- Magic, a U.S. startup developing artificial-intelligence models to write software, is in talks to raise over $200 million in a funding round valuing it at $1.5 billion, just several months after its last capital raise, three sources told Reuters.
The early success of Microsoft’s GitHub has further stoked investors’ enthusiasm. In April, coding-assistant startup Augment raised $252 million, while Cognition, developer of the AI-powered coding assistant Devin, secured $175 million in a round led by Founders Fund at a $2 billion valuation. Magic and a few other startups are trying to achieve this by training their own large language models for coding-specific tasks. This effort is cost-intensive, however, for purchasing data, chips and electricity.
Poolside AI, a Paris-based startup that is taking a similar approach to Magic, is in talks to raise $450 million at a $2-billion valuation, TechCrunch reported in June. Poolside also has no commercially-available products.Apple executives tell Engadget why customization is one of the core features of the iOS 18 redesign of the Photos app.Next Century Growth Investors, LLC, an investment Management Company, released its “Small Cap Strategy” first-quarter 2024 investor letter.