Cognition in New Investment Negotiations Valued at $40 Billion
Prefer us on GoogleCognition AI is discussing new investments with a valuation of over $40 billion, based on the growth of its AI coding tool, Devin. According to Bloomberg, Cognition is in talks with investors for a new investment round, which comes about three months after raising $1 billion in May. The crux of the negotiations revolves around an annualized revenue run rate, with Cognition discussing a valuation of over $40 billion on the premise that it can achieve a $1 billion annualized revenue run rate. Cognition reported that its annualized revenue run rate reached $492 million in May. The $1 billion revenue run rate mentioned in the negotiations is approximately double the publicly disclosed figure from May. Cognition has clients such as Mercedes-Benz, NASA, and Goldman Sachs, and the usage of its AI coding tool is increasing. CEO Scott Wu emphasized that Devin is not a substitute for human developers, explaining that it is primarily used for software migration tasks. The spread of AI coding tools is expected to impact the management of development personnel and the enterprise software market. This report summarizes the negotiation details from Bloomberg and the investment round figures from TechCrunch in May.
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