Magic, An AI Coding Startup Raises $320 Million

San Francisco-based startup, Magic, recently reported it has raised $320 million in new funding. Investors in the round included CapitalG (from Alphabet), Jane Street, Sequoia capital, Atlassian, and ex-Google CEO, Eric Schmidt amongst others. The company was initially looking to raise $200 million. However, it ended up raising up to $320 million due to increased interest in its technology.

The company builds AI tools that help developers write and review code, similar to GitHub Copilot. Its key differentiator however, lies in its ability to go deeper in its input data ingestion ability, than competitors. The company currently has no revenue and only a handful of employees but sees a total addressable market of about $30 billion over the next few years.