Cognition, the developer of the AI agent Devin, has secured significant funding and achieved rapid revenue growth in 2026. In May, the company raised over $1 billion, reaching a post-money valuation of $26 billion. A subsequent Series E round later in the year exceeded $2 billion, pushing the company's valuation to $48 billion.
The company's annualized run-rate revenue increased from $492 million in May 2026 to over $1 billion by September 2026. CEO Scott Wu aims to increase the productivity of 30–35 million software engineers worldwide by 10 times using Devin, which handles planning, coding, debugging, and deployment.
Cognition reports that 95% of its own internal code is generated by its tools. The company's client base includes Fortune 500 firms such as Goldman Sachs and Mercedes-Benz. Notably, Devin reportedly reduced an eight-month modernization project at Mercedes-Benz to eight days.
Founded in late 2023 by Scott Wu and two co-founders with backgrounds in competitive programming, Cognition positions its technology as a means to expand software development capacity. While the company emphasizes productivity gains, the long-term impact on the size of engineering teams remains a subject of industry debate.
