Devin AI News & Updates
Cognition AI Reaches $10.2B Valuation with $400M Funding for AI Coding Agent Devin
Cognition AI, creator of AI coding agent Devin, raised $400 million at a $10.2 billion valuation, more than doubling from its $4 billion valuation earlier this year. The company's annual recurring revenue grew from $1 million to $73 million between September and June 2024, while maintaining low burn rates despite demanding 80-hour work weeks from employees.
Skynet Chance (+0.04%): AI agents capable of autonomous coding represent a step toward systems that can modify and improve themselves, which is a key component of potential AI control risks. However, this is still a narrow domain application without general intelligence capabilities.
Skynet Date (+0 days): The massive funding and rapid revenue growth suggests accelerated development of autonomous AI agents, though coding agents alone don't significantly accelerate the timeline to general AI risks.
AGI Progress (+0.03%): Autonomous coding agents like Devin demonstrate significant progress in AI systems performing complex cognitive tasks independently, representing advancement toward more general AI capabilities. The rapid commercial success validates the practical utility of such autonomous agents.
AGI Date (+0 days): The substantial funding ($400M) and proven market traction will likely accelerate development of more sophisticated autonomous AI agents, contributing to faster progress toward AGI. The company's aggressive work culture and low burn rate suggest efficient capital deployment toward AI development.
Goldman Sachs Deploys AI Coding Agent Devin as Digital Employee
Goldman Sachs is implementing Cognition's AI coding agent Devin as a "new employee" to augment its workforce of 12,000 human developers. The bank plans to deploy hundreds to potentially thousands of Devin instances in a supervised hybrid workforce model.
Skynet Chance (+0.03%): The deployment of AI agents as "employees" in critical financial infrastructure represents a step toward AI systems having more autonomous operational roles, though the supervised hybrid model provides human oversight.
Skynet Date (+0 days): Large-scale deployment of AI agents in enterprise environments accelerates the normalization of AI autonomy in critical systems, though the pace impact is modest given the supervised nature.
AGI Progress (+0.02%): The commercial deployment of AI agents capable of complex coding tasks at enterprise scale demonstrates meaningful progress in AI capability and real-world applicability. The scale of deployment (hundreds to thousands of instances) indicates the technology has reached practical maturity.
AGI Date (+0 days): Major financial institutions adopting AI agents for core technical work accelerates the practical development and refinement of AI capabilities through real-world application and feedback loops.
Cognition Introduces Affordable Pay-as-you-go Plan for Devin AI Coding Assistant
Cognition has launched a new entry-level pricing plan for its autonomous coding tool Devin, starting at $20 with a pay-as-you-go structure after initial credits are used. The company claims Devin 2.0 is significantly improved from its December release, now featuring project planning capabilities and better documentation features, though independent evaluations suggest it still struggles with complex coding tasks.
Skynet Chance (+0.01%): Devin's autonomous coding capabilities represent incremental progress in AI agency, but its documented limitations with complex tasks and high failure rate (completing only 3 out of 20 tasks in one evaluation) suggest it remains far from the level of autonomy that would significantly increase control risks.
Skynet Date (+0 days): Devin's current capabilities, while commercially notable, don't meaningfully accelerate the timeline toward uncontrollable AI systems. The high failure rate on complex tasks indicates that truly autonomous AI programming agents remain a distant goal rather than an imminent reality.
AGI Progress (+0.01%): Devin represents modest progress toward AGI by demonstrating autonomous coding capabilities in limited contexts, but its high failure rate (succeeding in only 3 of 20 tasks) and documented struggles with complex programming logic indicate substantial limitations in generalized intelligence capabilities.
AGI Date (+0 days): The commercialization and continued development of autonomous coding agents like Devin slightly accelerates the path to AGI by making AI coding tools more accessible and driving further investment in the space. However, its significant limitations suggest the acceleration is minimal.