The round was led by Lux Capital, General Catalyst and 8VC, with a host of existing investors pouring in, including Elad Gil, Soma Capital, Omri Casspi, Founders Fund, and a long list of others. The round also included new investors like Ribbit Capital, Atreides, and Layer Global.

This is a giant vote of confidence from top-tier VCs that there will be room for independent AI software coding startups. Last year, all signs pointed to model makers swallowing this hot market themselves. Certainly Anthropic’s Claude Code, OpenAI’s Codex, and maybe even Google’s coding agent Jules (after Google’s acqui-hire deal of Windsurf last year) have captured a lot of it.

But Cognition, which acquired the remaining bits of Windsurf last year, says it counts big enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers. It also says it’s reached $492 million in annualized revenue run-rate as enterprise usage of Devin has grown 50% month-over-month for the past six months.

Note: This story was updated to clarify that 8VC was a lead investor, to list several other additional major investors and to name the post-money valuation.