup Cognition has secured over $1 billion in funding, achieving a pre-money valuation of $25 billion. This significant funding round, led by Lux Capital and General Catalyst, marks a substantial increase from its previous valuation just eight months ago. Cognition's autonomous AI software engineer, Devin, has gained traction with enterprise clients including Mercedes-Benz, NASA, Goldman Sachs, and Santander. The company reports a $492 million annualized revenue run-rate, driven by a 50% month-over-month growth in enterprise usage of Devin over the past six months, signaling strong market confidence in independent AI coding startups.