Magic AI Tops Deloitte’s UK Tech Fast 50 With 19,774% Growth as London Dominates the Ranking

A London company that makes an AI-powered fitness mirror has been named the fastest-growing technology company in the United Kingdom. Magic AI took first place in Deloitte’s 2026 UK Technology Fast 50, a ranking that measures revenue growth over three years, after recording growth of 19,774 per cent. The result was announced at a ceremony in London on Thursday 5 November, and it underlines how quickly a small British startup can scale when a product finds its audience.

What the Fast 50 ranking actually measures

Deloitte’s Technology Fast 50 ranks the 50 fastest-growing technology companies in the UK purely on how much their revenue grew over a three-year period. It does not rank companies by size, profit or market value, so a young company starting from a small base can post a huge percentage while still being modest in absolute terms. That context matters when reading the headline figure, but it does not take away from the achievement: every company on the list had to grow fast for three straight years.

The 2026 cohort was a strong one by the programme’s own measures. Deloitte reported an average three-year growth rate of 2,824 per cent across the 50 winners, with combined revenues of about 727 million pounds in 2025/26. Even the company in 50th place grew by 708 per cent, which Deloitte said was the highest threshold for entry into the ranking since 2021. Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said the winners showed the ambition and resilience of the UK technology sector, with businesses continuing to innovate and scale despite a challenging economic backdrop.

What Magic AI actually does

Magic AI was founded in 2022 and is based in London. Its main product is a smart fitness mirror that uses computer vision and real-time body tracking to deliver guided workouts and personalised coaching at home. The mirror watches the user’s form as they exercise, counts repetitions, corrects posture and adjusts the session as it goes, aiming to recreate the experience of working with a personal trainer without the trainer’s price or timetable.

Varun Bhanot, co-founder and chief executive of Magic AI, said being ranked number one was an incredible honour and a testament to the team behind the company. He said he started the business after seeing how life-changing personal training could be, but also how inaccessible it was for many people. According to the company, it has now helped more than 30,000 people across 43 countries, with more than 500,000 AI-coached workouts completed. Those figures come from Magic AI itself rather than an independent audit, so they should be read as the company’s own account of its reach.

The company has also raised fresh funding to grow. BusinessCloud reported that the fitness mirror maker recently raised a Series B round to scale in the United States, a market where connected home fitness has a much larger customer base. Bhanot was also included in BusinessCloud’s Founder 250 list, which profiles founders of growing British companies.

Who else made the top of the list

Second place went to Dexory, a South East-based company that builds AI warehouse-intelligence robots. Dexory recorded three-year revenue growth of 17,687 per cent, only a little behind Magic AI, and it also topped the Women in Leadership category, which recognises Fast 50 companies led by a female chief executive or with a woman in their founding team. Its autonomous robots use real-time data capture and analytics to help logistics and supply-chain operators improve inventory accuracy and warehouse visibility.

Further down the list, 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 care at scale. Cardiff-based Finalrentals ranked 14th with growth of 2,865 per cent; it operates BLADE, an AI-powered booking platform that helps customers find and book car rentals worldwide. London-based Sunsave Group ranked fourth and topped the CleanTech category, which recognises climate technology companies contributing to the UK’s net zero target. Sunsave designs, installs and maintains residential solar panels and home battery systems.

London still dominates, but growth is spreading

London continues to dominate the Fast 50, with two-thirds of the companies, 66 per cent, headquartered in the capital. That concentration has been a feature of the ranking for years, and it reflects where venture funding, talent and customers tend to cluster. Yet this year’s list also showed growth beyond the capital. Cambridgeshire and the East, the South East, and the South West and Wales each produced three Fast 50 winners, and companies from Glasgow and Cardiff made the top 15.

That spread matters for the wider UK economy. Deloitte’s programme is often read as a snapshot of where the next generation of British technology employers is coming from, and a list that reaches beyond London suggests the startup map is widening. The combined revenues of 727 million pounds across the 50 winners point to businesses that are no longer just early-stage bets but employers with real payrolls and customers.

Frequently Asked Questions

What is the Deloitte UK Technology Fast 50?

It is an annual ranking of the 50 fastest-growing technology companies in the UK, based on revenue growth over a three-year period. Companies are ranked purely on their growth percentage, not on size or profit.

How fast did Magic AI grow to win the 2026 ranking?

Magic AI recorded three-year revenue growth of 19,774 per cent, according to Deloitte’s 2026 UK Technology Fast 50. The company was founded in 2022 and makes an AI-powered fitness mirror for home workouts.

Which companies finished near the top of the 2026 Fast 50?

Dexory, an AI warehouse-robotics company, ranked second with 17,687 per cent growth. Sunsave Group ranked fourth and topped the CleanTech category, while Phlo from Glasgow ranked ninth and Finalrentals from Cardiff ranked 14th.