Sports Tech Company Speediance Bags Tens of Millions of Yuan in Financing

Intelligent fitness brand Speediance announced on Friday that it has completed a pre-A round of financing, with a total amount exceeding tens of millions of yuan. This round was led by FreesFund, followed by WE Capital while EA Capital Limited acted as the company’s exclusive financial adviser.

Funds secured with this round will be used for the company’s market expansion, team building as well as its products’ mass production. Previously, the company completed angel-round investing in April 2021.

The company, established in 2020, is a fitness brand committed to building intelligent home fitness equipment. It is focused on strength training, with its hardware as the foundation and operational content as the core through the combination mode of “hardware, content, AI personal trainer, community.”  The firm’s products are expected to be launched in the fourth quarter of this year.

At the end of 2021, the company’s first product appeared on Kickstarter, an overseas crowdfunding platform focused on creativity. This product’s average selling price was $2,100 and it gained a total crowdfunding amount of nearly $600,000, making it the only digital strength training product on the platform.

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Different from traditional fitness products using physical weights, the firm’s home fitness products use “digital weight” through a direct drive motor. Its team has mastered the core technologies on drive circuit design and algorithm control, which is an important foundation for its future upgrading products.

In the future, the company will extend to more motor-related categories from the core of its products, (such as rowing machines, exercise bikes, and more) based on “strength fitness.” In addition, it will strive to expand its products’ innovative advantages in the field of sports technology.