Cognition, the company behind the artificial intelligence (AI) coding tool Devin, is working on a funding deal that could bring in over $300 million and raise its value to around $10 billion, according to a report by Forbes on July 24.
This would mark a milestone for a company that had a $350 million valuation just months ago. In March, a round led by 8VC raised that figure to $4 billion.
Cognition is currently preparing for yet another increase, with Founders Fund and Khosla Ventures expected to join the next round.
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Devin first gained attention through a short demo that showed the tool completing programming tasks without help. It ran the whole process from pulling code repositories and setting up environments to fixing problems and launching apps.
The system includes a built-in shell, code editor, and web browser, which allows it to perform tasks like a human developer. Unlike tools that support developers by offering suggestions, Devin is designed to carry out work independently.
When tested on a public benchmark known as SWE-Bench, Devin reached a score of 13.86% for solving GitHub issues without any assistance. That was a jump from the previous top score of 1.96%.
However, Devin still faces challenges. While it performs well on certain tests, it can struggle with real-world tasks that involve more complex rules or unclear requirements.
On July 1, xAI, Elon Musk’s AI company, raised $10 billion in funding. What is the purpose of this new investment? Read the full story.
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