IW Capital, a leading investment house specialising in providing growth capital for exceptional UK SMEs, has announced that it led an investment round of £4m into Magic AI, the company behind the world’s leading AI-powered fitness mirror, Magic Mirror.
West Coast US fund Baleen Capital and London’s SFC Capital and Ventures Together participated, along with senior executives and CEOs from TikTok, Meta, Spotify, Citymapper, JustPark, and Stripe who also invested.
The Magic Mirror is a hologram-enabled workout training mirror that tracks users’ body positions, movements, and form using its proprietary inbuilt artificial intelligence (AI) “ReflectAI®.” Magic Mirror provides personal training guidance as the workout progresses and offers a wide selection of training programmes and classes. Magic AI has worked closely with celebrity athlete ambassadors, including Sir Alastair Cook, Team GB Olympic champion Desiree Henry, and Strictly Come Dancing’s Katya Jones, whose training videos users can follow and receive corrections from during their workouts.
Magic AI uses proprietary AI technology to revolutionise the connected health and fitness market, bringing personal training to millions who can’t access or afford regular personal trainers. The technology monitors the position, range of motion, and pace for hundreds of exercises in real time and uses live audio and visual prompts to improve user posture and performance. Users can tailor programmes to achieve personal goals, record performance and form quality, calories burned, reps completed, weight lifted, and times logged.
The investment in Magic AI comes against a backdrop of growing market demand for connected exercise products. Globally, the home fitness equipment market is projected to grow from £10bn in 2023 to £15bn by 2030, while the larger digital fitness and well-being market is projected to reach £50bn in 2024.
The company, whose Magic Mirror was recently named one of Time magazine’s 200 Best Inventions in the World, plans to use the investment to scale operations and expand into new markets, including the USA.
