When was Magic AI founded?

Magic AI was founded in 2022 and raised its 1st funding round within a year of its incorporation.

Where is Magic AI located?

Magic AI is headquartered in San Francisco, United States.

Who is the current CEO of Magic AI?

Eric Steinberger of Magic AI. They have also founded 1 company.

How many employees does Magic AI have?

As of Mar 31, 2026, the latest employee count at Magic AI is 103.

Is Magic AI a funded company?

Magic AI is a funded company, having raised a total of $466M across 4 funding rounds to date. The company's 1st funding round was a $***** Seed round, raised on 2022.

How much is Magic AI worth?

The latest valuation of Magic AI is $***** as of Mar 29, 2024.

When was the latest funding round of Magic AI?

Magic AI's latest funding was a $***** Series C round on Mar 29, 2024, with participation from 8 investors. Its primary sector is Generative AI. In United States, the Generative AI sector has seen $171B in funding in 2026 to date.

Where does Magic AI rank among its competitors?

Magic AI ranks 6th amongst 148 active competitors, of which 29 are funded. It stands 2nd in terms of total funding among its competitors. The most recent competitor to raise funding was Cognition, which secured $500M in Aug, 2025.

Who are the top competitors of Magic AI?

Magic AI's top competitors include Cognition, Tabnine and Augment. Among them, Cognition secured the most recent funding round in August, 2025.

Magic AI - 2026 Company Profile, Team, Funding & Competitors

Magic AI is a series C company based in San Francisco (United States), founded in 2022 by Sebastian De Ro and Eric Steinberger. It operates as an AI based code completion and generation solutions. Magic AI has raised $466M in funding from CapitalG, with a current valuation of $*****. The company has 148 active competitors, including 29 funded and 3 that have exited. Its top competitors include companies like Cognition, Tabnine and Augment.

Company Details

AI based code completion and generation solutions. It offers a code completion solution and also allows users to edit the code across repositories.

Website: magic.dev
Social
Email ID: *****@magic.dev

Key Metrics

Founded Year

2022

Location

San Francisco, United States

Stage

Series C

Total Funding

$466M in 4 rounds

Latest Funding Round

Series C, Mar 29, 2024, $*****

Post Money Valuation

$***** as on Mar 29, 2024

Investors

CapitalG & 19 more

Ranked

6^th among 148 active competitors

Employee Count

103 as on Mar 31, 2026

Similar Companies

Vercel & 1507 more

View Magic AI's full profile

Magic AI is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
Magic AI CIN: 881321920 , United States, Active	Feb 07, 2023	-	19 (As on Dec 31, 2024)	-

Magic AI has raised a total funding of $466M over 4 rounds. Its first funding round was on 2022. Its latest funding round was a Series C round on Mar 29, 2024 for $*****. 8 investors participated in its latest round. Magic AI has 9 institutional investors and 11 angel investors.

Here is the list of recent funding rounds of Magic AI:

Filter this list

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Mar 29, 2024	5098304	Series C	1883357	1468294	3425012	3498913
Feb 12, 2024	3564056	Series B	7764098	7207760	7920943	CapitalG & 2 more
Feb 06, 2023	7426548	Series A	6451717	7986624	CapitalG	Amplify Partners & 10 more

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View details of Magic AI's funding rounds and investors

The founders of Magic AI are Sebastian De Ro and Eric Steinberger. Eric Steinberger is the CEO of Magic AI.

Here are the details of Magic AI's key team members:

Sebastian De Ro: Co-Founder of Magic AI.
Contact Info: 1 email address
Eric Steinberger: Co-Founder & CEO of Magic AI.
Contact Info: 1 email address

View details of Magic AI's Founder profiles and Board Members

Magic AI's employee count trend

Magic AI has 103 employees as of Mar 26. Here is Magic AI's employee count trend over the years:

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Top competitors of Magic AI include Cognition, Tabnine and Augment. Here is the list of Top 10 competitors of Magic AI, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Cognition 2023, San Francisco (United States), Series C	Developer of an AI software engineer designed to automate coding	$696M	Founders Fund, 8VC & 10 others	70/100
2nd	Tabnine 2017, Tel Aviv (Israel), Acquired	AI powered coding assistant for developers	$102M	Khosla Ventures, Headline & 13 others	66/100
3rd	Augment 2022, Palo Alto (United States), Series B	Provider of AI-powered coding assistant and productivity tools for developers and development teams	$252M	Evolution Equity Partners, Sutter Hill Ventures ... & 5 others	64/100
4th	Codegen 2023, San Francisco (United States), Acquired	Provider of a platform for deploying and managing autonomous code agents	$16.2M	Thrive Capital, ACOF & 3 others	63/100
5th	Sourcegraph 2013, San Francisco (United States), Series D	Developer of a platform for code search, analysis, and modification	$223M	Felicis Ventures, Craft Ventures & 19 others	58/100
6th	Magic AI 2022, San Francisco (United States), Series C	AI based code completion and generation solutions	$466M	Sequoia Capital, Jane Street & 18 others	57/100
7th	Unblocked 2021, Vancouver (Canada), Series A	Provider of AI-powered developer productivity platform for engineering teams	$30M	Amplify Partners, XYZ Venture Capital & 5 others	52/100
8th	Kavia AI 2024, San Francisco (United States), Seed	AI-powered workflow management platform	$1M	-	51/100
9th	Cline 2024, Sacramento (United States), Series A	Developer of an AI autonomous coding agent integrated into various IDEs.	$32M	Emergence Capital, Essence VC & 7 others	44/100
10th	Cosine 2022, San Francisco (United States), Seed	Developer of autonomous AI software designed to execute engineering tasks	$3M	Soma Capital, UpHonest Capital & 5 others	44/100