AI-Based Bodybuilding Startup Tonal Raises $ 110 Million Amid Home Workout Boom
The The Transform Technology Summits begin October 13 with Low-Code / No Code: Enabling Enterprise Agility. Register now!
Starting AI gym equipment Tonal today nabbed a round of $ 110 million from new and existing investors. A spokesperson said the capital would allow Tonal to accelerate its marketing efforts, evolve its supply chain and logistics, and roll out software upgrades and new training content.
Shelter-in-place orders and pandemic-driven office closures have spiked sales of fitness equipment in recent months. A report commissioned by eBay revealed that between March and April of this year, home gym sales increased up to 20 times in some categories compared to the same period last year. NPD Group reported that in March alone, sales of fitness equipment were up 130% year-over-year, with benches up 259%.
Tonal, who says sales have increased 12-fold year-over-year, plans to collaborate with the Mayo Clinic on a clinical trial exploring physiotherapy applications, the results of which are expected to be released in early 2021. The The company is also expanding its presence in the hotel space, with facilities at the Four Seasons Palo Alto, Andaz Scottsdale Resort and Bungalows, Waldorf Astoria Boca Raton Resort and Club, Proper Hotel and Residences, and JW Marriott Anaheim.
Tonal’s $ 2,995 equipment, which attaches to any wall with two posts, allows bodybuilders to lift up to 200 pounds in one-pound increments. Adjustable arms and 17 different sensors support over 170 workouts for the legs, arms, shoulders, back, core and chest. Tonal says its system of magnets and algorithms perform thousands of calculations per second to adjust on the fly, delivering inertia-free resistance in a smaller form factor than a flat-screen TV.
Tonal customers can purchase a $ 495 accessory set with handles, bars, benches, rollers, workout mats and more to add extra movement. The âsmart handlesâ feature six-axis gyroscopes and a Bluetooth radio to track reps wirelessly.
Each Tonal unit has an LED touchscreen that displays the hundreds of guided workouts available through the company’s $ 49-per-month subscription program. (A companion smartphone app tracks progress and recommends newly released programs and trainers.) After performing a strength assessment, Tonal automatically chooses weight settings that match the type of workout (for example, curls and workouts). lunges), reducing the weight towards the end of the sessions if he feels it. low resistance.
Analysts recently valued the US fitness industry at $ 30 billion, and the popularity of in-store fitness classes has increased tenfold in the past five years. Tonal competes with rivals like Peloton, which recently introduced entry level products; Tempo, which recently raised $ 60 million; and Vi, which is expanding the availability of its headphones and AI-powered running coach products.
But Tonal, which claims to have a 95% market share in the connected force segment, has celebrity backing on its side. The company claims that “hundreds” of professional athletes (including half of the NBA’s teams in this year’s playoffs) have used its equipment, and many personalities have contributed to its previous funding rounds, including Serena Williams. , Klay Thompson, Tony Gonzalez, Stephen Curry, Paul George, Bobby Wagner, Michelle Wie, Rudy Gay and Kyle Rudolph.
L Catterton led the investment in San Francisco-based Tonal with the participation of new backers Delta-v Capital, Amazon Alexa Fund and Mousse Partners. The five-year-old company said part of the funding, which brings its total raised to more than $ 200 million following a $ 45 million funding round in April 2019, will go to three new offices and an expansion of the retail presence in 15 new markets across the United States
VentureBeat’s mission is to be a digital public place for technical decision-makers to learn about transformative technology and conduct transactions. Our site provides essential information on data technologies and strategies to guide you in managing your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the topics that interest you
- our newsletters
- Closed thought leader content and discounted access to our popular events, such as Transform 2021: Learn more
- networking features, and more
Become a member