Cognition, an AI startup, just raised over $1 billion, pushing its value to $26 billion. That’s more than double what it was eight months ago. The company’s star product is Devin, an AI software engineer designed to automate coding tasks.

Since Devin launched two years ago, it’s gone from a niche tool to a key player in software development. Cognition reports that Devin now handles almost 90% of the company’s internal code. This shows how much the AI can really do, beyond just assisting humans.

Last year, Cognition’s annual revenue was $37 million. Today, its run-rate revenue has jumped to $492 million. That’s a huge leap in less than 12 months. Big names like Goldman Sachs, Mercedes-Benz, and even the U.S. Army use Devin to speed up coding and reduce errors.

One client, Mercedes-Benz, cut an eight-month software modernization project down to eight days with Devin’s help. Another, Itaú bank in Latin America, uses Devin to automatically fix 70% of its security vulnerabilities. These results show the AI’s real-world impact.

Why Cognition Stands Out

Cognition isn’t just a software layer on top of existing AI models. It builds its own coding models, like SWE-1.6, which runs very fast and costs less to operate. The company’s approach lets Devin pick the best model for each coding task. This mix-and-match strategy helps keep costs down and performance high.

Last year, Cognition acquired Windsurf, another AI coding startup. This deal added new enterprise clients and boosted Cognition’s total revenue. The two companies had little customer overlap, so the acquisition expanded Cognition’s reach without much duplication.

Independence matters to Cognition. It avoids relying on a single AI model provider. This reduces the risk of vendor lock-in and rising costs. Instead, Devin routes tasks to models that balance speed, accuracy, and price. This flexibility strengthens Cognition’s position in the competitive AI coding space.

Changing the Future of Software Development

Cognition says Devin is part of a shift toward “self-driving software development.” Human engineers focus more on creative problem-solving. Devin handles the repetitive, time-consuming coding work. This lets developers build software faster and with fewer mistakes.

The company’s growth reflects a bigger trend. More enterprises trust AI to automate complex workflows. Yet, AI adoption isn’t without challenges. Cost management is a big concern. Every AI interaction uses compute power, which adds up quickly. Companies like Uber have seen AI budgets swell unexpectedly as usage grows.

Still, Cognition’s path shows how AI agents can become essential tools for software teams. Its rapid rise from a small startup to a multi-billion-dollar company took just over two years. The question now is how Cognition will hold its lead. Other big players like OpenAI and Anthropic are also developing AI coding agents.

For now, Devin’s success proves AI can transform software development. It’s not just saving time. It’s changing how engineers work and what they can achieve.