Cognition announced that it has raised over $400 million in a new funding round, bringing its post-money valuation to $10.2 billion. The round was led by Founders Fund, with participation from existing investors including Lux Capital, 8VC (who jointly led the previous round), Neo, Elad Gil, Definition Capital, and Swish VC as well as new investors Bain Capital Ventures, Hanabi Capital, and D1 Capital.
Cognition was founded last year with the mission of building the future of software engineering. The company envisions a world of software abundance where engineers assume the role of architects, tackling the most challenging and creative problems while delegating routine work to autonomous AI agents.
After launching Devin, the AI software engineer, in March, expectations were modest. At that point Devin “was still a very junior engineer”.
Today, Cognition reports that the baseline has changed significantly. AI agents are now actively doing real work alongside individual developers and within large enterprise engineering teams. What once seemed like a fringe theory has become an obvious reality.
Also Read: TestingXperts Launches QXcel, AI-Powered Quality Platform
Over the past year, Devin’s annual recurring revenue (ARR) surged from $1 million in September 2024 to $73 million in June 2025 as usage increased exponentially. The company maintained efficient growth, keeping total net burn under $20 million throughout its history.
Cognition also announced the acquisition of Windsurf, which more than doubled the company’s ARR and provided a complete product suite for AI coding. Cognition now offers two main forms of AI coding tools: integrated development environments (IDEs) and autonomous agents. Engineers benefit from both using the IDE to maintain control and speed from AI assistance, and deploying agents to delegate complete tasks asynchronously. The company is making significant investments in both Devin and Windsurf.
Growth accelerated following the acquisition, with combined enterprise ARR increasing by more than 30 percent in the seven weeks after integrating Windsurf. Prior to the acquisition, enterprise customer overlap was under 5 percent. Merging the rapid adoption of Devin with Windsurf’s IDE capabilities and its scaled go-to-market engine unlocked significant synergies. Devin and Windsurf now support category-defining customers including Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre.
