Robinhood Ventures invested $10 million in Cognition AI, a San Francisco-based developer of the autonomous AI engineer-programmer Devin, reports Fortune. This investment makes Robinhood's division an investor in two participants in the race for leadership in software development automation.
The investment in Cognition followed Robinhood Ventures Fund I's addition of OpenAI to its portfolio, purchasing common shares of the company for $75 million in April. This way, the division gained stakes in companies whose products compete in the market for artificial intelligence tools for programming.
Cognition AI, led by CEO Scott Wu, has been rapidly growing since its founding in 2023. The company creates AI agents capable of planning and executing engineering tasks, writing and debugging code, running tests, and submitting change requests. Currently, its products include tools for incident investigation, vulnerability detection, workflow automation, and task routing between models.
Last month, Cognition raised over $2 billion in a Series E funding round at a valuation of $48 billion; the round was led by Andreessen Horowitz and Accel. Prior to this, the company reportedly reached an annual revenue run rate of about $900 million. Cognition's clients include Citi, Goldman Sachs, Mercedes-Benz, and NVIDIA, and partnerships with Microsoft Azure and AWS support corporate adoption.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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