Magic
Magic is a Frontier Foundation Labs company founded in 2022 and based in San Francisco, United States. It has raised $320M in total funding, most recently a Late-stage venture in 2024.
Magic builds frontier foundation models for software engineering, centered on an in-house architecture it calls Long-Term Memory (LTM) that gives its models extremely long context windows. The company says its LTM-2-mini model has a 100-million-token context window, which it describes as roughly 10 million lines of code. Founded in 2022 by Eric Steinberger and Sebastian De Ro, Magic is based in San Francisco and has partnered with Google Cloud to build AI supercomputers.
Magic raised a $320M round in 2024 with backing from Eric Schmidt and others, bringing total funding to about $465M, on a bet that ultra-long-context models can reason over entire codebases to automate software engineering.
At a glance
Total raised
$320M
Headcount
—
Headquarters
San Francisco
United StatesFounded
2022
Status
Private
Subsector
AI Agents & Models, ranked
Top 25 AI Agents & Models companies →Funding history
Total raised
$320M
Rounds tracked
1
Latest stage
Late-stage venture
| Date | Stage | Amount | Valuation | Lead investors |
|---|---|---|---|---|
| Aug 29, 2024 | Late-stage venture | $320M | — | — |
In the news
Magic · last 30 days