Cognition· Devin / SWECompany news

Cognition raised over $1B at a $26B valuation in a Series D round led by Lux Capital, General Catalyst, and 8VC. Enterprise usage grew more than 10x since the start of the year, and run-rate revenue reached $492M. The company also launched the SWE-1.6 model.

From the source

Cognition has raised over $1B at a $26B valuation led by Lux Capital, General Catalyst, and 8VC, with support 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. We’re also excited to welcome new investors including Ribbit Capital, Atreides, and Layer Global. We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software. Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492M. As we’ve scaled, Cognition has become a trusted partner for the world’s largest and most impactful organizations like Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy. Fast-growing startups like Exa, Modal, Eight Sleep, and OpenRouter have also made their software development lifecycle more autonomous with Devin. Customers are delivering real outcomes with this leverage. Mercedes-Benz cut an eight-month legacy modernization project down to eight days. Systems integrators like Infosys and Cognizant have embedded Devin into how they deliver work to ship projects faster than ever before. Itaú , Latin America’s largest bank, fixes 70% of security vulnerabilities automatically with Devin. The Independent Agent Lab Cognition is an agent lab. We work closely with all of the foundation model labs to make sure every Cognition customer gets the best of all models available. The value of independence is increasing as token usage grows exponentially across the industry. Teams today care more than ever about the ratio of price to performance, which requires using the right model for the right task. We evaluate model performance across 100+ categories of software engineering tasks, and architect Devin to help engineering teams automatically manage spend. Earlier this year, we started building out our model training program. We recently launched SWE-1.6 , which has become the most used model in Devin Desktop, and which customers love for both its cost and speed (up to 950 tok/s).