Cognition Labs Claims $2B Valuation After 6 Months and $175M Investment in Generative AI Coding Assistant Devin
Cognition Labs, creator of generative AI coding and enterprise agent Devin, has raised $175 million and claims a $2 billion valuation only half a year after forming, as first reported by The Information. Founders Fund led the new round a month after also leading a $21 million Series A investment at a mere $350 million valuation for the latest competition for GitHub Copilot and other generative AI coding assistants.
Cognition Coding
The new confirms earlier rumors about Cognition Labs seeking the $2 billion valuation. There have been reports that the startup turned down a different offer because it had Cognition valued at $1 billion, not $2 billion. The gargantuan valuation suggests a lot of faith in Devin, which Cognition only released a month ago. The AI agent’s long-term thinking and strategic analysis make it able to design and complete intricate engineering tasks, even with multiple thousands of decisions to make. The AI utilizes context to not only understand current commands but also learn and improve when it makes errors. For software developers, Devin’s platform has a coding shell and editor contained within a non-internet connected space and can even team up with the user, offering real-time progress reports and absorbing criticism and other feedback on its designs.
“AI agents are just getting started. Two years ago it was unthinkable that an AI could write code, run commands, and browse the web. We’re really excited for what the next two years will bring,” Cognition Labs CEO Scott Wu explained in a post on X. “Our vision is for Devin to be the assistant that makes every software engineer 10x more productive. Software is such an important driver of progress in the world today – imagine what we could do with 10x more of it! At the same time, we want to be clear that Devin is far from perfect today. Devin will often work but will often make mistakes, write bugs, or get stuck. We’re excited to have more users try the product so that we can continue to build with your feedback.”
With the ability to perform autonomous coding and fine-tune AI models, Devin has showcased promising results. Cognition claims it has an amazing 13.86% accuracy rate in resolving issues independently, far surpassing the 1.96% of the earlier record. Many companies are very keen on generative AI software development tools. GitHub Copilot has been quickly joined by the likes of Google Gemini Code Assist, Amazon’s CodeWhisperer, IBM’s watsonx Code Assistant, Meta’s Code Llama, and the open-source Starcoder 2 from Hugging Face. That’s before considering startups in the field attracting plenty of investment. For instance, generative AI coding assistance startup Tabnine scored a $25 million round in November, while February saw Codeium raise $65 million and Magic Ai raise $117 million for a coding ‘coworker.’ Just this week, fellow generative AI coding assistant startup Augment Inc. raised $25 million.
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