Magic Raises $320M in Series C
Magic has successfully raised $320M in a Series C at a $1.5B valuation led by CapitalG, Elad Gil, Nat Friedman, Eric Schmidt.
Company Overview
Magic is a AI/ML company headquartered in 548 Market Street, San Francisco, CA 94104, founded in 2022 with 150+ employees.
AI software engineer assistant
Fundraising Details
- Amount Raised: $320M
- Round Type: Series C
- Valuation: $1.5B
- Date: 2024-08-23
- Investors: CapitalG, Elad Gil, Nat Friedman, Eric Schmidt
About Magic
AI software engineer assistant The company is positioned in the AI/ML sector, serving a growing market with innovative solutions.
Key Information
- Headquarters: 548 Market Street, San Francisco, CA 94104
- Founded: 2022
- Team Size: 150+
- Industry: AI/ML
What This Means
This funding round demonstrates strong investor confidence in Magic's vision and execution. The capital will likely be used to:
- Scale Operations: Expand the team and operational capacity
- Product Development: Enhance existing products and develop new features
- Market Expansion: Enter new markets and strengthen presence in existing ones
- Technology Investment: Invest in infrastructure and technology capabilities
Industry Context
The AI/ML sector continues to attract significant investment as companies innovate to meet evolving market demands. Magic's successful fundraising reflects the strong fundamentals and growth potential in this space.
Valuation Milestone
Reaching a $1.5B valuation marks an important milestone for Magic, positioning the company among notable players in the AI/ML industry.
Looking Ahead
With this new capital, Magic is well-positioned to execute on its growth strategy and continue building innovative solutions in the AI/ML space. The company's trajectory will be one to watch as it deploys this funding to achieve its next phase of growth.
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This fundraising news was reported on 2024-08-23. For more information about Magic, visit their headquarters at 548 Market Street, San Francisco, CA 94104.
