Cognition, maker of the AI coding agent Devin, is reportedly in talks to raise a new funding round that could value the company at $40 billion, just three months after raising $1 billion at a $26 billion valuation. The new figure is reportedly tied to Cognition hitting a $1 billion annualized revenue run rate. In May, CEO Scott Wu said Devin had reached a $492 million annualized revenue run rate with enterprise usage growing 50% month-over-month, and that Devin is positioned to handle grunt work like legacy software upgrades and platform migrations rather than replace human programmers. Customers reportedly include Mercedes-Benz, NASA, and Goldman Sachs.
Questions this post answers
What is Cognition's Devin AI coding agent's annualized revenue run rate?
Devin maker Cognition reported a $492 million annualized revenue run rate as of its May funding announcement, with enterprise usage growing 50% month-over-month over the prior six months. The company was valued at $26 billion at that time after raising $1 billion, and is reportedly now in talks for a new round valuing it near $40 billion. Track how fast AI coding agent revenue and adoption are moving by following Cognition and Devin news on daily.dev.
What kind of coding tasks does Cognition's Devin agent handle for enterprises?
Devin is used primarily for long-tail grunt work that programmers tend to dislike, such as bringing old software up to date or migrating applications from one platform to another. Cognition CEO Scott Wu has said Devin is not intended to replace human developers, and enterprise customers reportedly include Mercedes-Benz, NASA, and Goldman Sachs. Developers weighing where AI agents fit into their workflow can follow Devin's real-world use cases on daily.dev.