AI coding startup Cognition reportedly already in talks to raise at $40B valuation
Cognition, makers of the AI coding agent Devin, is reportedly already talking to investors about raising another funding round with a big leap in valuation, after it raised $1 billion at a $26 billon valuation in May.
This new round could deliver at least a $40 billion valuation based on achieving a $1 billion annualized revenue run rate, according to sources cited by Bloomberg.
Three months ago, when it announced its last raise, Cognition’s Scott Wu confirmed to TechCrunch that it had achieved a $492 million annualized revenue run rate and that enterprises were growing their usage of Devin by 50% month-over-month for the past six months.
Wu, a famed wunderkind programmer himself, also told TechCrunch that Devin is not being sold as a human replacement. The agent is often tasked with doing long-tail grunt-work that many programmers dislike such as bringing old software up to date or moving...
Copyright of this story solely belongs to techcrunch.com. To see the full text click HERE
