MAGIC AI Secures $5M Funding for Expansion

MAGIC AI, a London-based startup, has successfully raised $5 million in a funding round led by IW Capital, with participation from notable investors including executives from Spotify, TikTok, and Meta. The company is known for its AI-powered fitness mirror, which utilizes proprietary technology to monitor user movements and provide personalized training experiences. Since its launch, MAGIC AI has attracted over 5,000 customers and recorded 46,000 hours of AI-assisted personal training, aiming to increase this fivefold in the upcoming year. The funding will support the company's expansion into new markets, particularly the United States, as it seeks to capitalize on the growing home fitness market projected to reach $16.56 billion by 2030. MAGIC AI boasts a range of classes and celebrity endorsements, including athletes like Sir Alastair Cook and Desiree Henry. As the connected fitness landscape evolves, MAGIC AI stands out despite challenges faced by many competitors in the industry.