Observed Signal · Feb 7, 2023 · Funding · Source: Trending Topics · Impact: 2/5 · Sentiment: Positive
Magic.dev Raises $23M Series A Backed by Alphabet's CapitalG
Magic.dev, an Austrian AI startup founded by Eric Steinberger and Sebastian De Ro, has raised $23 million in a Series A round, bringing total funding to $28 million. The company, less than a year old, is building an AI software engineer to help developers create, deliver, and review code. Steinberger said Magic.dev is vertically integrated, training its own foundation models while building products. Investors include CapitalG, Alphabet's growth fund, Amplify Partners, 10x Founders, and former GitHub CEO Nat Friedman, among others. The team also includes engineers from Austrian BPM software firm FireStart. The funding round comes amid an AI arms race between Microsoft and Google, with Microsoft backing OpenAI and Google investing in Anthropic.
The Series A funding of an AI software engineering startup by Alphabet's growth fund underscores continued capital flow into applied AI tools relevant to the broader AdTech/MarTech technology stack.
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Key Takeaways & Evidence Grounding
- Magic.dev raised $23 million in a Series A round.
- Total funding for Magic.dev now stands at $28 million, including a $5 million seed round.
- CapitalG, Alphabet's growth fund, participated in the round.
- Magic.dev is developing an AI software engineer to help developers write, deliver, and review code.
- The startup was founded by Eric Steinberger and Sebastian De Ro, former FireStart CTO.
Connected Companies & Entities
10 Entities mapped“The Austrian startup Magic.dev has raised $28 million in total investment funds....”
“CapitalG (growth fund of Google parent Alphabet) is on the investor list....”
“CapitalG, the growth fund of Google parent Alphabet, invested in Magic.dev....”
“Google invested more than $300 million in Anthropic....”
“ChatGPT maker OpenAI was provided with $10 billion by Microsoft....”
“OpenAI maker was equipped with a full $10 billion by Microsoft....”
“Google invested more than $300 million in Anthropic....”
“Noam Brown (Research Scientist, Meta) is on the investor list....”
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