Cognition Raised Over $400 Million at a $10.2 Billion Post-Money Valuation

Cognition, the makers of Devin, the AI Software Engineer, led by Scott Wu, Walden Yan, and Steven Hao, has raised over $400M at a $10.2B post-money valuation led by Founders Fund. Other existing investors are similarly doubling down, including Lux Capital and 8VC (who jointly led the previous round), Neo, Elad Gil, Definition Capital, and Swish VC. Cognition is also joined by new investors, including Bain Capital Ventures, Hanabi Capital, and D1 Capital.

AI coding has rapidly evolved from theory to reality, with agents now working alongside individual developers and enterprise teams. Cognition’s Devin grew from $1M ARR in September 2024 to $73M ARR by June 2025, while maintaining efficient growth with total net burn under $20M.

The acquisition of Windsurf more than doubled ARR and created a complete AI coding suite, combining IDEs for developer-led workflows with agents for task delegation. Post-acquisition, enterprise ARR has grown over 30% in seven weeks, with less than 5% customer overlap beforehand. Devin and Windsurf now power leading enterprises including Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre.