# Magentic

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magentic

- Industry: Software
- Headquarters: New York, US
- Website: www.magentic.com
- Total disclosed funding: $23M
- Latest round: Series A (Sep 2, 2026)
- Investors on record: 6

## About

Founded in 2024, Nasir AI Incorporated doing business as Magentic, specializes in AI-driven procurement and supply chain solutions. Founded in London, UK, the company has undergone strategic developments to enhance its offerings. The company was co-founded by Robin Van Aeken (CEO) and Odhran O'Donoghue (CTO). In September 2026, Magentic raised GBP 13 million in series A funding led by Felicis Ventures, with participation from First Momentum Ventures, Sequoia, The Westly Group, and Borusan Ventures.

Magentic offers a sophisticated AI-driven platform designed to enhance efficiency and savings in procurement and supply chain processes. Their core product, powered by AI agents known as "Mages," assists global manufacturers and producers in optimizing workflows that traditionally involve extensive manual effort. The Mages are integrated into existing company systems, allowing them to manage supplier communications, process invoices, and identify compliance issues within contracts. This end-to-end solution primarily targets large-scale manufacturers across various sectors, including those generating over USD 50 billion in revenue. Geographically, Magentic serves clients in North America and Europe, catering to a diverse clientele that includes Fortune 500 companies and advanced manufacturers.

Magentic operates on a no-cure-no-pay pricing model, which aligns their financial success with the value delivered to clients. Revenue is generated through B2B transactions, where clients engage the company for its AI agent services that streamline procurement efforts. The transaction structure typically involves partnerships with large manufacturers, who leverage the Mages to improve their operational efficiencies. As clients witness measurable improvements in areas such as supplier negotiations and compliance management, payments are made based on the realized savings. This performance-based approach enhances client retention and fosters long-term relationships, as companies are incentivized to continue utilizing Magentic’s services for ongoing operational improvements. 

The company will use the September 2026 funding to accelerate the development of its AI agents, expand automation across procurement and supply chain workflows, and advance AI research for complex industrial operations.

## Funding rounds

- Series A, Sep 2, 2026, $18M — Sequoia, The Westly Group, Felicis Ventures, First Momentum Ventures, Borusan Ventures
- Seed, Jul 22, 2025, $5.5M — Hong Shan, The Westly Group, First Momentum Ventures
- Seed, Sep 1, 2024 — Hong Shan

## Investors

- Hong Shan — Seed
- The Westly Group (https://capitalatlas.ai/funds/the-westly-group) — Seed, Series A
- First Momentum Ventures (https://capitalatlas.ai/funds/first-momentum-ventures) — Seed, Series A
- Sequoia (https://capitalatlas.ai/funds/sequoia) — Series A
- Felicis Ventures (https://capitalatlas.ai/funds/felicis-ventures) — Series A
- Borusan Ventures (https://capitalatlas.ai/funds/borusan-ventures) — Series A