IW Capital has spearheaded the fundraising effort, adding MAGIC AI to its portfolio, which includes notable startups like Daily Dose, Flarin, and Transcend Packaging.

MAGIC AI boasts an impressive lineup of celebrity ambassadors, including Sir Alastair Cook, the former England Test cricket captain; Desiree Henry, a British Olympic sprinter; and Katya Jones, known for her role on the BBC’s Strictly Come Dancing.

The startup uses proprietary AI technology and advanced algorithms to follow the user as they train, and tracks the position, range of motion, and speed of hundreds of exercises in real-time, providing tailored prompts to help users refine their posture and enhance performance.

The user can see and follow their personal trainer in the mirror, but can also see themselves. This ensures that their form is correct, like they would in a regular personal training session.

Once a workout is active, the computer vision has been trained to map a person’s body, so it understands the different range of movements that people use. This knowledge allows the smart technology to correct a user’s form.

MAGIC AI aims to capitalise on the expanding home fitness market, which is projected to increase in value from $11.6 billion in 2023 to $16.56 billion by 2030, according to some forecasts.

Users of MAGIC AI’s Mirror product have amassed a total of 46,000 hours of personal training, with the company aiming to increase this figure fivefold within the next year.

Varun Bhanot, Co-Founder and CEO of MAGIC AI, wrote on LinkedIn: “We’ve closed a $5 million VC investment round to take MAGIC AI to the next level.

“I started drafting our funding deck in the hospital labour ward last November.

“A lot has happened since then: We welcomed our first child, Bani. With no paternity leave, I began pitching to VCs.

“MAGIC AI quickly became the fastest-growing AI health tech in Europe.

“MAGIC AI Mirror, became the world’s leading AI fitness mirror.

“We surpassed 5,000+ customers in 38 countries within our first year.

“We built the world's largest computer vision form-tracking dataset of its kind: ReflectAI.

“And...now this BIG fundraise win...

“Amidst the worst funding climate in 6 years.

“More than a win – it’s a huge responsibility.

“Here’s to making fitness accessible to all.”

The new funding round comes off the back of a lot of success for MAGIC AI. The startup won The Lloyds New Business of the Year 2024, got a spot on The Europas 100 Hottest Startups list for 2024, and has been named one of TIME’s World’s Best Inventions.

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