Magentic raises $18M to automate industrial operations with AI agents
Magentic, a provider of AI-powered digital workers for industrialcompanies, has raised $18 million in Series A funding, a year after its launch.The round was led by Felicis, with participation from ex...
Magnetic, an AI-powered digital worker platform for industrial companies, has secured $18 million in Series A funding. The investment round was led by Felicis, with participation from Sequoia Capital and The Westly Group. Magnetic's AI agents automate procurement and operational workflows for large manufacturers, operating through familiar tools such as Microsoft Teams, email, and internal systems.
These multi-agent systems can manage entire workflows, from assessing whether to buy or build products to managing orders and processing invoices. The technology caters to industrial and procurement teams grappling with increased workloads due to growing demand, trade disruptions, and budget pressures. Magnetic's platform is designed to function across complex, fragmented technology environments, handling billions of data points and large procurement budgets.
The new funding will be utilized to accelerate AI agent development, expand platform coverage, and support research into AI systems capable of managing intricate optimization problems in industrial operations.
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