Magentic, a UK-based company developing AI agents for procurement processes, has raised $18 million in a Series A round led by Felicis. Investors participating in the round:
- Borusan
- Sequoia Capital
- The Westly Group
- First Momentum Ventures
Founded in 2024 by Robin Van Aeken and Odhran O’Donoghue, the company will use the investment to accelerate product development and expand its use cases. Processes automated by the agents:
- Supplier selection
- Order management
- Contract negotiations
- Invoice tracking
The agents work integrated with email and Microsoft Teams. At one customer, more than one million orders per year are managed by agents, while at another, a savings opportunity of $4 million was identified.
Background
Borusan is not a new name in the FikirPilot archive: in the last 90 days we published a story featuring this name; that article is dated September 28, 2026.
Term: agent
An AI agent is software that, rather than producing a single response, calls tools and carries out multi-step work to achieve a goal.