London-based AI company Magentic has raised $18 million in a Series A round led by Felicis, with participation from Sequoia Capital, The Westly Group, and First Momentum Ventures.
- Founded in 2024 by Robin Van Aeken and Odhran O'Donoghue, Magentic develops AI-powered digital workers designed to automate procurement and supply chain workflows for large manufacturers.
- Its multi-agent systems operate through tools used by employees, including email, Microsoft Teams, and internal enterprise systems.
- The platform supports procurement processes ranging from supplier selection and contract negotiations to order management and invoice processing. It covers both indirect procurement and direct spending on raw materials and other manufacturing inputs.
- Magentic is targeting industrial companies dealing with increasingly complex procurement operations, fragmented enterprise software, and growing pressure on costs and supply chains. Its platform is designed to work across existing technology environments and handle large volumes of operational and multimodal data.
- The company also provides enterprise security controls, including zero-data-retention agreements with major AI providers, support for multiple cloud environments, and isolated deployments across different data regions.
Details o the deal
- The funding will support Magentic’s AI-agent roadmap, expand its platform across procurement and supply chain workflows, and advance research into AI systems for complex optimization challenges in industrial operations.
