Speediance, a New York-based smart fitness brand, raised nearly $10M in two funding rounds.
The rounds were led by Oriza Seed and Haiyi Investment with participation from Frees Fund and Rongda CVC.
The company intends to use the funds for product line improvement and market expansion.
Established in December 2020, Speediance leverages its core technologies of brushless direct-drive motors and a software platform to develop a series of digital resistance equipment, aiming to empower traditional strength training. Thus far, Speediance has launched two C-end products, Gym Monster, and Gym Pal.
Gym Monster, Speediance’s debut product, utilizes digital weight instead of physical weight to provide the same fitness effects while addressing the inconvenience of traditional weightlifting. In the meantime, it has a minimum footprint and features intelligent training.
Gym Pal, a user-friendly home fitness product, launched in June 2023 simplifies complex training programs and movements with an interactive phone app. The machine integrates various accessories like Bluetooth ring, adjustable barbell, adjustable bench, ankle straps, handles, etc. It trains all major muscle groups, offers real-time monitoring, and safety features like automatic weight reduction.
In addition to DTC (Direct-to-Consumer), the company has established a stable distributor network in markets such as the United States, Australia, Canada, Japan, South Korea, Germany, France, Spain, and Chile. It also simultaneously launched Gym Monster on Amazon USA in May 2023.
FinSMEs
27/07/2023