Magentic has raised $18 million in Series A funding led by Felicis, with participation from existing investors Sequoia Capital and The Westly Group. The company builds AI-powered digital workers that automate procurement and operational workflows for industrial companies.
The agents manage end-to-end processes including supplier selection, contract negotiation, order management and invoice processing, operating through tools like Microsoft Teams and email. Magentic will use the funding to accelerate development of its agents and extend the platform across additional procurement and supply chain workflows.