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Speediance, a smart fitness brand, has completed two rounds of funding successively, raising a total amount of nearly $10 million. Oriza Seed and Haiyi Investment led the funding rounds, with participation from Frees Fund and Rongda CVC.  The funds will be used for product line improvement and market expansion. Previously, Speediance completed an angel round and Pre-A round funding in 2021 and 2022. 

Speediance was established in December 2020. Relying on its core technologies of brushless direct-drive motors and software platform, the brand has developed a series of digital resistance equipment, aiming to revolutionize traditional strength training. Thus far, Speediance has launched two C-end products, Gym Monster, and Gym Pal.

Gym Monster, Speediance’s debut product, utilizes digital weight instead of physical weight to provide the same fitness effects while addressing the inconvenience of traditional weightlifting. In the meantime, it has a minimum footprint and features intelligent training.

According to Speediance, Gym Monster was launched on Kickstarter in November 2021, and raised about $560,000 in crowdfunding, followed by its mass production in May 2022. Since the last round of funding, Speediance has expanded its product line to both home and commercial markets.

Speediance launched Gym Pal, a user-friendly home fitness product, in June 2023. Gym Pal simplifies complex training programs and movements with an interactive phone App. The machine integrates various accessories like Bluetooth ring, adjustable barbell, adjustable bench, ankle straps, handles, etc., to meet all kinds of training goals. It trains all major muscle groups, offers real-time monitoring, and safety features like automatic weight reduction.

Gym Pal is priced at around $1300. It has been miniaturized to an extreme degree. Despite its ultra-thin design and less than 5.1 square feet footprint, Gym Pal features Speediance’s patented brushless dual-motor direct drive technology, providing an up-to-220-lb maximum training weight. The product is also extremely competitively priced as similar competing products are priced at around $3000.

Speediance also made significant progress in the commercial market by launching the Commercial Speediance Master Series in April 2023, offering a comprehensive line of digital fitness equipment with its direct drive motor solutions for universities, gyms, and government facilities, etc. 

“The commercial market holds significant importance”, according to Speediance founder Liu Tao, “despite millions of fitness enthusiasts in China generating tons of fitness data daily, the effective storage and recording of this data remain limited. Venturing into the commercial market can expose the technology to a broader fitness audience and will in return offer valuable feedback for C-end users in the future.”

In addition to DTC (Direct-to-Consumer), Speediance has established a stable distributor network in markets such as the United States, Australia, Canada, Japan, South Korea, Germany, France, Spain, and Chile. It also simultaneously launched Gym Monster on Amazon USA in May 2023.

Regarding future focuses, Liu Tao said that Speediance will continue to focus on DTC, with the U.S. market as its key priority.

Liu believes that “digital fitness devices make exercise easier”. The sales revenue of Speediance has seen a month-on-month growth this year. By July 2023, the monthly revenue had exceeded $1.45 million. Meanwhile, thanks to its supply chain optimization, Speediance’s current return and exchange rates and defect rates are below 1%.

Reportedly, Speediance plans to launch more home gym products in the second half of the year, including an upgraded Gym Monster, a number of new AIoT accessories, and products of other categories, aiming to provide a more comprehensive fitness solution to the world.

Media Contact
Company Name: Shenzhen Speediance Living Technology Co., Ltd
Contact Person: Frank Han
Email: Send Email
Country: China
Website: https://www.speediance.com/