PXN Growth VCT has joined investors in backing MAGIC AI, the business behind the award-winning MAGIC AI Mirror, which has closed an $11 million Series B round to scale up in the United States, and capitalise on the surging $35 billion 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 posting 342% annual growth – and a UK + US 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.
With AI lowering the barrier to entry for software, true defensibility now lies in hardware. Investors are pivoting back to physical products for a simple reason: a hard-to-copy moat that software-only clones cannot replicate.
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 alongside IW Capital – an existing backer – which has increased its stake in the company. Completing the round are PXN Ventures (via PXN Growth VCT), Accelerate Ventures, Ventures Together and Active Partners, the consumer investment firm behind Soho House, LEON, the cycling brand Rapha and the $100m+ wellness retailer Healf. The former Managing Director of Peloton International, CCO and former Head of Operations are joining the fast growing team too.
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.”
