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AI & Enterprise

AI coding startup Cognition raises over $1 billion at $25 billion valuation, ARR nears $492 million

AI coding startup Cognition raised more than $1 billion at a pre-money valuation of $25 billion. TechCrunch reported the valuation marked a sharp rise from an October post-money valuation of $10.2 billion after a $400 million funding round in September last year. Cognition develops Devin, an autonomous AI software engineer. The round was led by Lux Capital and General Catalyst, with participation from Founders Fund and 8VC, among others.

AI & Enterprise

AI startup ecosystem deepens shift toward Anthropic and OpenAI

Revenue in the AI startup ecosystem is increasingly concentrating in Anthropic and OpenAI, dubbed the “big two,” with their combined share rising to 89 percent, The Information reported. The outlet said the estimate is based on annualised revenue data for 34 leading AI startups, excluding AI cloud firms renting Nvidia chips and listed companies such as Google and Microsoft. It also noted revenue figures may be inflated due to revenue-sharing deals with cloud partners.

AI & Enterprise

AI coding startup CognitionAI seeks additional funding at $25 billion valuation

AI coding assistant startup CognitionAI is in talks to raise additional funding at a valuation of $25 billion, Bloomberg News reported on April 24, citing people familiar with the matter. The target amount has not been disclosed, but the company is aiming to raise at least several hundred million dollars. The discussions are ongoing and terms may change. CognitionAI introduced its AI coding agent Devin in March 2024.