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Software development and coding have always been two of the most foundational aspects of breakout technology startups. But can artificial intelligence take it to the next level?
What’s happening:
- Generative artificial intelligence coding startup Magic has raised $320M USD in a new funding round
- The round saw multiple notable participants including former Google leader Eric Schmidt, Jane Street, Sequoia Capital, Elad Gill, Nat Friedman and Daniel Gross
The big idea:
- Magic has developed artificial intelligence models that are capable of generating code from simple prompts and completely automating large aspects of software development without technical expertise being required
By the numbers:
- Since inception, Magic has raised a total of $465M USD in venture capital funding
- Currently, Magic has assembled 8000 of Nvidia’s H100 GPUs to train their artificial intelligence models
Going deeper:
- Magic also recently announced they have partnered with both Google (NASDAQ: GOOG) and Nvidia (NASDAQ: NVDA) to build out two supercomputers that will be trained with Nvidia’s H100 GPUs and hosted on Google Cloud artificial intelligence platform
The intrigue:
- Software giant Atlassian (NASDAQ: TEAM) also participated in Magic’s most recent funding round, which may signal the beginning of established software conglomerates beginning to place venture capital bets on coding startups that are leveraging artificial intelligence for disruption
