TECH - AI Coding Startup Magic Seeks To Triple Its Valuation To $1.5B In New Funding Round: Report | Benzinga
AI coding startup Magic AI Inc. is reportedly in discussions to secure over $200 million in a funding round, potentially tripling its valuation to $1.5 billion. This comes just a few months after its previous capital raise.
What Happened: Magic, a U.S.-based startup that specializes in developing AI models to write software, is in the process of raising more than $200 million in a new funding round, Reuters reported, citing three sources. This would value the company at $1.5 billion, a threefold increase from its last valuation.
Despite having no revenue and no product for sale, Magic’s valuation is expected to soar in this new funding round. Investors, including Jane Street, are anticipated to take part in the round.
The startup, which currently has about 20 employees, was last valued at $500 million after its previous fundraising in February. ...