The AI Startup With Triple Its Valuation and No Product

Magic, an AI coding software startup based in San Francisco, aims to raise $200 million at a $1.5 billion valuation, tripling its value from five months ago despite having no revenue or product on the market. The startup had previously secured $117 million from investors like NFDG Ventures and CapitalG in February. Jane Street Capital is expected to join the new funding round. AI remains a crucial sector for investors, especially in software development, due to its potential to expedite development processes and cut hiring costs. Other significant players include Builder.ai, which raised over $250 million in a Series D, Augment with a $227 million Series B, and Cognition, which secured $175 million at a $2 billion valuation. Founded in 2022, Magic has raised a total of $145 million to date.

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