Recently announced Smart Gym fitness brand “SPEEDIANCE” has raised multi-million-dollar Pre-A Funding led by venture capital firm FREES FUND. This round of investment capital will be used to increase product output, market expansion, and talent acquisition.
At the end of 2021, SPEEDIANCE launched “Gym Monster” on Kickstarter. With an average price of $2100 (US), crowdfunding efforts reached approximately $600,000 (US). Notably, SPEEDIANCE became the only digital power fitness product on Kickstarter.
Shen Ying Cai, the Vice President of FREES FUND, stated: “When it comes to technology, supply chain, common market drive—today’s China is continually elevating itself from “made in China” to themes such as “created in China” and “branded from China”. We are always looking for brand investment opportunities that accentuate that vision. Furthermore, in the field of fitness, smart exercise equipment technology is the trend of the times. The team at SPEEDIANCE has good quality products that integrate innovative technology at the highest level. Digitizing the physical weight, compact design of the home gym setup, smart technology, and economical pricing are all meaningful innovations. Which resonate with middle to high-end fitness groups striving to maintain good exercise habits. The western consumer market has already shown promising consumer spending habits in relation to smart fitness equipment and has high market reception. In addition, the long-term view of domestic business markets has great potential, and we look forward to seeing how things continue to develop.”
SPEEDIANCE founder Tao Liu had indicate: “As each industry continues to promote digitization and smart technology, we realized that physical fitness is often still limited by product shape and design. So we spared no effort communicating with users, constantly using insights to refine and innovate — providing the best product that promotes the digital boundaries of the fitness field. The versatility and user-friendly interactive platform make this more than just a product; it’s your “buddy” that works with you to achieve a healthier lifestyle.”
Smart Home Fitness Race
According to the data from the industry, the fitness market has two characteristics: large overseas stock and substantial growth from China. The fitness population in developed countries is considerable — the US paid gym market permeability has reached 31.1%, and the need for smart fitness products continues to increase, maturing the market. On the other hand, the Chinese paid gym market permeability is 2.6%, although this is less than the overseas markets; however, the Chinese population is substantially larger with a growth rate exceeding 30%. As a result reiterating that the full potential for sports and fitness brands is yet to be seen.
Meanwhile, the online fitness sector has been developing at a rapid pace, quickly approaching the next iteration of the internet-Web 3.0. In 2020 the pandemic proved to be a catalyst causing many to assess and realize their fitness needs. People’s active lifestyle has revealed trends centered around smart technology and versatility. Home fitness has already become a major factor in the sports scene. Looking at brands like Peloton, Tonal, and FITURE as representations of the home fitness equipment sector and the speed at which it has developed. They are leading the transformation of the smart home fitness industry. SPEEDIANCE products have made their appearance on the crowdfunding circuit, eliciting positive comments from fitness enthusiasts not only because of the technical innovation but also the cost-effective pricing — showing potential to be the new market star.
SPEEDIANCE smart fitness equipment has the potential to satisfy the needs of the people.
SPEEDIANCE uses a direct drive electric motor to create a home fitness gym with digital weights, apparently is the most significant difference between your traditional home fitness systems that use physical weights. The research and development team also created their own core drive and control algorithm, which will be the building blocks to foster technological advancements and innovation for future product iterations. On top of this foundation, the multiple internal sensors can help adjust workout form and posture to avoid injury. In addition, SPEEDIANCE integrated technology helps pinpoint the different fitness needs of different users. It automatically generates thousands of specialized workout routines — making the overall fitness experience more complete with science, safety, and reliability.
When considering the challenges that come with home, offices, or small-scale workout room setups, SPEEDIANCE products have elements that help solve those problems. Firstly, with the integration of digital weights, the need to find the right place to store your physical weights is eliminated. Secondly, there is no installation required — the fold-up, portable structure makes it truly a space saver that’s ready to use straight out of the box.
SPEEDIANCE paves the way of iteration and innovation for future products. In addition, with the goal of providing users a safer, scientifically, reliable fitness lifestyle — crafting a dynamic workout environment that provides a unique joy you get from a wonderful workout experience.
Founded in 2020, SPEEDIANCE is a promising high-tech startup that aims to manufacture a series of intelligent fitness products with highly valuable content, which is to create a scientific fitness culture and innovating smart fitness scenarios for home gym users.
Through the mode of “hardware + content + AI personal education + community”, it’s built as smart home fitness equipment with strength training. Gym Monster, “Home Folding All-in-One Trainer”, was first launched on Kickstarter on November 9, raised to 560,000 US dollars thanks to the support from backers all over the world.
SPEEDIANCE will continue to utilize cutting-edge technology to create an ultimate home gym user experience for a new smart way to stay happy and healthy.
About FREES FUND
FreeS Fund is committed to mobilize all possible funds, technology and resources to invest in outstanding startups and help them to grow into the future as great companies with long-term business and social values.
Since founded in 2015, FreeS Fund has become a full-chain fund management company primary driven by early investment, with proactive momentum in mid to late stage investment as well as companies in growing phases. Surrounding the three pillars of consumer and TMT, high tech, and biomedical sectors, FreeS Fund has invested in more than 150 startups, covering a wide spectrum of industries including lifestyle, culture and investment, education, financial, smart manufacturing, Artificial Intelligence, biotech and research and development of novel drug, new energy and materials, etc.