About Magic AI
Magic AI is a company based in San Francisco (United States) founded in 2022 by Sebastian De Ro and Eric Steinberger.. Magic AI has raised $466.08 million across 4 funding rounds from investors including Atlassian, Jane Street and Eric Schmidt. The company has 7 employees as of December 31, 2023. Magic AI offers products and services including Frontier Code Models and Supercomputing Platform. Magic AI operates in a competitive market with competitors including Tabnine, Sourcegraph, Cognition, Augment and Reflection.Ai, among others.
- Headquarter San Francisco, United States
- Employees 7 as on 31 Dec, 2023
- Founders Sebastian De Ro, Eric Steinberger
-
Sectors
Technology
-
Email
***********
-
Phone
*********
-
Website
*********
-
Social
*********
- Legal Name Magic Ai
-
Annual Revenue
-
Net Profit
-
EBITDA
-
Total Equity Funding
$466.08 M (USD)
in 4 rounds
-
Latest Funding Round
$320.75 M (USD), Series C
Mar 29, 2024
-
Investors
Atlassian
& 14 more
-
Employee Count
7
as on Dec 31, 2023
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Products & Services of Magic AI
Magic AI offers a comprehensive portfolio of products and services, including Frontier Code Models and Supercomputing Platform. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
AI models for automating software engineering and research tasks
Platform supporting AI model training and inference operations
Unlock access to complete
Funding Insights of Magic AI
Magic AI has successfully raised a total of $466.08M across 4 strategic funding rounds. The most recent funding activity was a Series C round of $320.75 million completed in March 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Series C — $320.7M
-
First Round
First Round
(01 Jun 2022)
- Investors Count 15
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar, 2024 | Amount | Series C - Magic AI | Valuation | Eric Schmidt | |
| Feb, 2024 | Amount | Series B - Magic AI | Valuation | Nat Friedman | |
| Feb, 2023 | Amount | Series A - Magic AI | Valuation | CapitalG |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Magic AI
Magic AI has secured backing from 15 investors, including angel, institutional, and venture fund investors. Prominent investors backing the company include Atlassian, Jane Street and Eric Schmidt. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Sequoia Capital is engaged in venture capital investments.
|
Founded Year | Domain | Location | |
|
Growth-stage companies are invested in by CapitalG, Alphabet's independent fund.
|
Founded Year | Domain | Location | |
|
-
|
Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
Founded Year | Domain | Location | |
|
Startup ecosystems are ignited through strategic investments by Signite Partners.
|
Founded Year | Domain | Location | |
|
Venture capital is directed toward companies in multiple sectors.
|
Founded Year | Domain | Location | |
|
Venture capital is invested in cybersecurity, fintech, and AI startups.
|
Founded Year | Domain | Location |
Investments & Acquisitions by Magic AI
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
Bionic investment advisor platform
|
2016 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 |
Financial Statements - Magic AI
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Magic Ai Comparisons
Competitors of Magic AI
Magic AI operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Tabnine, Sourcegraph, Cognition, Augment and Reflection.Ai, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
AI powered coding assistant for developers
|
|
| domain | founded_year | HQ Location |
A platform for code search, analysis, and modification is developed.
|
|
| domain | founded_year | HQ Location |
AI software engineer is developed to automate coding tasks.
|
|
| domain | founded_year | HQ Location |
A platform for trading private shares in pre-IPO companies is provided by Augment.
|
|
| domain | founded_year | HQ Location |
Provider of AI coding assistant
|
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
|
|
| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
|
|
| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
|
|
| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
|
Latest news on Magic Ai
Frequently Asked Questions about Magic AI
When was Magic AI founded?
Magic AI was founded in 2022.
Where is Magic AI located?
Magic AI is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Who is the current CEO of Magic AI?
Eric Steinberger is the current CEO of Magic AI. They have also founded this company.
Is Magic AI a funded company?
Magic AI is a funded company, having raised a total of $466.08M across 4 funding rounds to date. The company's 1st funding round was a Series A of $23M, raised on Jun 01, 2022.
How many employees does Magic AI have?
As of Dec 31, 2023, the latest employee count at Magic AI is 7.
What does Magic AI do?
Magic AI was founded in 2022 and is headquartered in San Francisco, United States. Operations focus on the software development sector, where AI technologies are utilized for code completion and generation. Services enable editing of code across multiple repositories. The company is led by co-founders Sebastian De Ro and Eric Steinberger, with Steinberger serving as CEO. Domain activities are accessible via magic.dev.
Who are the top competitors of Magic AI?
What products or services does Magic AI offer?
Magic AI offers Frontier Code Models and Supercomputing Platform.
Who are Magic AI's investors?
Magic AI has 15 investors. Key investors include Atlassian, Jane Street, Eric Schmidt, Sequoia Capital, and CapitalG.
Book a demo & talk to our team
Share a few details and we’ll reach out to schedule a session.