MAGIC AI Secures $5 Million for Fitness Innovation
In a groundbreaking move for the intersection of technology and fitness, MAGIC AI has successfully secured an investment of $5 million (£4 million) to enhance its innovative product, the MAGIC Mirror, recognized as the world’s leading AI-powered fitness mirror. The investment round was spearheaded by IW Capital, a prominent investment firm dedicated to injecting growth capital into exceptional small and medium-sized enterprises (SMEs) throughout the UK. This funding also attracted participation from notable investors including Baleen Capital from the West Coast of the United States, as well as London's own SFC Capital and Ventures Together. Remarkably, senior executives and CEOs from renowned companies such as Tiktok, Meta, Spotify, Citymapper, JustPark, and Stripe also chose to invest in the revolutionary technology created by MAGIC AI.
The MAGIC Mirror stands out as a cutting-edge piece of equipment that utilizes hologram video capabilities to facilitate workout training.
Thanks to its proprietary AI technology, known as “ReflectAI®,” the mirror effectively tracks the user’s body position, movements, and form in real time. This provides users with interactive personal training guidance throughout their workouts, catering to diverse preferences with a comprehensive selection of exercise programs and classes. Additionally, MAGIC AI has collaborated with various celebrity athletes, including Sir Alastair Cook and Olympic champion Desiree Henry, to create exercise programs that users can follow, ensuring they receive the guidance needed to improve their techniques during training sessions.
The investment in MAGIC AI arrives at an opportune moment, aligning with the surging market demand for connected exercise solutions. As the global home fitness equipment market is anticipated to expand from $11.60 billion in 2023 to $16.56 billion by 2030, the wider Digital Fitness & Well-Being market is projected to reach an impressive $58.64 billion by 2024. The company plans to utilize this significant funding to scale operations and possibly tap into new markets, including the USA. Varun Bhanot, Co-founder and CEO of MAGIC AI, highlighted the company's commitment to revolutionizing health and wellness training through technology, stating that they have already impacted thousands of lives by logging 46,000 hours of personal training sessions with their AI Mirror. With aspirations to multiply this number fivefold within the next year, MAGIC AI is set on a path of rapid growth and innovation.
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