Magentic raises $18M to put AI agents to work in manufacturers’ supply chains

Magentic raised $18 million in a Series A led by Felicis, with Sequoia Capital and The Westly Group participating. The London-based startup builds AI agents called Mages that automate procurement tasks—supplier selection, contract negotiation, order placement, and invoice clearing—while still requiring human approval for critical decisions. Customers report savings of 2%–5%, a 60% data-quality improvement, and one client processes over a million orders annually through the agents, with another saving $4 million.