Cognition Seeks $40 Billion Valuation in New Round for Devin as Revenue Nears $1 Billion
Updated
Updated · TechCrunch · Aug 12
Cognition Seeks $40 Billion Valuation in New Round for Devin as Revenue Nears $1 Billion
3 articles · Updated · TechCrunch · Aug 12
Summary
$40 billion is the valuation Cognition is reportedly pitching to investors in a new funding round, just three months after raising $1 billion at a $26 billion valuation.
A $1 billion annualized revenue run rate is the threshold underpinning that target, according to Bloomberg-cited sources, after the company said in May it had already reached $492 million.
50% month-over-month enterprise usage growth over the prior six months helped fuel Devin's rise, with customers including Mercedes-Benz, NASA and Goldman Sachs.
Devin is being positioned as a tool for tedious software work rather than a human replacement, handling tasks such as updating legacy systems and migrating applications across platforms.