London-based Magentic has secured €4.6 million in funding to support the company’s goal of building a platform of autonomous AI agents – called Mages – designed to address inefficiencies and deliver significant cost savings across global supply chains.
The funding was raised by Sequoia Capital, First Momentum, and Westly Group.
“Today, the best AI companies are selling outcomes not seats. In the old world, SaaS sold the promise of ROI. In the new world, AI actually delivers it. That’s why we’re proud to partner with Robin, Odhran and the team at Magentic – their AI ‘Mages’ work seamlessly alongside procurement and supply chain teams to drive immediate P&L gains and we can’t wait to see the impact they deliver as they continue to build,” said Julien Bek, Partner, Sequoia Capital.
Founded in 2025 by Robin Van Aeken and Odhran O’Donoghue, Magentic is positioning itself as a new kind of enterprise software company. Rather than offering dashboards or analytics tools, Magentic embeds AI agents directly into procurement and supply chain operations. These Mages perform tasks typically handled manually – such as reconciling contracts, auditing supplier performance, and identifying cost leakages – with the aim of producing measurable P&L impact.
The company argues that supply chains have become increasingly fragile and outdated in how they operate. From pandemic disruptions to geopolitical tensions, enterprises are contending with volatile environments that render legacy playbooks ineffective.
Magentic’s pitch is straightforward: traditional software has plateaued, and a new model – one driven by autonomous agents – is required.
According to the company, unclaimed savings and contract breaches result in major value leakage. For example, a company with €1.7 billion in supplier spend may lose up to €34 million annually due to missed discounts, payment term errors, or contractual non-compliance.
Magentic’s Mages are designed to address this gap by identifying and resolving such issues autonomously. One such Mage, Sam, was deployed by a Fortune 500 manufacturer and found that 25% of supplier documents had issues affecting profitability – including payment terms, missing clauses, and unclaimed credits. Sam not only resolved these issues but also conducted a root cause analysis to help prevent them from recurring.
Early client deployments are reportedly recovering between €8.5 million and €17 million per year in savings. Magentic operates on a pay-per-cure model – meaning clients only pay when actual value is delivered – eliminating traditional software licensing costs.
Rather than replacing human workers, Mages are intended to enhance existing teams – taking on tedious, data-heavy tasks so that human employees can focus on strategy and supplier relationships.
Magentic works closely with Fortune 500 manufacturers and sees itself playing a critical role in helping companies adapt to fast-changing global dynamics.
As pressures mount on procurement leaders to find efficiencies and boost resilience, the company aims to provide a new model of enterprise agility through autonomous agents.
