Reported 12 months ago
Magic, a U.S. artificial-intelligence startup focused on coding, is aiming to raise over $200 million in a new funding round, potentially valuing the company at $1.5 billion. Despite not having any revenue or product for sale, investors like Jane Street are expected to participate. With only 20 employees, Magic previously raised $140 million and was valued at $500 million. The rising interest in AI technology for software development is evident through recent successful funding rounds of coding-assistant startups like Augment and Cognition. Magic's innovative approach to AI coding models and long-context windows sets it apart in the competitive market.
Source: YAHOO