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
2022
Founded to build an AI software engineer
2024
Announced 100M-token context model (LTM-2-Mini)
2024
Raised $320M; partnered with Google Cloud & NVIDIA for supercomputers
Products & Services
Company Details
Focus Area
AI Software Engineering
Stage
Founded
2022
Headquarters
San Francisco, CA
Employees
~50
Financial Overview
Total Funding
$465M+
Valuation
~$1.5B (2024)
Profit Status
Pre-revenue / R&D stage
Funding Rounds
- Series A/B$117M2023Nat Friedman, Daniel Gross
- Growth$320M2024Eric Schmidt, Jane Street
Key Investors
Key People
- Eric Steinberger (CEO, co-founder)
- Sebastian De Ro (CTO, co-founder)