Magic AI
🔥 HOTEverything you need to know about Magic AI — from their $465M in funding to who's backing them.
Awaira Score
Out of 100
HQ
United States
Founded
2022
Raised
$465M
Stage
Series C
Team
75
About Magic AI
Magic AI develops large-context-window AI models purpose-built for software engineering, enabling codebases with millions of lines to be understood and modified by a single AI system. The company's core technology centers on extending transformer context lengths far beyond industry norms, allowing its models to reason across entire repositories rather than isolated code snippets. This…
Key Facts
- Magic AI is valued at $1.5B as of March 2026.
- Magic AI has raised a total of $465M in disclosed funding across 2 funding rounds.
- Magic AI was founded in 2022 by Eric Steinberger and is headquartered in United States.
- Magic AI employs approximately 75 people.
- Magic AI operates in the AI Dev Tools category and is currently at the Series C stage.
- Magic AI has an Awaira Score of 72/100, ranking it among the tracked AI companies on Awaira.
- Magic AI's most recent funding round was a Series C of $320M closed in August 2024, led by Eric Schmidt.
Source: Awaira · Updated Mar 24, 2026
Valuation
$1.5B
Post-money
Total Raised
$465M
All rounds
Awaira Score
72/100
Founded
2022
75 employees
Strengths & Risks
Strengths
Unicorn status with $1.5B valuation
Strong Awaira Score of 72/100
Late-stage with proven business model
Analysis based on publicly available data. Not investment advice.
Funding Velocity
2
Total Rounds
$218.5M
Avg Round Size
0.5yr
Funding Span
Magic AI raised 2 rounds over 0.5 years, averaging $218.5M per round — a pace of roughly one round every 3 months.
Awaira estimate based on public data. Not financial advice.
How does Magic AI stack up against competitors?
Competitor Comparison
| Metric | ★Magic AI | Vercel | Postman AI | Cursor |
|---|---|---|---|---|
| Awaira Score | 72/100 | 91/100 | 90/100 | 87/100 |
| Total Raised | $465M | $863M | $433M | $3.4B |
| Valuation | $1.5B | $9.3B | $5.6B | $29.3B |
| Stage | Series C | Series F | Series D | Series D |
| Founded | 2022 | 2015 | 2014 | 2022 |
| Employees | 75 | 750 | 1000+ | 50 |
| Country | 🇺🇸 | 🇺🇸 | 🇺🇸 | 🇺🇸 |
Investors in Magic AI
Funding Rounds
QuietLed by Eric Schmidt
$320M
Aug 2024
Led by Eric Schmidt
$117M
Feb 2024
Magic AI Latest News
Open Positions at Magic AI
View all jobs →More from United States
🇺🇸 View all AI companies in United States →Alternatives
View all alternatives to Magic AI →If you're looking at Magic AI, also check out
View all AI Dev Tools →People Also Viewed
Frequently Asked Questions
What is Magic AI's valuation?▾
Who invested in Magic AI?▾
When did Magic AI last raise funding?▾
How many employees does Magic AI have?▾
What does Magic AI do?▾
Who founded Magic AI?▾
Is Magic AI profitable?▾
Where is Magic AI headquartered?▾
Compare Magic AI
See how Magic AI stacks up against competitors in valuation, funding, team size, and Awaira Score.