Magentic secures $18m in Series A funding led by Felicis to scale procurement artificial intelligence agents
Felicis led the round with participation from Sequoia and the Westly Group to support workflow expansion and research.
≈ £13.4M at $1 = £0.7470 on 17 Sep 2026
London based Magentic develops artificial intelligence agents to automate complex enterprise procurement workflows and supply chain operations for industrial buyers.
London based procurement automation startup Magentic has secured $18m in a Series A funding round led by Felicis. The capital injection comes alongside participation from Sequoia and the Westly Group, bringing the company total capital raised to $23.5m since its inception.
Founded by former supply chain consultant Robin Van Aeken and machine learning specialist Odhran O'Donoghue, Magentic deploys artificial intelligence agents capable of managing large scale procurement operations, from supplier selection to invoice processing and contract negotiation. The newly secured funds will be channelled into expanding system coverage across additional supply chain workflows and supporting ongoing research into complex optimisation problems.
From the founder
"The physical world is dealing with the biggest capex cycle in history, driven by AI demand, during a time of trade disruption and geopolitical challenges. The companies that build the best intelligence into every decision they make will be the ones that compound their competitive advantage"
Robin Van Aeken
Chief Executive at Magentic
Investor perspective
"Supply chains are the least glamorous part of the economy, yet the most consequential, deciding what gets built and what does not. That’s also what makes them so hard to automate. Getting an agent to understand a manufacturer’s complex systems well enough to take action inside them is no small feat, which is why we haven’t seen anyone else build autonomous AI workers for the physical economy."
Feyza Haskaraman
Partner, Felicis
Use of funds
- 01Fund research and development
- 02Fund the next phase of growth
