Magic AI Inc., a generative AI coding startup based in San Francisco, is in talks to secure over $200 million in funding.

This potential funding could triple the company's valuation to $1.5 billion.

Despite not yet generating revenue, Magic AI's innovative approach to AI models for software development has attracted investor interest.

The company plans to use the funding to enhance its coding assistant models, focusing on processing longer prompts and more data per query.

This news comes during a surge in investments in AI technologies, with other startups like Abnormal Security and Touchcast Inc. also seeing significant funding rounds.

The AI industry is witnessing growing interest, with companies like Lambda Labs looking to raise additional funds to meet the increasing demand for AI computing.

The trend underscores the expanding importance of AI across various sectors and the potential for continued growth and innovation in the industry.