Fiture, a Chinese Fitness tech company specializing in AI-powered workout mirrors, raised $300M in Series B funding.
Established in 2019, the company has secured multiple rounds of investments from leading institutions such as Sequoia Capital, Tencent, C Capital, Cathay Capital, Black Ant Capital, CPE (CITIC Industry Fund), and BAI ( Bertelsmann Asia Investment Fund ).
The connected fitness market is gearing up for solid competition, with new startups popping up each day.
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Fiture looks very similar to the offerings of ‘Mirror.’ The platform allows users to work out from home using these connected hi-tech mirrors that can stream hundreds of fitness classes and offer one on one personal training as well.
Popular connected Fitness tech platform, Tonal recently raised $250 million of additional funding, valuing the startup at $1.6 billion.
Existing fitness equipment powerhouse NordicTrack also started offering a similar product called NordicTrack Vault starting last year. Their product priced at $2000 competes with similar fitness tech mirrors from Echelon (maker of the Echelon Reflect) and Proform Vue.
Last June, Lululemon, the well none athletic apparel maker, purchased Mirror for $500 million. Before the acquisition, Lululemon had invested up to a million dollars into Mirror.
On October 28, 2020, FITURE Magic Mirror was launched as a “hardware + content + service + AI” smart fitness product in Shanghai, China, officially opening a new era of home technology fitness in China and South East Asia.
The company also unveiled a slimmer edition of the AI fitness mirror called Fiture slim that users can use in smaller apartments.
It will be interesting to see how these platforms play out once the pandemic fears subdue and users can go back to their local gyms. Many industry analysts believe that the connected fitness trend and the working out from home movement is here to stay with us.