AI startup Cognition has raised $1 billion in new funding, bringing its valuation to $26 billion and making it one of the world’s most valuable private AI companies.
Cognition is best known for Devin, an AI coding agent that can handle software engineering tasks with little human help. Devin can write, test, debug, and deploy code, making it a closely watched product in the fast-growing AI development field.
Since launching in March 2024, Devin has drawn a lot of attention for handling complex coding tasks on its own. Although some people first doubted its abilities, investor interest in AI-powered development tools has only increased over the past two years.
Cognition CEO Scott Wu has often said that Devin is meant to help developers, not replace them. Wu says the platform handles repetitive coding tasks so engineers can focus on planning, architecture, and solving bigger problems.
This new funding round shows that people are more confident that AI agents can speed up software development in many industries. Investors now see autonomous coding tools as a way to boost productivity and shorten development times.
Cognition now works in enterprise software and doesn’t have direct blockchain projects, but its technology could be used in crypto development in the future. AI coding agents might help blockchain teams create and test smart contracts, review security, and maintain protocols.
This funding is part of a larger AI investment boom, with billions going into companies that automate knowledge work. As competition grows among AI developers, Cognition’s new valuation puts it among the top companies and shows high hopes for AI-powered software engineering.
1/ We’ve raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since… pic.twitter.com/k99LLLyWhZ
— Cognition (@cognition) May 27, 2026
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