Cognition, the maker of AI coding agent Devin, is reportedly already in talks with investors about raising a new round of funding at a significantly higher valuation after raising $1 billion in May at a valuation of $26 billion.
The new round could result in a valuation of at least $40 billion, based on achieving an annual revenue run rate of $1 billion, according to sources cited by Bloomberg.
Three months ago, when announcing the last increase, Cognition’s Scott Wu confirmed to TechCrunch that the company had an annual revenue run rate of $492 million and that enterprise usage of Devin had increased 50% month over month over the past six months.
Wu, himself a well-known programmer prodigy, told TechCrunch that Devin is not being sold as a replacement for humans. Agents are often tasked with long-tail, tedious tasks that many programmers hate, such as bringing outdated software up to date or moving applications from one platform to another. This may be the main reason for its increasing popularity among the companies that employ it. The company says its customers include Mercedes-Benz, NASA and Goldman Sachs.
