Magentic, a developer of AI-powered digital workers for the industrial sector, secured $18 million in a Series A funding round. The investment was led by Felicis, with continued support from existing backers Sequoia Capital and The Westly Group. The company launched its operations one year ago.
The platform provides multi-agent systems that integrate with existing enterprise tools such as Microsoft Teams, email, and internal software. These digital workers automate end-to-end procurement and operational workflows, including supplier selection, contract negotiation, order management, and invoice processing for both direct and indirect spending.
The technology is designed to function within fragmented environments, managing large-scale data points and complex budgets. Security features include zero-data-retention agreements with AI providers, support for various cloud environments, and isolated deployments across different data regions.
The company plans to use the new capital to accelerate the development of its AI agents and expand the platform's capabilities to cover additional supply chain workflows. Furthermore, the funds will support research into AI systems capable of solving complex optimization problems within industrial operations.
