Future growth will leverage Beringea’s vast experience of scaling European brands in the US

MAGIC AI, the business behind the award-winning MAGIC AI Mirror, has closed an $11 million Series B round to scale up in the United States, and capitalise on the surging AI fitness market.

The round is believed to be the largest funding round for an AI fitness company this year, and arrives as MAGIC AI is named the 4th fastest-growing hardware company by The Sunday Times. The business has posted 342 per cent annual growth, supported by rapid expansion in the US with a community already spanning 18,000+ members across all 50 states. It takes total funding to $20 million.

The Mirror merges computer vision with holographic coaching to deliver real-time feedback and personalised workouts at home. Its proprietary ReflectAI® technology tracks motion, corrects form, counts reps and coaches users through more than 1,000 exercises.

The product has logged over 500,000 AI-coached workouts across 150,000 hours - which the company believes to be the largest AI dataset of its kind.

The round was co-led by Beringea, the transatlantic venture capital firm. Beringea has substantial experience in successfully scaling consumer brands from Europe into the US, including the likes of Monica Vinader, MOTH, and Papier.

Co-leading alongside it is IW Capital, an existing backer increasing its stake. IW Capital is a venture capital firm investing in high-growth SMEs. The firm backs ambitious entrepreneurs building brilliant technology businesses across the UK. To date, IW Capital has invested more than £188m into companies including Strolll, Lucida Medical, Alesi Surgical and Navigator.

The former Managing Director of Peloton International, CCO and former Head of Operations are joining the fast-growing team too. They are joined by PXN Group, Accelerate Ventures, and Ventures Together. Active Partners, the consumer investment firm behind Soho House, LEON, the cycling brand Rapha and the $100m+ wellness retailer Healf, also joins the round.

The MAGIC AI Mirror was named one of TIME Magazine's Best Inventions of 2024 and was a recipient of the King’s Award for Enterprise in the Innovation category in 2026 joining Dyson, Rolls Royce and ARM - with King Charles himself giving the AI company his Royal Seal of Approval this year.

Celebrity athletes appear as "holograms" on the mirror, morphed by generative AI and computer vision into personal trainers who coach and respond in real time in the user's living room. The roster includes former Manchester United and England forward Jesse Lingard, former England cricket captain Sir Alastair Cook, and Strictly Come Dancing's Katya Jones.

Varun Bhanot, Co-Founder and CEO of MAGIC AI, said: "This round is about two things: America will make up most of our business by next year, and going far deeper into the data layer behind ReflectAI®, so that the Mirror does not just count what a user does but understands how they are progressing over time. We’re thrilled to have such strategic investors on board for our expansion.”

Emma Biasiolo, Investment Director at Beringea, commented: “MAGIC AI is one of those businesses where the momentum was immediately obvious to us - customers love the product and it’s hitting a real shift in the needs and preferences of consumers who have moved towards a hybrid workout style post-COVID. We’ve been in touch with Varun over the last few years and have been impressed with his infectious energy and relentless drive.

“Building on the existing traction in the UK - alongside attractive unit economics and incredible growth - we see significant potential for further expansion in the US, which we are excited to support.”