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Magma has raised $5 million in seed funding for its AI-aided browser-based art creation and project management platform.
GFR Fund led the round, with participation of international gaming powerhouse Bandai Namco Entertainment (021 Fund), along with a league of prominent investors and industry angels.
The investment not only marks a pivotal moment for Magma and its generative AI technology but also underscores the platform’s commitment to enhancing creative collaboration globally.
With over two million users spanning more than countries, Magma’s cash paves the way for more features and expansions. The funds are earmarked for innovative updates aimed at enriching the collaborative canvas, fostering idea exchange, refining workflows, and fortifying the platform’s international presence through strategic hires in key operational and commercial roles.
Among the notable recent appointments are Oli Strong, who joins as the COO and chief strategy officer, along with Heather Shelton, stepping in as the commercial director. These hires affirm Magma’s intent to strengthen its core operations and bolster business development.
Magma is a cloud-based art collaboration platform that serves as a melting pot for global creative ideation. Magma offers an amalgamation of integrated version control, in-app video chat, and generative AI.
Magma wants to be the go-to professional art collaboration and management tool. The platform serves as a centralized hub for project data, digital artwork, and creative concepts, ideal for various creative processes such as character design, storyboarding, and art reviews.
“Leading this Seed Round reflects our confidence in Magma as a vital contributor to the creative and collaborative technology landscape,” said Teppei Tsutsui, general partner of GFR Fund, in a statement. “Magma has shown tremendous success already, with its impressive user engagement numbers, and has a leading reputation in the industry. We have been impressed with what the team has achieved to date and are excited to see them execute their vision. We are also optimistic for the way that AI might shape the creation process and expect Magma to influence how it can be carefully adopted.”
Founded in 2020 by artists and leaders with startup backgrounds, Magma has witnessed an impressive surge with over 20 million artworks created and four million monthly visits. The platform has garnered trust from industry giants in animation, game development, creative higher education, and more. The company has 18 people and has raised $6 million to date.
Magma started to solve a personal need of drawing with friends. There wasn’t a platform with the infrastructure to do so. The business has since evolved to be more than just a collaborative drawing tool and is used by over two million users, many of whom are professionals.
Notable partners such as Wacom, Seneca College, and North Carolina State University have contributed to Magma’s rapid ascendancy. The benefits include a 25% reduction in project delivery time, 32% less time spent in meetings, 40% fewer revisions per cycle and a 72% increase in employee satisfaction.
These optimizations not only elevate the quality of output but also drive substantial cost efficiencies.
“As artists and technologists ourselves, we put a lot of emphasis on listening to our community. We have the agility and infrastructure to build and adapt quickly to meet the needs of our users, to become the de facto cloud-based artist collaboration platform,” said Damien Kaczmarck, CEO of Magma, in a statement. “Closing this important round of funding will help us get there – not just financially, but through partnership with our targeted investors across various industries. We are fortunate to collaborate with these exceptional partners and are grateful for their support.”
Magma caters to a spectrum of artists with a diverse range of pricing solutions, offering free offerings, collaborative professional packages, and enterprise programs.
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