Cognition may be in talks for a funding round valued at $40 billion
Cognition, the developer of Devin, an AI agent for programming, may be in talks with investors regarding a new round of funding at a valuation of at least $40 billion. TechCrunch reported this, citing Bloomberg sources.
According to Bloomberg, such a valuation is possible provided Cognition achieves an annual revenue run rate of $1 billion. In May, the company raised $1 billion at a valuation of $26 billion.
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Three months ago, when announcing the previous funding round, Scott Wu told TechCrunch that Cognition’s annual revenue run rate was $492 million. He said that over the previous six months, enterprise customers had increased their monthly use of Devin by 50%.
Wu also noted that Devin is not positioned as a replacement for people. The agent performs time-consuming routine tasks, such as updating outdated software and migrating applications from one platform to another. Cognition counts Mercedes-Benz, NASA, and Goldman Sachs among its clients.
