Cognition Labs, the artificial intelligence startup behind the successful software development platform Devin, has raised $175 million in venture capital funding, with its valuation soaring to $2 billion just six months after its launch.
Cognition was founded last November but went viral by introducing its AI-powered software development platform in March.
Founders Fund, the venture capital firm founded by Peter Thiel, was the only investor in this round. The firm previously led Cognition’s Series A funding round in March.
Cognition joins a list of impressive AI companies backed by Founders Fund, including now-Google-owned DeepMind, ChatGPT creator OpenAI, Elon Musk’s brain interface startup Neuralink, and data analytics firm Palantir.
In appreciation of the capital raise, Cognition thanked Founders Fund and previous investors, including Khosla Ventures and serial tech investor Elad Gil, in a post on X (formerly Twitter).
The startup has its sights set on more investments, however, its post concluded with “Now, on to the next commitment.”
Is the Sky the Limit for Cognition?
Devin caused a stir when he first showed up. His announcement tweet alone garnered 30 million views.
In the weeks following its viral launch, Cognition caught the attention of some of the biggest names in AI. “Wow, it’s been quite a month,” said Scott Wu, the company’s CEO.
Related: Devin: AI Software Engineer Who Codes Entire Projects from a Single Request
The startup also received a boost from OpenAI, becoming one of the first developers to have access to the new GPT-4 Turbo model with Vision that can understand both text and images.
Cognition’s Devin platform is using the Vision model to power visual coding tasks on its platform.
However, the startup has faced challenges. Its initial demo also received criticism from some online users who noted some inconsistencies with what Cognition claimed it could achieve.
Wu took to X to address concerns last week, saying Devin is still “far from perfect today.”
“Devin will often work but will also make mistakes, write errors or get stuck,” Wu said. “We’re excited to have more users try the product so we can continue to build on their feedback.”
In a surprising move, Dimension Media, a startup specializing in augmented reality solutions, announced a strategic collaboration with Cognition Labs. This agreement will allow Dimension Media to integrate Cognition’s AI technology into its augmented reality platform, opening up new possibilities in the intersection between artificial intelligence and user experience. The partnership aims to revolutionize the way companies interact with their customers and offer immersive experiences.
News of the collaboration between Cognition Labs and Dimension Media has generated excitement in the business and technology community, with analysts speculating about the potential impact this alliance could have on the augmented reality and artificial intelligence market. This synergy between two innovative companies is expected to generate a wave of development of products and services that take full advantage of the combined capabilities of AI and augmented reality.
With this new collaboration, Cognition Labs is demonstrating its continued commitment to innovation and expanding its technological capabilities. The partnership with Dimension Media highlights Cognition’s vision to lead the way toward a future where artificial intelligence and augmented reality converge to transform the way we interact with the digital and physical world.
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