Cognition, developer of AI coding platform Devin, raised approximately $500 million in fresh funding at a valuation of $9.8 billion, according to reporting by The Wall Street Journal. The investment, spearheaded by Founders Fund, more than doubled the company’s valuation from earlier this year.
The new capital follows closely behind Cognition’s acquisition of Windsurf, a highly sought-after AI coding assistant developer. The company’s capabilities closely align with Cognition’s primary offering, Devin, an AI program that autonomously writes software code. Cognition’s technology currently serves enterprise customers such as Bilt, Gumroad, Ramp and Linktree, helping them speed up data migration, engineering efficiency and more.
Cognition is fueling rapid growth within a fast-growing sector, competing with other companies like Microsoft that are iterating on AI coding tools, the WSJ article mentioned. For example, Anthropic, another prominent player in the AI space, recently released the most powerful version of its Claude Opus generative AI model to date, significantly improving its coding performance and enhancing its reasoning capabilities.
