The facts
Magic at a glance.
Read Oct 20, 2026. Valuations and amounts are copied as each source states them; a figure that is only reported (talks, or people familiar with the deal) is labeled as reported.
- Kind of company
- AI that writes softwareCoding agents and tools that write, fix and ship software.
- Based in
- San Francisco, United States
- Founded
- 2022TechCrunch, Aug 29, 2024
- Last closed-round valuation
- No valuation reported
- What it has shipped
- Research only so far
Founders
- Eric Steinberger: CEO; studied computer science at Cambridge (left after a year); former AI researcher at Meta (TechCrunch, Aug 29, 2024)
- Sebastian De Ro: former CTO of German process-management firm FireStart (TechCrunch, Aug 29, 2024)
Research update on compute-efficient pretraining and scaling to trillion-parameter models. Sep 8, 2026
Magic, Sep 8, 2026
What it has built
Shipped, or not yet.
“Research only so far” is what our search found: something the public can use or buy, a model or API, research only, or nothing public.
2 rounds
Funding, as reported.
Every round we found, with the amount, valuation and investors as the source states them.
| When | Round | Amount | Valuation | Investors named | Source |
|---|---|---|---|---|---|
| Feb 6, 2023 | Series A | $23M | Not stated | None named | Magic |
| Aug 29, 2024 | Unnamed | $320 million (total raised $465 million per TechCrunch; Magic says $515M) | Not stated | Eric Schmidt, CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman & Daniel Gross, Sequoia | TechCrunch |
Our note
Worth knowing.
Our note: Little shipped relative to money raised: TechCrunch said in 2024 its tools were 'not yet for sale'. Valuation 'couldn't be ascertained' in Aug 2024 (TechCrunch; earlier reports of $500M and a $1.5B target). Funding data is old (2024).
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