I-Fitness, a Shanghai-based startup which sells fitness courses online and offline, has received an investment of more than 100 million yuan ($15 million) from Xiaomi and Xiaomi founder Lei Jun-backed venture fund Shunwei Capital, which are behind several firms focusing on developing fitness equipment for smart home gym systems.
The investment reflects growing investor interest in the fitness industry as the Covid-19 pandemic has increased demand for home workouts.
After the fundraising, I-Fitness will design fitness courses for users of smart home fitness gear developed as part of the Xiaomi ecosystem of connected products and services, according to a post published on Friday on Shunwei Capital’s public WeChat account.
Since its establishment in 2013, I-Fitness has built ties with more than 2,000 gyms across China and developed 480 fitness courses, over 200 of which are trademark protected. In 2018, I-Fitness started vigorously promoting its group class operation service in Shanghai, allowing its gym partners to select personalized courses and instructors through its self-developed platform called GX-MASTER. During the pandemic last year, the firm doubled down on online operation with an app called Aidong Jianshen that offers free and paid courses that users can attend online or at nearby gyms.
Xiaomi has been building an ecosystem of related products for years consisting of many startups like Huami, a wearable high-tech device maker. Last year, Huami announced the second generation of its proprietary artificial intelligence smart device chip, the Huangshan 2, which will power new health-focused products.
Contact reporter Ding Yi (firstname.lastname@example.org)