Conversion Capital

Backing Infinite Teams in Infinite Markets |

[Conversion Capital @ConversionCap]

We are humbled and excited to announce Conversion Capital Fund III, our latest early stage fund focused on fintech and infrastructure investments.

https://t.co/CSNIPnOpon

[Conversion Capital @ConversionCap]

We’re proud to support @hone as they help enterprises turn AI into measurable business outcomes:

• Uncovering millions in procurement savings
• Optimizing product funnels
• Managing credit risk
• Expanding qualified pipeline into new markets
• Accelerating implementations and strengthening account management

[Hone @hone]

Today Hone launches Engines: AI that owns business outcomes.

Chatbots give answers. Agents do tasks. Engines deliver outcomes, and we hold them responsible for creating real value, measured in actual dollars instead of tokens or vibes.

You point it at a business metric, and the Engine figures out the rest. It onboards itself, builds the necessary agents, skills, and memories, collaborates with the right people, and gets better with experience.

From AI leaders to global enterprises, our customers have already used Engines to:

• Uncover millions in procurement savings
• Optimize product funnels
• Manage credit risk
• Increase qualified pipeline in new territories
• Accelerate implementations and improve account management

To scale this impact across the economy, we’ve raised a $60M seed led by Benchmark and Index with participation from Elad Gil, Hanabi, Definition, Diffusion, Lux, SV Angel, and Align.

AI’s raw capabilities are far ahead of the value it creates in the real world, and Engines will help close the gap.

Here’s how they work…

[Conversion Capital @ConversionCap]

We are excited to lead the Series B for @usevesta.

The mortgage industry sits at the intersection of macroeconomic volatility, regulatory complexity, and entrenched incumbents that have long resisted technological change. Vesta is building the infrastructure to change that.

https://t.co/JZHvWRPcdR

[Conversion Capital @ConversionCap]

Team, Market, Product. Rarely do you get all 3.
Code is the foundational layer of the global economy.
Every company and government is a software company.
@cognition is just getting started.

[Cognition @cognition]

Cognition has crossed $1B in annualized revenue run rate.

This milestone belongs to our customers. Here's how a few of them are building with Devin.

[Etched @Etched]

We've raised $700M at a $21B valuation from Jane Street, Kleiner Perkins, Sequoia, A16Z, Peter Thiel, BCV, and Blackstone.

We're also excited to share that we've shipped our first rack to Jane Street.

[Conversion Capital @ConversionCap]

🏅🏅🏅🏅🏅🏅🏅

[Cognition @cognition]

Thanks for the great week, Tashkent! #ioi2026

Cognition is proud to sponsor this year's IOI and support the new generation of competitive programmers.

[Conversion Capital @ConversionCap]

Congratulations to the @Etched team. AI is entering the phase where infrastructure becomes the bottleneck and companies solving inference at scale will define the next decade.

[Etched @Etched]

We're coming out of stealth.

We've built our first racks after a successful A0 tapeout, $1B+ in customer contracts, and $800m raised.

Early customer tests show us achieving SOTA throughput, latency, and power efficiency on inference workloads.

Our first racks ship this summer.

[Conversion Capital @ConversionCap]

Incredible growth in such a short period of time. The future of software engineering is being built by @cognition

[Cognition @cognition]

1/ We’ve raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.

Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.

We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.

[Conversion Capital @ConversionCap]

Conversion Cap portco co-founder & ceo https://t.co/rOvdPpoeMb

[Conversion Capital @ConversionCap]

@cognition just dropped the biggest Devin update since launch. Announcing 2.2 🚀

They were very early, building an async AI engineer while everyone else chased autocomplete. Capabilities have since 100x’d, enterprise usage grew ~65x in 13 months, and internal PRs went from 154 in a week to 659.

Build for the future. Then wait for it to arrive.

[Cognition @cognition]

Introducing Devin 2.2 – the autonomous agent that can test with computer use, self-verify, and auto-fix its work. Try it for free!

We’ve also overhauled Devin from the ground up:

- 3x faster startup
- fully redesigned interface
- computer use + virtual desktop

...and hundreds more UX and functionality improvements.

[Conversion Capital @ConversionCap]

50k+ customers. $1B in annualized revenue. $100B in purchase volume. Just getting started. @tryramp

[Conversion Capital @ConversionCap]

Congratulations to the entire @Figure team on today’s IPO on the Nasdaq (FIGR)!

