Magic AI Raises $11M to Expand into US
Magic AI raised $11M led by Beringea and IW Capital to expand its computer vision fitness mirror into the US market.
The big picture: London-based Magic AI has secured $11 million in new funding, bringing its total raised since 2023 to about $20 million. The company, which produces the Magic AI Mirror, is now preparing to expand into the US market.
Why it matters:
- Market Entry: Magic AI is targeting the US, a significant but challenging market for connected home fitness hardware.
- AI-Driven Training: The company’s computer vision technology offers personalized workout guidance and form correction, aiming to make fitness more accessible.
- Investor Confidence: This funding round signals continued investor belief in AI hardware, despite a mixed track record for rival fitness-mirror companies.
How it works:
- Interactive Hardware: The Magic AI Mirror is a wall-mounted screen that projects a hologram trainer, providing real-time feedback during workouts.
- Advanced Computer Vision: Its ReflectAI model is trained on over 500,000 AI-coached workouts and 150,000 hours of user data to accurately correct form and count repetitions.
- Celebrity Endorsements: Magic AI leverages high-profile trainers, including former England cricket captain Sir Alastair Cook and former Manchester United winger Jesse Lingard, to attract users.
The catch: The home fitness hardware market has proven difficult, with Lululemon shutting down its Mirror business and Tonal’s valuation reportedly dropping significantly. While Magic AI claims its build and run costs are lower than American rivals, its success will depend on how US consumers, who have seen many fitness mirror companies come and go, respond to its offering and celebrity-driven strategy.
Key Facts
- Company: Magic AI
- Amount: $11M
- Investors: Beringea and IW Capital (co-lead), PXN Group, Accelerate Ventures, Ventures Together, Active Partners
- Founder: Varun Bhanot
- Sector: AI Fitness Hardware
- Headquarters: London, GB