Generative AI coding startup Magic lands $320M investment from Eric Schmidt, Atlassian and others

Magic, an AI startup creating models to generate code and automate a range of software development tasks, has raised a large tranche of cash from investors, including ex-Google CEO Eric Schmidt.

In a blog post on Thursday, Magic said that it closed a $320 million fundraising round with contributions from Schmidt, as well as Alphabet’s CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman and Daniel Gross, Sequoia and others. The funding brings the company’s total raised to nearly half a billion dollars ($465 million), catapulting it into a cohort of better-funded AI coding startups whose members include Codeium, Cognition, Poolside, Anysphere and Augment. (Interestingly, Schmidt is backing Augment, too.)

https://techcrunch.com/2024/08/29/generative-ai-coding-startup-magic-lands-320m-investment-from-eric-schmidt-atlassian-and-others/