London fitness technology company Magic AI has been ranked the UK's fastest-growing technology company in Deloitte's 2026 Technology Fast 50, after growing revenue by 19,774% over three years. This year's 50 winners grew at an average of 2,824% and together generated £727m in revenue in 2025/26.
Magic AI was founded in 2022 by chief executive Varun Bhanot. It makes an AI-powered smart mirror that uses computer vision and real-time body tracking to run interactive home workouts and virtual personal training sessions.
The company says it has served more than 30,000 people in 43 countries, with more than 500,000 AI-coached workouts completed on its devices. The rankings were announced at a ceremony at the Park Hyatt London River Thames on 5 November.
The ranking
The Fast 50 ranks UK technology companies by revenue growth over three years. Magic AI's 19,774% put it ahead of Dexory, the South East-based warehouse robotics and AI business, which came second with 17,687%. Dexory also topped the Women in Leadership category, which covers Fast 50 companies with a female chief executive or a woman on the founding team.
London solar and home battery installer Sunsave Group came fourth and won the CleanTech category. Deloitte said the 50th-placed company grew by 708%, the highest cut-off for the list since 2021.
The funding context
The ranking follows a recent raise for Magic AI. The company closed an £8m Series B to expand in the United States, a round BusinessCloud reported was believed to be the largest for an AI fitness company this year. A valuation for that round has not been made public.
For investors, a growth rate in the tens of thousands of per cent over three years usually means the company started from a very small revenue base in 2022. The figure shows how fast the business has scaled. It says less about its absolute size, which Magic AI has not disclosed.
The regional picture
London accounted for two-thirds (66%) of this year's Fast 50, which matches the capital's wider dominance of UK venture funding. Outside London, Cambridgeshire and the East, the South East, and the South West and Wales each produced three winners.
Glasgow-based Phlo, which builds digital healthcare services for brands, ranked ninth with 3,846% growth. Cardiff-based Finalrentals, which runs the AI car-rental booking platform BLADE, came 14th with 2,865%.
What's next
Bhanot said the company was "only just getting started". With the Series B aimed at the US market, the next test is whether Magic AI's growth rate holds as it moves from early traction to a larger revenue base. Deloitte's lead partner for the programme, Kiren Asad, said the winners had kept growing despite a difficult economic backdrop.
Original source: BusinessCloud — https://businesscloud.co.uk/news/magic-ai-crowned-uks-fastest-growing-tech-company/
