MAGIC AI raises $5 million for World’s First AI Personal Trainer
London UK: IW Capital, a leading investment house specialising in providing growth capital for exceptional UK SMEs, have announced that it has led an investment round of $5 million (£4 million) into MAGIC AI who have developed the world’s leading AI powered fitness mirror, MAGIC Mirror.
West coast US fund Baleen Capital, and London’s SFC Capital and Ventures Together participated along with Senior Executives/CEOs from Tiktok, Meta, Spotify, Citymapper, JustPark and Stripe who also invested.
The MAGIC Mirror is a hologram video enabled workout training mirror that tracks the users’ body positions, movements and form using its proprietary inbuilt Artificial Intelligence (AI) “ReflectAI®”. MAGIC Mirror provides personal training guidance as the workout progresses and has a wide selection of training programmes and classes that users can choose from. MAGIC AI have worked closely, and recorded exercise programmes, with key celebrity athlete ambassadors such as Sir Alastair Cook, Team GB Olympic champion Desiree Henry and Strictly Come Dancing’s Katya Jones and whose training videos users can follow and be corrected by during their workouts.
MAGIC AI uses proprietary AI technology to revolutionise the connected health and fitness market and bring personal training to millions who can’t access, or can’t afford, regular personal trainers. The technology monitors in real time the position, range of motion and pace for hundreds of exercises and uses live audio and visual prompts to improve user posture and performance. Users can tailor the programmes to achieve personal goals, record performance and form quality, calories, reps achieved, weight and times.
The investment in MAGIC AI comes against a backdrop of growing market demand for connected exercise products. Globally, the home fitness equipment market is projected to grow from $11.60 billion in 2023 to $16.56 billion by 2030 and the larger Digital Fitness & Well-Being market is projected to reach a worldwide total of $58.64bn in 2024.
The company whose MAGIC AI Mirror, was recently named in Time magazine’s 200 Best Inventions in the world, plans to use the investment to scale operations and expand into new markets including potentially the USA.
“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.”
Tariq Attia, CEO of IW Capital
“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 1,000s 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.”
Varun Bhanot, Co-founder and CEO, of MAGIC AI
