What valuation is Cognition reportedly weighing in new funding talks?
Cognition, the startup behind the AI coding agent Devin, has received investor offers that value the company at $70 billion to $80 billion. The San Francisco company is seriously considering raising a new round before the end of the year.
Katie Roof reported the talks for Business Insider on Wednesday, citing sources familiar with the matter. According to the report, the discussions are at an early stage and the terms could still change. TNW has not independently verified the report.
The offers follow Cognition's most recent funding round by only weeks. On September 8, the company announced a Series E of more than $2 billion at a $48 billion valuation. Andreessen Horowitz and Accel led that round, with Founders Fund, General Catalyst and Avenir also investing.
How does the new valuation compare with Cognition's September round?
A round at $80 billion would put Cognition's valuation about two-thirds above its September price.
Rapid growth and a crowded field
In the same September announcement, Cognition said its run-rate revenue had grown from $492 million in May to almost $900 million. The company's valuation had doubled in the 15 weeks before that round.
Who founded Cognition and when?
Scott Wu, Steven Hao and Walden Yan founded Cognition in 2023. In September, the company hired Alex Stamos, a former Facebook and Yahoo security chief, as its chief information security officer.
Business Insider placed the new offers within a wider rush to back AI coding startups. In June, SpaceX made its $60 billion takeover of Cursor official, buying one of Cognition's main rivals.
Competition between the companies has also turned personal. Earlier this month, the bosses of Cognition and rival Factory clashed publicly over an adviser's exit, Bloomberg reported.
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