Cognition, the company behind the AI coding agent Devin, is reportedly in early talks with investors to secure another funding round that would significantly increase its valuation. This potential round could value the startup at at least $40 billion, according to sources cited by Bloomberg.

The reported valuation is based on the company achieving a $1 billion annualized revenue run rate. This would mark a substantial increase from its valuation of $26 billion just three months ago, when it raised $1 billion in May.

At that time, Cognition’s Scott Wu shared with TechCrunch that the company had already reached a $492 million annualized revenue run rate. He also noted that enterprise usage of Devin was growing by 50% month-over-month over the preceding six months.

Wu, a celebrated programmer, emphasized that Devin is not marketed as a replacement for human workers. Instead, the AI agent is often assigned to long-tail tasks that many programmers find tedious, such as updating legacy software or migrating applications between platforms. This approach appears to be driving its adoption among enterprises, with customers including Mercedes-Benz, NASA, and Goldman Sachs.

Disclaimer: This post is for informational purposes only and is based on publicly available reports. The image is AI generated and is just for reference.
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