Cognition has raised over $1 billion in fresh funding at a $26 billion valuation, with backing from Lux Capital, General Catalyst, 8VC, Founders Fund, and several other venture firms and strategic investors, alongside new participants including Ribbit Capital and Atreides.

The company built its reputation on Devin, described as the first AI software engineer, and says AI cloud agents have quickly become a mainstream method of building software. Cognition reports enterprise adoption has increased more than 10x year-to-date, while its annualized revenue has reached $492 million.

Its customer base now spans major enterprises such as Citi, Mercedes-Benz, Goldman Sachs, Dell, Santander, and US defense organizations, as well as startups including Exa, Modal, and Eight Sleep.

Cognition says these customers are already seeing measurable productivity gains, including dramatically shortened development cycles and automated remediation of security vulnerabilities at scale.

The company positions itself as an “agent lab,” working closely with multiple foundation model providers while optimizing performance, cost, and task-specific model selection across software engineering workloads.

Cognition has also expanded into model development, launching SWE-1.6, a system designed for speed and efficiency that has been widely adopted in tools like Windsurf.

The company’s long-term vision is fully autonomous software development, where AI agents like Devin perform most engineering tasks, already accounting for 89% of internal code contributions.