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News

Magic Raises $320 Million

Magic has announced that it has raised $320 million in funding to develop an artificial intelligence coworker for AI research and code generation.

Magic Raises $320 Million

The mentioned funds were received from a group of investors, which includes former Google chief executive officer Eric Schmidt. The information was published on the Magic blog last Thursday, August 29.

The total amount of investment raised by the company is currently at $465 million. In addition to Eric Schmidt, the firm’s latest round of funding also included Jane Street, Sequoia, and Atlassian.

A post published on the Magic blog notes that the company believes that the most promising path to safe artificial general intelligence is to automate AI research and generate code to improve models and solve alignment more reliably than humans can alone. The firm’s blog also contains information about Magic’s intention to build its next two supercomputers on Google Cloud.

In February, Magic raised $23 million in Series A funding. At that time, the company said the funding would accelerate its journey to build a true AI colleague for software engineering.

It is worth noting that during the period of active development and intensive scaling of the process of using artificial intelligence, the issue of cybersecurity becomes more relevant. In this context, it is worth noting that fraudsters also have access to AI, which makes their activities more sophisticated. Against the backdrop of this threat, personal awareness of users is important. For example, a request in the Internet search system such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.