Cognition, the developer of AI coding agent Devin, is in talks to raise additional funding with a target valuation of at least $40 billion.
TechCrunch, citing Bloomberg News on Tuesday, reported Cognition is discussing a new round with investors after raising $1 billion in May at a $26 billion valuation.
Bloomberg, citing sources, reported Cognition's valuation in the round could reach at least $40 billion. Annualised revenue reaching $1 billion was cited as a basis supporting that valuation.
Cognition recorded annualised revenue of $492 million at the time of its last fundraise three months ago.
Cognition is not positioning Devin as a product that replaces people. Devin focuses on covering chores developers avoid, such as updating legacy software or migrating an application to another platform.
Cognition counts Mercedes-Benz, NASA and Goldman Sachs as customers.
Chi-gyu Hwang
delight@d-today.co.kr