By Kimberley Kao

Artificial-intelligence coding startup Cognition has raised more than $1 billion in a new funding round that brings its valuation to $26 billion.

The round was led by Lux Capital, General Catalyst, and 8VC, the company said late Wednesday. Existing investors that participated included Peter Thiel's Founders Fund and Bain Capital Ventures.

Cognition's valuation, after including the funds raised, has more than doubled from its prior funding round in September.

San Francisco-based Cognition describes its flagship product, Devin, as an "AI software engineer," referring to the tool's ability to write computer code autonomously. Devin was launched two years ago.

The company said the new funding will be used to expand research and engineering, scale enterprise deployments, invest in infrastructure and continue international expansion.

Cognition has over 250 employees worldwide, and launched international offices in Tokyo, Japan and Singapore earlier this year. It counts U.S. federal agencies and banks like Goldman Sachs and Citi as clients, among others.

"There's about 30-35 million software engineers in the world today, and we want to make all of them 10 times more efficient," said Scott Wu, co-founder and chief executive of Cognition. "Being independent and neutral allows us to provide the best model for every different use case," Wu said.

Cognition's enterprise usage has grown over ten times since the start of this year, and revenue run rate grew to $492 million, the company said.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

May 28, 2026 00:37 ET (04:37 GMT)

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