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About Magic
Industries
AI & Machine Learning
Company Size
11-50
Company Stage
Late Stage VC
Total Funding
$452.3M
Headquarters
San Francisco, California
Founded
2022
Overview
Magic.dev develops advanced code generation models that act as virtual coworkers for software developers. These models are designed to understand and generate code, streamlining the software development process. Unlike traditional coding tools that only assist, Magic.dev's technology collaborates with programmers, enhancing their productivity. The company differentiates itself by focusing on proprietary AI models that require extensive research and development, utilizing complex architectures and large datasets. Magic.dev offers its solutions through subscription and licensing agreements, allowing clients to integrate these tools into their systems. The goal of Magic.dev is to push the boundaries of AI in software development, making coding faster and more efficient.
Simplify's Take
What believers are saying
- Magic raised $320M, securing unicorn status and boosting growth potential.
- Strategic partnership with Google enhances Magic's infrastructure and market reach.
- AI-driven coding solutions are increasingly adopted by non-tech industries, expanding market potential.
What critics are saying
- Competition from well-funded AI startups like OpenAI could overshadow Magic's market presence.
- Potential regulatory changes in Europe may impose new compliance costs for Magic.
- High infrastructure costs, like using 8,000 Nvidia H100 chips, could strain financial resources.
What makes Magic unique
- Magic creates a virtual coworker for collaborative coding, unlike traditional code tools.
- Magic's AI models generate and optimize code, enhancing developer productivity.
- Magic focuses on frontier-scale AI models, investing heavily in R&D.
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Funding
Total Funding
$452.3M
Above
Industry Average
Funded Over
4 Rounds
Growth & Insights and Company News
6 month growth
↑ 4%1 year growth
↑ 15%2 year growth
↓ -4%Flat invest in people who are passionate, dedicated, have potential and skin in the game. Founders that care deeply about their customers and their businesses.
The year 2023 will be remembered as the year of recognizing the potential of Artificial Intelligence. As a result, investor interest in the sector surged, and lawmakers also focused on regulatory controls. In the same year, the European AI companies raised €2.1 billion over 141 deals.The trend of investing in AI companies continued in 2024. As stated in the Tech.eu report “European Tech 2024: The big picture” European AI companies raised nearly €3 billion through 137 deals, which is about 35% more than the year before.French companies took the top spot in terms of countries, securing over €1.3 billion across 14 deals (almost half of all AI investments in Europe in 2024). German companies followed in second place with €910.3 million raised over 23 deals, while the UK ranked third with €318.1 million raised over 33 deals.The sector will likely see further innovations and a broader range of AI-driven solutions as regulatory frameworks evolve, fueling even more investments and deals in the coming year.Here are the 10 biggest deals in European AI companies in 2024.10. Gcore (Luxembourg)Amount raised in 2024: $60MGcore is a global provider of cloud, edge, and AI solutions, offering a comprehensive suite of services designed to accelerate AI training, enhance content delivery, and protect servers and applications.With a network spanning over 180 points of presence worldwide, Gcore delivers high-performance infrastructure tailored to meet the diverse needs of businesses across various industries.By leveraging Gcore's solutions, businesses can achieve enhanced scalability, security, and performance, driving growth and success in the digital era.In 2024, the company raised $60 million, which will be strategically invested in enhancing Gcore's technology and platform, including the development of AI servers powered by NVIDIA GPUs, to fuel AI-driven innovations.9
Flat Capital has invested SEK 9 million in Magic AI, an AI and code generation company, by purchasing existing shares. Magic, founded in 2022 by Eric Steinberger, aims to achieve secure Artificial General Intelligence. The company has raised $515 million (SEK 6 billion) so far, with backing from investors like Sequoia Capital and Eric Schmidt. Hanna Andreen, CEO of Flat Capital, expressed excitement about the potential industry impact of Magic's innovations.
Wenn 2023 das Jahr des ChatGPT-Durchbruchs war, dann war 2024 das Jahr der AI-Megarunden. Denn im Rennen um Marktanteile im boomenden Generative-AI-Segment wurden Finanzierungsrunden gemacht, die die (Startup-)Welt in diesem Ausmaß noch nicht gesehen hat. OpenAI holte sich mit 6,6 Milliarden Dollar die größte Finanzierungsrunde aller Zeiten ab, Konkurrent Anthropic schnappte sich dieses Jahr satte 7 Milliarden Dollar, und xAI von Elon Musk holte sich gar 2 mal jeweils sechs Milliarden Dollar. Die AI-Welle ist auch nicht an Österreich bzw. eigentlich Gründern aus Österreich vorbei geschwappt. In den Top 30 der best finanzierten AI-Startups der Welt finden sich mit Magic und Liquid AI zwei Startups mit österreichischen Gründern, die 2024 sehr viel Geld von sehr renommierten Risikokapitalgebern aufgenommen haben
Mit dem Award „Innovator of the Year“ zeichnen wir herausragende Leistungen in drei Kategorien aus: Startups, Scaleups und Corporate Innovation. Mit der Kategorie Scaleups richten wir unseren Fokus auf jene wachstumsstarken Unternehmen, deren Gründer:innen es geschafft haben, ihre Geschäftsmodelle erfolgreich zu skalieren und über regionale und internationale Märkte hinauswachsen.Die Redaktion hat hierfür wieder eine Shortlist aus zehn Nominierten erstellt. Die Nominierten sind 2024 nicht nur mit ihren innovativen Ideen, Geschäftsmodellen und Produkten aufgefallen, sondern positionieren sich erfolgreich am Markt und expandieren international.Wähle bis 10. Jänner dein:e Favorit:inJetzt bist du am Drücker: Wähle bis 10. Jänner 2025 (23:30 Uhr) deine Favoritin oder deinen Favoriten zum “Innovator of the Year”! Jede:r User:in hat eine Stimme und es kann einmal pro Tag und Kategorie abgestimmt werden – es zahlt sich also aus, die eigene Community zu aktivieren! Der “Innovator of the Year” erhält ein brutkasten Medienvolumen in Höhe von 4.100 Euro. Die Gewinner:innen in allen Kategorien werden am 14
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About Magic
Industries
AI & Machine Learning
Company Size
11-50
Company Stage
Late Stage VC
Total Funding
$452.3M
Headquarters
San Francisco, California
Founded
2022
There are no jobs for Magic right now.
Find jobs on Simplify and start your career today