COMPANY INFO
Magic AI is a company founded in 2022 by Sebastian De Ro and Eric Steinberger. It has 7 employees as of December 31, 2023, and operates in the AI-based code completion and generation solutions industry. The company's website is magic.dev. Magic AI offers AI-powered code completion solutions that allow users to generate and edit code across repositories, enhancing developer productivity and coding efficiency. It is headquartered in San Francisco, United States.
Magic AI, Inc. is a cutting-edge company founded in 2022 by Sebastian De Ro and Eric Steinberger. Operating within the artificial intelligence software industry, Magic AI develops AI-powered code completion and generation solutions designed to streamline coding productivity for developers across organizations. Headquartered in San Francisco, the company also maintains engineering offices in New York and Seattle. With a focus on enhancing coding efficiency through advanced AI models, Magic AI has quickly established itself as a leader in the AI tools ecosystem.
Magic AI, Inc. has demonstrated remarkable traction and ambition in its funding journey. Since its inception, the company has raised a total of $466 million over four funding rounds. The company’s funding strategy reflects a commitment to rapid innovation and expansion, attracting a prestigious roster of investors ranging from marquee venture capital firms to renowned angel investors. Key funding milestones include a substantial $321 million Series C round led by former Google CEO Eric Schmidt in 2024, which propelled the company to a $1.5 billion valuation. Across these rounds, Magic AI investors have supported the development of proprietary AI models, infrastructure expansion, and significant growth in the developer tool market.
Magic AI’s most recent Series C round raised $321 million, primarily to fuel market expansion, build new AI-driven coding tools, and develop supercomputer infrastructure on Google Cloud. This round was led by prominent investor Eric Schmidt and is pivotal for scaling the company’s global presence.
The Series B round brought in $80 million, supporting the expansion of Magic AI’s core AI capabilities and increasing its market reach. Funds were allocated to research and development efforts and broadening customer adoption.
Magic AI raised $45 million in its Series A, led by CapitalG and Amplify Partners. The round’s focus was on accelerating product development and scaling the company’s initial suite of AI tools for developers.
The initial seed funding of $20,000, led by Techstars, helped launch Magic AI’s early development efforts and supported key hires in the founding team.
Eric Schmidt, the former CEO of Google, led Magic AI’s $321 million Series C and has been instrumental as a high-profile backer in the company’s latest strategic growth phase.
CapitalG, Alphabet’s growth equity investment fund, participated in Magic AI’s Series A, providing both capital and strategic guidance to accelerate early development and market entry.
Sequoia, a leading global venture capital firm, is among the top Magic AI investors, offering deep expertise and an expansive network within the technology industry.
Atlassian, the enterprise software giant, has invested in Magic AI to help drive innovation within the developer productivity space and explore cross-product integrations.
Elad Gil, a prolific angel investor and entrepreneur, is part of Magic AI’s distinguished group of backers, contributing both funding and advisory support.
Nat Friedman, former GitHub CEO, invested in Magic AI, bringing experience from the developer tools ecosystem to the company.
Daniel Gross is known for backing breakthrough AI startups, and his investment in Magic AI reflects confidence in its technology and long-term prospects.
Jane Street, a global trading firm, has participated as a financial investor, recognizing the impact of Magic AI’s innovations on data-driven industries.
NFDG Ventures led Magic AI’s Series B, enabling the expansion of advanced AI capabilities and supporting the company’s mission to transform code generation.
Amplify Partners co-led the Series A with CapitalG, supporting Magic AI’s transition from early-stage development to product scaling.
ROI Ventures is among the early institutional backers of Magic AI, contributing to the seed and follow-on rounds.
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