Observed Signal · Aug 30, 2024 · Funding · Source: Trending Topics · Impact: 4/5 · Sentiment: Positive
Magic raises $320M, unveils AI model with massive context window
Magic, an AI startup founded by Austrian entrepreneurs Eric Steinberger and Sebastian De Ro, has raised $320 million in a new funding round from investors including former Google CEO Eric Schmidt, Jane Street, Sequoia, Atlassian, and existing backers. The company also introduced LTM-2-mini, an AI model with a context window of 100 million tokens, far exceeding competitors like Gemini 1.5 Pro (1 million tokens) and GPT-4o (128,000 tokens). Magic hired Ben Chess, former Supercomputing Lead at OpenAI, and partnered with Google Cloud to build supercomputers using Nvidia GPUs. The company, which currently runs on about 8,000 Nvidia H100 chips, plans to deploy tens of thousands of next-generation GB200s to advance its inference-time compute paradigm for AI development.
Major AI model breakthrough with 100M token context window and $320M funding signal significant investment in AI infrastructure, which could impact future AI-driven ad-tech solutions.
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Key Takeaways & Evidence Grounding
- Magic raised $320 million in funding from Eric Schmidt, Jane Street, Sequoia, Atlassian, and existing investors.
- Magic launched LTM-2-mini, an AI model with a context window of 100 million tokens.
- Magic hired Ben Chess, former Supercomputing Lead at OpenAI.
- Magic partnered with Google Cloud to build supercomputers for AI model training.
- The company currently uses about 8,000 Nvidia H100 chips and plans to build machines with tens of thousands of GB200s.
Connected Companies & Entities
8 Entities mapped“Magic, das einen Coding-Assistenten auf Basis eines großen Sprachmodells baut, hat bis dato schon stattliche 145 Mio. Dollar Kapital aufgeno...”
“vom ehemaligen Google-CEO Eric Schmidt, Jane Street, Sequoia, Atlassian sowie den Bestandsinvestoren ......”
“Jedenfalls partnert Magic mit Google Cloud, um sich diese Supercomputer für das Berechnen seiner AI-Modelle zu bauen....”
“vom ehemaligen Google-CEO Eric Schmidt, Jane Street, Sequoia, Atlassian sowie den Bestandsinvestoren ......”
“Aktuell sei man ein Team von 23 und würde mit etwa 8.000 H100-Chips von Nvidia arbeiten....”
“vom ehemaligen Google-CEO Eric Schmidt, Jane Street, Sequoia, Atlassian sowie den Bestandsinvestoren ......”
“Ben Chess, der bisher bei OpenAI als Ben Chess Supercomputing Lead abreitete...”
Ontology Mapping & Concepts
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