Cognition Raises Over $1 Billion at $26 Billion Valuation

San Francisco — May 27, 2026 — Cognition, the developer behind the autonomous AI software engineer 'Devin' (headquarters: California, USA; CEO and Co-founder: Scott Wu), announced today that it has raised over $1 billion at a post-money valuation of $26 billion. The round was led by Lux Capital, General Catalyst, and 8VC, with participation from existing investors including Founders Fund, Elad Gil, Alpha Wave, Definition Capital, Positive Sum, Avenir, Vitruvian, Bain Capital Ventures, Conversion Capital, 137 Ventures, Soma Capital, and Omri Casspi. New investors Ribbit Capital, Atreides, and Layer Global also joined the round.

Cognition unveiled the world's first AI software engineer, 'Devin,' two years ago. Since then, the cloud-based agent has rapidly evolved from a niche entity to the mainstream, currently representing the fastest-growing development approach in software engineering. As a result, Cognition’s enterprise usage has expanded more than tenfold since the beginning of this year, with annual run-rate revenue reaching $492 million.

As Cognition expands, it has become a trusted partner for world-leading organizations, including Citi, Mercedes-Benz, Goldman Sachs, Elevance Health, Dell, Santander, the U.S. Army, and the U.S. Navy. Rapidly growing startups like Exa, Modal, Eight Sleep, and OpenRouter are also utilizing Devin to automate their software development lifecycles.

Client organizations are achieving significant results through this productivity boost. Mercedes-Benz reduced an 8-month legacy system renovation project to just 8 days. Systems integrators such as Infosys and Cognizant are incorporating Devin into their business processes to execute projects at unprecedented speeds. Furthermore, Itaú Unibanco, the largest bank in Latin America, has automated the patching of 70% of its security vulnerabilities using Devin.

Scott Wu, co-founder and CEO of Cognition, stated: "There are approximately 30 to 35 million software engineers in the world today, and our goal is to increase the productivity of every one of them by tenfold. Engineering teams are adopting Devin because it allows them to execute development roadmaps more rapidly and aggressively than ever before. We also believe that maintaining independence and neutrality allows us to provide the optimal model for every use case, which is the best way to align our interests with those of our customers."

Cognition is scaling rapidly to meet global demand. The company has grown from a 9-person team to over 250 employees globally, having opened offices in London, Tokyo, and Singapore since the beginning of this year. More recently, the company launched 'Cognition for Government,' supporting adoption by U.S. federal agencies, including the U.S. Army, U.S. Navy, the U.S. Treasury, and NASA's Jet Propulsion Laboratory.

Cognition intends to use the newly raised capital to expand R&D and engineering capabilities, scale enterprise adoption, invest in infrastructure, and continue its global expansion.