Let’s talk tech and money. There’s some buzz about whether the big investments and high values in the AI world are making a bubble similar to the dot-com bubble back in the ’90s. But amidst all that, there’s a new kid on the block making headlines.
Meet Cognition Labs, a startup that’s not even six months old yet. They’re all about AI and coding. According to the Wall Street Journal, they’re aiming for a value of up to £1.6 billion ($2 billion) in their latest funding round. That’s a huge leap from the £278 million ($350 million) they were valued at just earlier this year.
Founders Fund, led by Peter Thiel, is reportedly on board for this round, too. They were in on the last one, helping Cognition Labs raise $21 million. And get this: if they hit that $2 billion mark, it means their value has shot up six times in just a few weeks.
Now, what’s Cognition Labs all about? Well, they’ve created something they call Devin, which they say is the first fully autonomous AI software engineer. Pretty cool, right? This little guy can handle complex engineering tasks and comes with all the tools a human coder needs.
But here’s the catch: despite all the hype and big numbers, Cognition Labs isn’t actually making money yet.
If they hit that $2 billion mark, they’ll be joining the likes of Mistral AI and Perplexity AI in the billion-dollar club. But hey, let’s remember, they haven’t said anything about it yet.
Some folks are saying this AI stuff is getting a bit too big for its boots, comparing it to the dot-com bubble. But others reckon it’s not as bad as it seems. According to some strategists at Citigroup, the AI bubble isn’t about to burst just yet.
So, while the debate rages on, let’s keep an eye on Cognition Labs and see where they end up.
