Magic
The business, the turning points, and the decisions behind them.
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Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Magic is a San Francisco-based generative AI startup founded in 2022 by Eric Steinberger and Sebastian De Ro. The company builds AI systems to write software and automate software development, positioning its AI as a colleague-like software engineer rather than a simple coding copilot, and developing ultra-long-context models such as its Long-term Memory Network (LTM) architecture. It has raised about $465 million in total from investors including CapitalG, Sequoia, Atlassian, Nat Friedman, Daniel Gross and former Google CEO Eric Schmidt, and partnered with Google Cloud in 2024 to build two AI supercomputers.
02 / FAILURE REASONS
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03 / EVENT HISTORY
Events in the structured record
- Founded
Eric Steinberger and Sebastian De Ro founded Magic in 2022 in San Francisco to build AI systems for automating software development; the company raised about $28 million across 2022-2023.
- Series A and LTM architecture
Magic raised a $23 million Series A led by CapitalG and unveiled its Long-term Memory Network (LTM) model architecture for ultra-long context windows.
- Series B and $320M round
Magic raised a $117 million Series B led by NFDG Ventures in February 2024, followed by a $320 million round involving Eric Schmidt, Atlassian, CapitalG and Sequoia, and announced a Google Cloud partnership to build two Nvidia GPU supercomputers.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
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Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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