Flat Capital invests SEK 9 million in AI company Magic
Summary
The investment company Flat Capital invests SEK 9 million in the AI and code generation company Magic AI through the purchase of existing shares. This is stated in a press release. The company develops advanced AI code models that are used to automate code generation and improve AI models, with the aim of achieving secure Artificial General Intelligence, AGI.US-based Magic was founded in 2022 by CEO and founder Eric Steinberger with backing from investors including Sequoia Capital, Capital G and angel investors such as Daniel Gross, Nat Friedman, Elad Gid and Eric Schmidt. To date, the company has raised USD 515 million, equivalent to SEK 6 billion in capital. "This is innovation that has the potential to fundamentally change industries for real, it will be extra exciting to continue to follow Magic, now as a (small) investor", comments Hanna Andreen, CEO of Flat Capital.