IW Capital, a prominent investment house focused on providing growth capital to standout UK SMEs, has announced its leadership in a $5 million investment round for MAGIC AI, creators of the world’s leading AI-powered fitness device, the MAGIC Mirror.
The investment round also saw participation from West Coast U.S.-based fund Baleen Capital, London’s SFC Capital, Ventures Together, and several high-profile investors, including senior executives and CEOs from TikTok, Meta, Spotify, Citymapper, JustPark, and Stripe.
The MAGIC Mirror is an advanced fitness training device that leverages hologram video technology and proprietary AI, ReflectAI®, to guide users through workouts. It monitors body movements, form, and positioning in real-time, providing personalized feedback as users progress. The mirror features a diverse library of training programs and classes, many of which are led by celebrity athlete ambassadors, such as Sir Alastair Cook, Team GB Olympic champion Desiree Henry, and Strictly Come Dancing star Katya Jones.
Using its proprietary technology, MAGIC AI aims to democratize personal training, making high-quality guidance accessible to millions who may not have the means or opportunity to work with traditional personal trainers. The platform tracks real-time metrics, such as range of motion, pace, and posture, and uses live visual and audio feedback to improve user performance. Users can also customize their training to meet personal goals, log key metrics like calories burned, reps completed, and weights used, and monitor progress over time.
The investment arrives amidst growing global demand for connected fitness solutions. The home fitness equipment market is expected to rise from $11.60 billion in 2023 to $16.56 billion by 2030, while the broader Digital Fitness & Well-Being sector is projected to reach $58.64 billion globally by 2024.
Recently recognized by Time magazine as one of the “200 Best Inventions in the World,” the MAGIC Mirror plans to utilize the funding to scale operations and explore expansion into new markets, including the U.S.
Tariq Attia, CEO of IW Capital, commented, “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. We look forward to supporting MAGIC AI as it scales and continues to target the growing home-fitness market.”
Varun Bhanot, Co-founder and CEO of MAGIC AI, added, “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. We have changed the lives of thousands of customers over the last 18 months who have collectively logged 46,000 hours of personal training using our innovative AI Mirror, and we plan to 5x this over the next year.”
