[Digital Today reporter Chi-gyu Hwang (황치규)] AI coding startup Cognition raised more than $1 billion at a pre-money valuation of $25 billion.
TechCrunch reported on May 27 local time that the valuation was a sharp increase from a post-money valuation of $10.2 billion when it raised $400 million in September last year.
Cognition develops Devin, an autonomous AI software engineer.
The round was led by Lux Capital and General Catalyst. Existing investors including Founders Fund and 8VC also participated. New investors included Ribbit Capital, Artreides and Layer Global.
Cognition said it has Mercedes-Benz, NASA, Goldman Sachs and Santander as customers. It said corporate use of Devin has risen 50 percent each month over the past 6 months, bringing annualised revenue to about $492 million.
Cognition acquired the remaining assets of Windsurf, which was effectively acquired by Google last year.
Chi-gyu Hwang
delight@d-today.co.kr