Magic, a San Francisco, CA-based startup that is developing an AI-powered software engineer, announced that it raised $23 million in Series A funding, bringing its total raised to $28 million.
The round was led by Alphabet's independent growth fund, CapitalG, with participation from prominent investors Nat Friedman, Elad Gil, and Amplify Partners.
This funding will accelerate its journey to build a true AI colleague for software engineering.
Magic co-founder and CEO Eric Steinberger said, "Our mission is to deploy AI to accelerate science and make the world more productive. For decades, technology was just a tool; soon it will be a colleague. The adoption of 'AI assistants' in the workplace will be as impactful as the industrial revolution, and it's important to get this transition right." He added, "I'm excited to be applying our technology to the field of software engineering; it's highly complex, collaborative, and a bottleneck for many organizations. Due to what remains a tight technical talent market, many organizations are unable to hire the engineers they need. Magic will enable people and organizations to build game-changing technology faster and more easily than has ever been possible before."
Magic's technology will help software developers scale their impact and build better products faster.
Company: Magic AI Inc.
Raised: $23.0M
Round: Series A
Funding Month: February 2023
Lead Investors: CapitalG
Additional Investors: Nat Friedman, Elad Gil, and Amplify Partners
Company Website: https://magic.dev/
Software Category: AI-powered Software Engineer
About the Company: Founded in 2022, Magic is a public benefit corporation dedicated to building and safely deploying aligned, superhuman AGI. It develops an “AI colleague” for software engineering. Like a human engineer, it aims to communicate in natural language and collaborate with users on complex code changes. Powered by language models, the product operates like an AI pair programmer, able to understand and continually learn more about the context of the work and the user. The startup’s goal: build aligned and complete AI to accelerate humanity’s progress on the world’s most challenging problems.
Source: https://www.prnewswire.com/news-releases/magicdev-raises-28-million-to-build-ai-software-engineer-301738983.html