Magic AI
AI Software Engineering
- Valuation
- ~$1.5B(2024)
- Total Funding
- $465M+
- Profit Status
- Pre-revenue / R&D stage
- Employees
- ~50
About Magic AI
Magic AI (Magic.dev) builds frontier AI models for software engineering, with a focus on extremely long context and autonomous coding. Its models are designed to reason over entire codebases at once, and the company drew attention for pioneering ultra-long context windows (up to 100 million tokens) aimed at letting an AI 'see' a full repository. Magic partners with cloud providers to train on large GPU clusters.
Company History
Founded in 2022 by Eric Steinberger and Sebastian De Ro to build an AI software engineer. Magic raised large rounds from investors including Nat Friedman, Daniel Gross, and CapitalG, reaching over $465M in total funding. In 2024 it announced a 100-million-token context model (LTM-2-Mini) and partnerships with Google Cloud and NVIDIA to build supercomputers for training its long-context coding models.
Company Timeline
3 milestones- 2022Founded to build an AI software engineer
- 2024Announced 100M-token context model (LTM-2-Mini)
- 2024Raised $320M; partnered with Google Cloud & NVIDIA for supercomputers
Funding Rounds
2 rounds| Date | Round | Amount | Investors |
|---|---|---|---|
| 2023 | Series A/B | $117M | Nat Friedman, Daniel Gross, CapitalG |
| 2024 | Growth | $320M | Eric Schmidt, Jane Street, Sequoia, Atlassian |
Products & Services
2- Magic coding models
- LTM (Long-Term Memory) architecture
People & ecosystem
Key People
- Eric Steinberger (CEO, co-founder)
- Sebastian De Ro (CTO, co-founder)
Key Investors
- CapitalG
- Nat Friedman
- Daniel Gross
- Eric Schmidt
- NFDG
Competitive Landscape
- Cognition AI
- Anysphere
- Poolside AI
- Codeium
- OpenAI