Funding raises for Magic, MindsDB and Build38

Ben Wodecki, Jr. Editor

February 13, 2023

3 Min Read

Every week, AI Business brings you the latest startup news.

From funding rounds to acquisitions, product launches to partnerships, AI Business covers everything artificial intelligence.

To keep up to date with coverage of all things AI, subscribe to the AI Business newsletter to get content straight to your inbox and follow the AI Business Podcast on Apple and Spotify.

Funding blitz

Startup: Magic - Based in San Francisco, Magic is developing an ‘AI-powered software engineer.’ The startup is building an automated coding tool to rival that of GitHub’s Copilot.

Latest funding: $23 million, series A

Notable investors: CapitalG (Alphabet’s independent growth fund), Nat Friedman (former CEO, GitHub), Noam Brown (research scientist, Meta) Mehdi Ghissassi (director of product, Google Research)

Other investors: Amplify Partners’ Elad Gil (backed Airbnb, Coinbase and Pinterest), and others.

Funding plans: Magic said the funding will accelerate its plans to build a true AI colleague for software engineering.


Startup: MindsDB - An open source machine learning startup, San Francisco-based MindsDB allows users to detect anomalies and query their datasets.

Latest funding:$16.5 million, series A

Investor: Benchmark

Funding plans: The investment follows MindsDB’s recent integrations with Hugging Face and OpenAI, allowing users to bring natural language processing and generative AI models into their database with just a few lines of SQL.


Startup: Build38 – A German startup building mobile application protection solutions that combine AI-powered threat intelligence and app shielding technology.

Latest funding: €13 million ($14 million), series A

Lead Investor: Tikehau Capital

Other investors: eCAPITAL Entrepreneurial Partners and Caixa Capital Risc

Funding plans: The newly secured cash will help to accelerate the growth of Build38’s mobile app security and threat intelligence solutions worldwide, the company announced.


Startup: Cydar Medical – A U.K. cloud-based surgical software company, Cydar’s EV Maps product is being used in hospitals to optimize endovascular MIS procedures.

Latest funding: $11.5 million, series A

Lead Investor: Pembroke VCT

Other investors: Downing Healthcare Ventures

Funding plans: Proceeds will enable the company to advance its artificial intelligence surgical maps platform and also bolster its ongoing commercial expansion, Cydar said.


Startup: - an AI-powered employee service SaaS platform based in California.

Latest funding: $11 million, series A

Lead Investor: SIG Venture Capital

Other investors: Exfinity Venture Partners, 9Unicorns, Tri Valley Ventures.

Funding plans: Rezolve said the funds will be used to scale growth and further advance the capabilities of its platform.


Startup: Avicenna.AI - French company that provides AI solutions for radiology.

Latest funding: $7.5 million, early-stage venture round

Investors: Innovacom, Cemag Invest

Funding plans: The new funds will be used to scale deployment of Avicenna's solutions across the world and to diversify the company's offering into new areas of medicine.


Startup: Mawari - California-based startup working on cloud rendering and XR streaming technologies.

Latest funding: $6.5 million, seed round

Lead Investors: Blockchange Ventures and Decasonic

Other investors: Abies Ventures, Accord Ventures, Anfield, Outlier Ventures, Primal Capital

Funding plans: The funds will be used to expand Mawari’s existing R&D team and to accelerate the launch of the Mawari Network, which is a decentralized XR content delivery platform.

About the Author(s)

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

Keep up with the ever-evolving AI landscape
Unlock exclusive AI content by subscribing to our newsletter!!

You May Also Like