Cognition Labs, the company behind AI software engineer Devin, has raised $1 billion in Series C funding at a $10 billion valuation as enterprises increasingly adopt AI-powered coding tools.

Rapid Growth

Devin now handles 15% of code production at its enterprise clients, up from 3% at launch. Fortune 500 companies report 40% faster development cycles and 25% fewer bugs when using the system.

Developer Impact

The company emphasizes that Devin augments rather than replaces developers, handling repetitive tasks so engineers can focus on architecture and complex problem-solving.