Cognition AI, an artificial intelligence startup, has secured a $10.2 billion valuation following a $400 million funding round. This investment highlights strong investor interest in AI-driven software development. The funding round was led by Founders Fund, with participation from existing investors including Lux Capital, 8VC, Elad Gil, Definition Capital, and Swish Ventures.
The company's valuation has significantly increased from its previous valuation of $4 billion earlier this year. Cognition AI is known for its generative AI coding tool, Devin, which is designed to automate repetitive tasks and enhance coding efficiency. Devin is positioned as an AI software engineer capable of planning and executing complex engineering tasks, learning over time, and rectifying errors.
Cognition AI's innovative approach aims to revolutionise software development through automation. The company's rapid growth and the demand for AI-driven coding solutions have attracted major venture capital firms.
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