AI fitness device startup raising US$300m

Fiture, a home fitness devices startup, says it is raising US$300 million in the latest round of financing, making it one of the world’s fastest-growing smart fitness firms.

Investors now include Sequoia Capital, Tencent and GSR Ventures. Fiture plans to invest 1 billion yuan (US$154 million) in market expansion, looking for city partners and offering free trials nationwide.

Fiture aims to tap the Chinese home fitness market with Fiture Slim, a device able to guide exercises and sports with motion tracking and artificial intelligence features. It costs 8,200 yuan for the device and a year of online services.

The domestic fitness population is four times that of the United States, said Zhang Yuansheng, the company’s co-founder and president. The device and classes will popularize of fitness and lower the entry threshold, Zhang said. 

Other expansion plans include 14-day free trials of 100,000 devices and investment in producing content such as high definition videos.