Figure’s debut underscores our strategy of backing transformational infrastructure companies from the earliest stages. By re-architecting securitizations and credit markets with immutable loan-level data, Figure has proven that blockchain infrastructure can both scale to billions in loan originations and deliver real cost efficiencies attractive to institutions.

Today’s IPO is a milestone for on-chain finance and another step toward mainstream blockchain adoption in global markets.

[Conversion Capital @ConversionCap]

Few companies ever reach $1B in revenue. Fewer still sustain growth at this velocity. @tryramp is rewriting what scale looks like.

[Eric Glyman @eglyman]

Big milestone for @tryramp: the cover of Fortune.
Grateful for our customers, team, and everyone helping us build what’s next.

[Conversion Capital @ConversionCap]

Every technological revolution has its turning point — when the breakthrough stops being a novelty and becomes the infrastructure of the economy. Code is the largest asset class in the world, the foundation on which every industry now depends. 🚀 @cognition

[Cognition @cognition]

We’ve raised over $400M at a $10.2B post-money valuation to advance the frontier of AI coding agents.

The round was led by Founders Fund with other existing investors including Lux, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC all doubling down. We’re also joined by new investors including Bain Capital Ventures and D1 Capital.

Two of our early investors, Christian Lawless of Conversion Capital and Emily Cohen of Neo, have even joined our team full-time.

[Conversion Capital @ConversionCap]

A transformational moment for the mortgage industry: @PennymacNews , one of the largest lenders in the nation is now live on @usevesta.

This isn’t just another launch. It’s proof that modern, configurable infrastructure can power institutions at the very top of the market and reset expectations for how mortgages are produced.
https://t.co/xxAai6Ybwa

[Conversion Capital @ConversionCap]

Infinite teams, infinite markets. Congratulations @tryramp

[Ramp @tryramp]

Ramp has reached a new valuation: $22.5 billion.

To our 40,000+ customers: we’re deeply grateful for you trusting us with your finances.

To our team: we still serve just 1.5% of businesses in the US. 98.5% to go.

[Conversion Capital @ConversionCap]

This deal brings together two incredible teams deeply aligned on the future of software engineering. Devin + Windsurf is the future of agentic development. Lets go! @cognition_labs @windsurf_ai

[Cognition @cognition]

Cognition has signed a definitive agreement to acquire Windsurf.

The acquisition includes Windsurf’s IP, product, trademark and brand, and strong business. Above all, it includes Windsurf’s world-class people, whom we’re privileged to welcome to our team.

We are also honoring their talent and hard work in building Windsurf into the great business it is today. This transaction is structured so that 100% of Windsurf employees will participate financially. They will also have all vesting cliffs waived and will receive fully accelerated vesting for their work to date.

At Cognition we have focused on developing robust and secure autonomous agents, while Windsurf has pioneered the agentic IDE. Devin + Windsurf are a powerful combination for the developers we serve. Working side by side, we’ll soon enable you to plan tasks in an IDE powered by Devin’s codebase understanding, delegate chunks of work to multiple Devins in parallel, complete the highest-leverage parts yourself with the help of autocomplete, and stitch it all back together in the same IDE.

Cognition and Windsurf are united behind a shared vision for the future of software engineering, and there’s never been a better time to build. Welcome to our new colleagues from Windsurf!

[Conversion Capital @ConversionCap]

Just the beginning

[Cognition @cognition]

Goldman Sachs has started to introduce Devin alongside its engineers.

We're excited to keep working closely with their team to accelerate their software development operations.

More from CIO Marco Argenti: https://t.co/cc2NQ57uqX

[Conversion Capital @ConversionCap]

$16B valuation. $10B saved. 27.5 million hours returned to 40,000+ customers. 🤯

@eglyman, @karimatiyeh, and the Ramp team have built a category-defining business:
Expense management, bill pay, procurement, treasury — automated and adopted at scale.

Early believers — conviction only grows.
@tryramp

https://t.co/D5FFtKzQut

[Conversion Capital @ConversionCap]

Week 16: The Arsenal of Democracy: Made in the 🇺🇸
"We don’t need to reinvent industrial America. We need to turn the lights back on."
https://t.co/h7FZ5DE1g2