Magic Secures $320 Million in Funding

by Kay Aloha Villamor in August 30th, 2024

Magic, a San Francisco, CA-based AI startup specializing in automating software development, has secured $320 million in funding, bringing its total capital to $465 million. 

Investors 

The investment came from notable investors, including former Google CEO Eric Schmidt, Alphabet’s CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman, Daniel Gross, Sequoia, and others. 

Magic Use of Funds 

The company plans to use the funds to expand its AI-driven coding tools and build supercomputers on Google Cloud. 

About Magic 

Founded in 2022 by Eric Steinberger and Sebastian De Ro, Magic focuses on developing models that automate various aspects of software development, such as code generation, debugging, and project planning. Magic's AI-driven tools (not yet available for sale) are designed to help software engineers write, review, debug, and plan code changes. These tools function like an automated pair programmer, continuously learning and adapting to the context of different coding projects. 

Funding Details 

Company: Magic AI, Inc. 

Raised: $320.0M 

Round: Undisclosed 

Funding Date: August 2024 

Investors: Eric Schmidt, Alphabet’s CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman, Daniel Gross, Sequoia 

Company Website: https://magic.dev/  

Software Category: Software Development 

Source: https://techcrunch.com/2024/08/29/generative-ai-coding-startup-magic-lands-320m-investment-from-eric-schmidt-atlassian-and-others/

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