Magic AI Named UK's Fastest-Growing Tech Company With 19,774% Revenue Growth

Magic AI was named the UK's fastest-growing technology company in Deloitte's 2026 UK Technology Fast 50, recording revenue growth of 19,774% over three years. BusinessCloud reported the ranking on November 7, 2026.

Magic AI's 19,774% Growth and the Fast 50 Ranking

The awards rank the 50 fastest-growing technology companies in the UK on revenue growth over a three-year period. The ceremony took place on November 5, 2026, at the Park Hyatt London River Thames.

Magic AI was founded in 2022 and is based in London. The company has developed an AI-powered smart fitness mirror that uses proprietary computer vision technology, real-time body tracking and personalised coaching to deliver interactive home workouts and virtual personal training.

Varun Bhanot, co-founder and CEO of Magic AI, said: "Being ranked No.1 in Deloitte's UK Technology Fast 50 is an incredible honour and a testament to the team behind Magic AI." Bhanot said he started the company after experiencing how life-changing personal training could be, and how inaccessible it was for many people. He said Magic AI has helped transform the lives of over 30,000 people across 43 countries, with more than 500,000 AI-coached workouts completed.

South East-based Dexory ranked second with three-year revenue growth of 17,687%. The 2026 Fast 50 winners achieved an average three-year growth rate of 2,824% and generated combined revenues of £727m in 2025/26.

Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: "This year's 50th-placed company recorded growth of 708 per cent, the highest threshold for entry into the Fast 50 since 2021, underlining the strength of this year's cohort."

Magic AI's Funding and US Sales Records

According to akta.pro company records, MAGIC AI has raised total funding of $18.2 million at Series B stage, with the last round dated September 23, 2026. The same records list a September 2026 Series B of $10.7 million led by Beringea and IW Capital, and a November 2024 seed round of $5 million led by IW Capital.

The records state that MAGIC AI launched US operations in December 2025, managed entirely from the UK, and that US customers accounted for over 20% of overall revenue within four months, with sales reaching nearly every state.

Magic AI's Awards and Funding Before the Fast 50

In October 2026, FYLD, MAGIC AI and PharmAppy co-founder Rhys Lloyd won GP Bullhound 2026 Allstars awards, BusinessCloud reported. FYLD took High Growth Company of the Year after a £32m Series B, MAGIC AI won Sports Tech after an £8m Series B, and PharmAppy's Rhys Lloyd won Young Entrepreneur of the Year.

In September 2026, Magic AI raised $11 million in new funding led by Beringea and IW Capital, bringing its total raised to about $20 million, Tech Funding News reported. The London-based fitness-mirror startup said it would use the funds to expand into the US.

What Comes Next for Magic AI

In July 2026, Varun Bhanot discussed plans for expansion into the US, the development of GLP-1 therapies and securing another funding round, Tech Funding News reported.