London-based fitness and wellness platform MAGIC AI, specializing in home fitness technology with computer vision and connected equipment for real-time exercise tracking, has raised $5 million in a funding round. The investment was led by IW Capital, alongside Baleen Capital, SFC Capital, and Ventures Together.
- Founded in 2021 by Varun Bhanot and Sunil Jindal, MAGIC AI is a fitness platform that transforms home workouts with AI, holographic mirrors, and smart weights.
- The system uses computer vision and 3D cameras to provide real-time feedback on form, reps, and performance, offering a personalized training experience with guidance from athletes.
- MAGIC AI reports that it has surpassed 5,000 customers across 38 countries in its first year, with users logging a total of 46,000 hours of personal training with the Mirror product. The company aims to increase this number by five times over the next year.
Details of the deal
- The funding round was led by IW Capital, a London-based private equity firm that connects high-net-worth individuals and institutions with investment opportunities in growing UK SMEs.
"We’re delighted to be backing a company that is helping millions of people, who may otherwise not be able to access, or afford, personal training, to achieve their fitness goals," IW Capital's team, commented on LinkedIn.
- The funding round also saw participation from Baleen Capital, a US investment management firm, as well as London-based VCs SFC Capital and Ventures Together. Angel investors included executives from major companies like TikTok, Meta, and Spotify.
- The funds will be used to improve product development, expand operations, and make fitness accessible to people worldwide.
