UK startup MAGIC AI has raised €4.8 million in an investment round led by IW Capital, with participation from Baleen Capital, SFC Capital, and Ventures Together. The funding will be used to scale the “world’s first” AI-powered fitness mirror, as well as expand into new markets, including the United States.
Varun Bhanot, Co-founder and CEO of MAGIC AI, commented: “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.”
The round also attracted senior executives from Tiktok, Meta, Spotify, Citymapper, JustPark, and Stripe.
The MAGIC Mirror is a fitness mirror that leverages proprietary AI technology, ReflectAI®, to deliver personalised workout experiences. According to MAGIC AI, the MAGIC Mirror offers a range of features designed to make personal training accessible to a broader audience. Its AI monitors user posture, range of motion, and pace, providing live audio and visual feedback to enhance performance. Users can customise their training to achieve specific goals, track performance metrics such as calories burned, reps completed, overall progress, and access a library of tailored workout plans.
Also included is a selection of training programmes and celebrity-endorsed content from ambassadors like Sir Alastair Cook, Team GB Olympic champion Desiree Henry, and Strictly Come Dancing’s Katya Jones.
As stated by MAGIC AI, the home fitness market is experiencing rapid growth, with the global market for fitness equipment reportedly projected to reach €15.8 billion by 2030. Similarly, the digital fitness and well-being market is expected to total cost €55.9 billion worldwide in 2024.
Tariq Attia, CEO of IW Capital, added: “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.”
Read the orginal article: https://www.eu-startups.com/2024/11/london-based-magic-ai-raises-e4-8-million-to-scale-ai-powered-fitness-mirror/
