Artificial intelligence startup Cognition AI Inc. has reached a valuation of $10.2 billion in a roughly $400 million funding round — a deal that highlights the continued investor frenzy around AI-powered software development. The latest round was led by Founders Fund, the venture capital firm backed by Peter Thiel, and included existing investors such as Lux Capital, Joe Lonsdale’s 8VC, Elad Gil, Definition Capital and Swish Ventures, the company said Monday. The deal marks a big jump in valuation for Cognition, which raised money earlier this year at a valuation of $4 billion. It also coincides with big growth for the company. Cognition’s annual recurring revenue from its coding tool Devin — billed as “the world’s first AI software engineer” — was about $1 million in September 2024, and climbed to about $73 million in June. Since Cognition’s acquisition of coding startup Windsurf in July, its overall revenue has doubled, the company said. The startup said it has kept its net burn under $20 million since its founding two years ago.

Full report : Cognition raised $400 million led by Founders Fund at a $10.2 billion valuation, up from $4 billion in March; its coding tool Devin’s ARR grew from $1 million in Sept. 2024 to $73 million by June 2025.