Magentic Raises $18 Million for Procurement AI Agents

Magentic raised an $18 million Series A led by Felicis, with participation from Sequoia Capital and The Westly Group, the company said in a press release.

Magentic develops AI digital workers for procurement and supply chain operations at large industrial companies. Its multi agent systems work through Microsoft Teams, email, and customer systems to handle supplier selection, contract negotiation, order management, and invoice processing.

The company will use the funding to add procurement and supply chain workflows, develop its product, and expand AI research. Magentic, which launched in July 2025, offers zero data retention agreements with major AI providers and supports isolated deployments across cloud environments and data regions.