\n<\/p>\n
Cognition AI, the startup behind AI coding agent Devin<\/a>, has hit a $10.2 billion valuation after raising $400 million, marking a jump from the company\u2019s $4 billion valuation earlier this year, reports Bloomberg<\/a>.\u00a0<\/p>\n Founders Fund, the Peter Thiel-backed VC, led Cognition\u2019s latest round, with participation from existing investors like Lux Capital, Joe Lonsdale\u2019s 8VC, Elad Gil, Definition Capital and Swish Ventures.<\/p>\n In July, Cognition acquired AI coding startup Windsurf<\/a>, just days after Google poached<\/a> the startup\u2019s CEO, co-founder, and research leads.<\/p>\n The raise comes after serious growth for Cognition\u2019s core product. The startup\u2019s annual recurring revenue from Devin has climbed to $73 million in June, up from $1 million in September 2024. Net burn has remained under $20 million since its founding two years ago, per Bloomberg. <\/p>\n At the same time, the company has built a reputation for placing strict demands on its workers. Last month, Cognition laid off 30 staffers and offered buyouts<\/a> to the remaining 200 employees, offering them a way out of the expectation to work 80-hour, six-day weeks.<\/p>\n<\/div>\n