Factory CEO Fires Advisor Over Cognition Spying Claim

Factory CEO Matan Grinberg fired board advisor Chris Degnan on Tuesday, alleging Degnan shared confidential information with competitor Cognition while advising Factory. Two hours later, Degnan announced he joined Cognition as chief revenue officer. Factory, a three-year-old agentic coding startup, raised $200 million at a $5 billion valuation this month. Cognition, maker of Devin, raised $2 billion at a $48 billion valuation.