A fitness platform which uses a hologram video-enabled training mirror to deliver bespoke workouts is getting into shape with a $5m fundraising led by a prolific investor in UK SMEs.
Sky News understands that Magic AI, which claims to have developed the world’s leading artificial intelligence-led fitness mirror, will announce this week that it has secured the capital nearly 18 months after its last round.
The fundraising is being led by IW Capital, which has also backed well-known start-ups such as Daily Dose, Flarin and Transcend Packaging.
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Magic AI counts Sir Alastair Cook, the former England Test cricket captain, the British Olympic sprinter Desiree Henry and Katya Jones, who featured in the BBC entertainment show Strictly Come Dancing, among its celebrity ambassadors.
The company says it uses proprietary AI technology to monitor in real time the position, movement range and pace of hundreds of exercises, delivering prompts aimed at improving users’ posture and performance.
It aims to tap into global growth in the home fitness market, with some forecasts suggesting that it will grow in value from $11.6bn in 2023 to $16.56bn by 2030.
Magic AI’s users have collectively logged 46,000 hours of personal training using the Mirror product, with plans to multiply this fivefold over the next year.
Varun Bhanot, Magic AI’s co-founder and CEO, said: “AI has evolved chatbots and image generation, but areas such as using it to train in health and wellness are yet to be disrupted.
“We are proud to have developed the largest exercise tracking detection software of its kind to lead this charge.”
Other investors in the round included Baleen Capital, a US west coast-based fund, and London-based SFC Capital and Ventures Together.
Angel investors included executives from TikTok, Meta and Spotify.
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Tariq Attia, CEO of IW Capital, said, “We’re pleased to have led this round of investment into MAGIC AI as it serves the home fitness market with its unique and proprietary AI fitness technology.
“The company has shown a strong performance to date, with a loyal user base, a unique technology proposition and an exciting roadmap ahead.”
The valuation at which the funding was secured was unclear on Monday.