Magic AI, a UK-based startup, has gathered a lot of attention recently with its AI-powered Magic Mirror, a smart home fitness gym mirror which aims to replace personal trainers by incorporating AI technology and holographic features to provide real-time personal training.
Now the London-based company has secured a $5 million investment round, led by IW Capital (UK VC which supports tech businesses including iwoca and more ). The round also saw participation from other prominent investors, including Baleen Capital, SFC Capital, and Ventures Together. Senior executives from global tech giants like TikTok, Meta, Citymapper, JustPark, Stripe and Spotify also backed the company. Magic AI plans to use the funds to scale operations, enhance product offerings, and expand into new markets, including a potential entry into the United States.
Last year the company also secured a $2.5 million investment led by Fasanara Capital. Speaking to TFN, CEO and co-founder Varun Bhanot said the product was inspired by his own journey. Losing a quarter of his body fat, he appreciated the results of his work but realised that personal training could be old-fashioned, expensive, and inconvenient. It prompted him to investigate how it might be possible to provide the personal training experience using AI and hardware.
Commenting on the investment, Tariq Attia, CEO of IW Capital, emphasised the company’s strong performance, stating, “Magic AI serves the home fitness market with unique and proprietary AI fitness technology. The company has a loyal user base, a unique technology proposition, and an exciting roadmap ahead.”
Smart mirror meets Peloton!
The MAGIC Mirror is a hologram video-enabled workout training mirror that tracks the users’ body positions, movements and form using its proprietary inbuilt AI “ReflectAI”.
Similar to Peloton, the mirror projects virtual coaches, including celebrity athletes like Sir Alastair Cook and Jesse Lingard, who guide users through customised fitness routines. It supports a wide range of exercise programs, such as cardio, yoga, HIIT, and dance. Accessories like adjustable dumbbells and a bench are also available to enhance the experience. The system is priced between $1,600 and $2,400, depending on the package.
The investment in Magic AI aligns with the rising global demand for connected home fitness solutions. The home fitness equipment market is projected to grow from $11.6 billion in 2023 to $16.56 billion by 2030. Additionally, the broader digital fitness and well-being sector is expected to reach $58.64 billion in 2024. Magic AI’s innovative approach positions it well to capitalise on this growing market trend.
What do we think about the startup?
Magic AI’s model could disrupt traditional fitness paradigms, democratising access to personalised training. By reducing dependency on physical trainers and gyms, the Magic Mirror offers a scalable solution to fitness accessibility. However, this shift also raises questions about the impact on traditional fitness services and the integration of AI into personal health routines.
Magic AI’s vision to make personal training accessible and affordable through AI represents a significant step forward for the fitness industry. The Magic Mirror not only addresses a critical gap in fitness accessibility but also aligns with global trends favouring digital, at-home solutions.
However, sustaining growth in a competitive market will require continuous innovation, robust customer support, and market expansion. With its recent funding and strong technological foundation, Magic AI is well-positioned to navigate these challenges and redefine fitness for the digital age.
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