When to look out for Seed funding?

My co-founder and I are building a developer productivity tool in the GenAI space. We're currently talking to design partners and planning to onboard 5-10 for our initial MVP.

I'm trying to understand the fundraising landscape better. Would seed investors typically fund at this stage - before we have a working product or any users onboarded?

I've noticed several founders who raised seed rounds and then built their product afterward, without prior traction. What factors enable this? Is it team background, market timing, investor relationships, or something else?

Would appreciate any insights from founders who've been through this or investors who can share what they look for at the pre-product stage.