Fitness technology company Magic AI has been named the UK’s fastest-growing technology company in the 2026 Deloitte UK Technology Fast 50 awards after achieving revenue growth of 19,774 per cent over three years.
The awards recognise and rank the 50 fastest-growing technology companies in the UK based on revenue growth over a three-year period.
The prestigious awards ceremony took place on Thursday, 5 November, at the Park Hyatt London River Thames.
Founded in 2022, London-based Magic AI 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.
“I started this company after experiencing how life-changing personal training could be, but also how inaccessible it was for so many people.
“Today, we’ve helped transform the lives of over 30,000 people across 43 countries, with more than 500,000 AI-coached workouts completed. And we’re only just getting started.”
Bhanot was included in BusinessCloud’s Founder 250 list.
South East-based Dexory ranked second in this year’s Fast 50, recording three-year revenue growth of 17,687 per cent.
The robotics and AI warehouse intelligence company uses autonomous robots, real-time data capture and analytics to help logistics and supply chain operators improve inventory accuracy, warehouse visibility and operational efficiency.
Varun Bhanot, co-founder and CEO of Magic AI
Dexory also topped the Women in Leadership category, which recognises companies in the Technology Fast 50 that are either led by a female CEO or have a woman in their founding team.
The 2026 Fast 50 winners achieved an average three-year growth rate of 2,824 per cent and generated combined revenues of £727m in 2025/26, highlighting the continued growth and economic contribution of the UK’s technology sector.
Showcase
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “The Fast 50 continues to showcase some of the UK’s fastest growing and most innovative technology companies.
“This year’s winners demonstrate the ambition and resilience of the UK technology sector, with businesses continuing to innovate, scale and pursue growth amid a challenging economic backdrop.
“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.
“Congratulations to Magic AI and all of this year’s Fast 50 companies. Their success reflects the strength of the entrepreneurs and teams behind these businesses, and the important contribution that fast-growing technology companies make to innovation, jobs and economic growth across the UK.”
London dominates
London continues to dominate the Fast 50, with two-thirds (66 per cent) of the companies headquartered in the capital.
However, there were standout performances from businesses across the UK, with Cambridgeshire and the East, the South East, and the South West and Wales each producing three Fast 50 winners.
Glasgow-based Phlo ranked ninth, with three-year revenue growth of 3,846 per cent.
The healthcare and life sciences company develops digital healthcare solutions that help brands deliver safe, seamless care at scale.
Cardiff-based Finalrentals ranked 14th, with three-year revenue growth of 2,865 per cent. The company operates BLADE, an AI-powered booking platform that helps customers find and book car rentals worldwide.
London-based Sunsave Group Limited, which ranked fourth, topped the CleanTech category, recognising climate technology companies for their contribution to the UK’s net zero target.
The renewable energy company designs, installs and maintains residential solar panel and home battery systems.