PANews 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 increased from $37 million in May last year to $492 million, with clients including Goldman Sachs, Mercedes-Benz, and several US government agencies. The company plans to use the new funds for in-house model development, product experience optimization, and potential acquisitions, stating that over 90% of its internal code is generated by Devin.