Cognition AI, a developer of an AI-powered coding assistant, has secured “hundreds of millions of dollars” in its latest funding round, reaching a valuation close to $4bn, reported Bloomberg.
The round, which doubled Cognition AI’s previous valuation, was led by 8VC, the venture capital firm backed by Joe Lonsdale, sources familiar with the development told the publication.
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Cognition’s roster of backers includes firms such as Founders Fund, Khosla Ventures, Elad Gil, and Conviction Partners, with several existing investors also participating in the latest funding round.
The startup launched its generative AI coding tool, Devin, just over a year ago.
Cognition positions Devin as “the world’s first AI software engineer,” a tool designed to enhance coding efficiency by automating repetitive tasks, predicting bugs, and potentially completing entire software projects autonomously.
Cognition AI’s generative AI coding tool, Devin, has been branded as “the world’s first AI software engineer”.
The tool is capable of planning and executing intricate engineering tasks and can recall relevant context at every stage, learn over time, and rectify errors.
The AI has been equipped with a suite of common developer tools, including a shell, code editor, and browser, all within a sandboxed computing environment.
Other startups in the AI coding space are also attracting significant valuations. Anysphere, which is developing the AI code editor Cursor, in also talks to raise funding at a $10bn valuation, according to Bloomberg.
StackBlitz, another competitor in the space, is also in discussions to raise capital at a valuation of $700m for its AI tool, Bolt.new, designed for building websites, the Bloomberg report added.
