MAGIC AI Closes £8 Million Series B Round
The MAGIC AI company, known for its innovative home fitness system that utilizes AI technology for personalized training, has successfully raised £8 million in a Series B funding round. This round was led by the transatlantic investor Beringea, with participation from IW Capital, PXN Group, Accelerate Ventures, Ventures Together, and Active Partners.
Founded by Varun Bhanot, who serves as CEO, and Sunil Jindal, the Chief Product Officer, MAGIC AI aims to revolutionize home workouts through its AI-powered fitness mirror. The mirror combines computer vision with holographic coaching to offer real-time feedback and personalized workout sessions.
Expansion Plans
The new capital will be primarily used to expand MAGIC AI's presence in the United States, a market where the company has already seen significant growth. The company reports a 342% annual growth rate and a US community that now includes over 18,000 members across all 50 states.
Lead Investor: Beringea
Beringea, known for its successful track record in scaling consumer brands from Europe to the US, led the funding round. The firm has previously invested in companies like Monica Vinader and Papier, demonstrating its expertise in nurturing high-growth consumer brands.
A Growing Team
In addition to the funding, MAGIC AI is strengthening its team with key hires, including executives with experience from Peloton International. This strategic staffing is expected to bolster the company's operational capabilities as it scales.
Acknowledgments
The MAGIC AI Mirror has received notable accolades, including being named one of TIME Magazine's Best Inventions of 2024 and receiving the King’s Award for Enterprise in the Innovation category in 2026.
Varun Bhanot, CEO of MAGIC AI, expressed his enthusiasm for the company's future, stating, "We're excited to continue our journey of making personalized fitness accessible to everyone, especially as we expand further into the US market."