Robinhood Ventures invests $10 million in AI coding startup Cognition
Robinhood Ventures has invested $10 million in Cognition, the maker of the AI coding tool Devin, as part of the startup's Series E round. The move follows Robinhood's earlier backing of a competitor and reflects its view that the AI coding market can support multiple winners. Cognition raised more than $2 billion at a $48 billion valuation in September and reported an annualized revenue run rate near $900 million.
Robinhood Ventures’ $10 million check to Cognition was part of the AI coding startup’s September Series E, which brought in over $2 billion at a $48 billion valuation. Cognition’s annualized revenue pace was close to $900 million, up from $492 million in May. The investment sits alongside Robinhood Ventures’ $75 million April stake in OpenAI.
The position is held through Robinhood Ventures Fund I, a publicly traded closed-end fund launched in March that offers retail investors exposure to private companies such as Databricks, Revolut, and ElevenLabs. The fund’s net asset value rose about 17% in the quarter ended September 30, its largest quarterly gain so far.
The deal may broaden public-market access to private AI companies through a listed fund, letting ordinary investors gain exposure previously limited to institutions and wealthy backers. It could also intensify competition in AI coding tools, potentially affecting developers through more choices and employers through productivity shifts. If valuations stay high, however, retail investors may face concentrated risk and volatility tied to private-asset estimates.