London-based AI startup Magentic has secured €4.6 million (US$5 million) in a funding round led by Sequoia Capital, First Momentum, and Westly Group.

The funds will be used to develop Magentic’s platform of autonomous AI agents, known as Mages, aimed at improving procurement and supply chain operations.

Founded in 2025 by Robin Van Aeken and Odhran O’Donoghue, Magentic aims to integrate AI agents into supply chain processes for tasks such as contract reconciliation, supplier audits, and cost analysis.

These agents are designed to reduce inefficiencies and minimize value loss from errors in supplier contracts and missed discounts.