AI coding company Cognition raised $1 billion, raising its valuation to $26 billion.

CoinFeed reported on May 27th that, according to Bloomberg, AI programming startup Cognition AI has raised over $1 billion in a new funding round, bringing its valuation to $26 billion, more than double its valuation in its previous funding round last September. The round was co-led by Lux Capital, General Catalyst, and 8VC, with participation from Ribbit Capital, Atreides Management, and Founders Fund. Founded in 2023, Cognition's core product is Devin, an automated programming agent. Its annualized revenue has grown from $37 million last May to $492 million, and its clients include Goldman Sachs, Mercedes-Benz, and several US government agencies.