Cognition — the AI coding startup behind Devin, an AI agent that can pick up a task, write code, run tests, and hand off finished code — is getting ready to raise again. Bloomberg, citing people familiar with the matter, reports the company is in early talks with investors to raise more than $1 billion at a valuation of at least $40 billion. Cognition's website describes Devin as a software engineering agent that can plan, write, test, and deliver code on its own.
The pace is absurd. Cognition just raised its previous round in late May, meaning its valuation has already jumped more than 50% in under three months.