Venture Capital News: Pivot Launches with $17M in Series A
SAN FRANCISCO, CA, Pivot, a smart at-home fitness solution, has secured $17 million in Series A funding led by DCM.
Today, Pivot, a smart at-home fitness solution, has secured $17 million in Series A funding led by DCM with participation from Bling Capital, Founders Fund, Khosla Ventures, Signal Fire and Y-Combinator. DCM Partner Kyle Lui will be joining Pivot's Board of Directors. The funds will be used to expand recruitment across engineering and operations teams as the company prepares for its consumer launch in Fall 2019.
Pivot features live and recorded classes from some of the world's top group fitness trainers, streamed directly to Pivot device at home. With Pivot's advanced 3D sensors and machine learning, every rep is counted and form tracked in real-time. Class offerings include strength training, high intensity interval training ("HIIT"), cardio and more. Pivot's technology enables live instructors to view workout data in real-time and communicate feedback directly to class participants. Community and social features allow participants to compete with friends and other members. Pivot's offering will include all the hardware and equipment, mobile app, heart rate monitor, and a subscription featuring live & recorded content that is updated daily.
Training studios are exploding in popularity across the U.S., with boutique fitness studio franchises growing 10x in the last five years. Spin boutique studios account for less than 10% of the market, while studios that include weight training components comprise of over 70% of the market. Pivot is the complete hardware and software solution for at-home fitness and has been in the works for the past four years. The startup will be entering the $30B market U.S. fitness industry with a major advantage: proprietary data. Pivot's B2B gym product has captured the largest dataset of humans working out in the world with over 1 million tagged workouts. This data enables Pivot's software and machine learning technology to be hyper accurate in tracking and providing real-time feedback for workouts.
"Pivot's product differentiation was clear to me the first time I tried it, and I'm incredibly excited for the company's upcoming launch," said Kyle Lui, Partner at DCM. "Moawia and Josh are authentic to this space. Pivot's technology combines world-class machine learning, software and hardware to create an at-home strength training & fitness experience comparable to what Peloton has achieved for the at-home spin experience."
"In my own life, having someone who could teach me, inspire me, and hold me accountable made all the difference," said Moawia Eldeeb, CEO and founder. "A workout video, even if it's broadcast live, just doesn't compare. That's why Pivot is building technology to bridge the gap between the trainer and you, build that core relationship, and deliver the same hands-on guidance you'd expect from an in-person class."
The San Francisco based startup, Pivot, will formally launch its consumer product in Fall 2019. Pricing and additional launch details will be shared at a later date.
Pivot is a next-generation at-home smart fitness solution. Using 3D sensors, Pivot tracks your motion in real time, allowing trainers to provide targeted feedback as you work out. Launching in Fall 2019, Pivot's solution is complete with all the necessary equipment, a mobile app, analytics and a monthly subscription featuring live content that is updated daily. For more information, visit https://trainwithpivot.com.
DCM is a global venture capital firm based in Silicon Valley, Beijing, and Tokyo with over $4 billion under management. DCM has invested in more than 400 early-stage technology companies globally, and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry leading companies including Careem (Uber), Fortinet, Musical.ly (TikTok), Sling Media, Wrike, 51job, 58.com, BitAuto, Dangdang, Happy Elements, Houchebang (ManBang), Kakao Talk, SanSan, TanTan, Tuniu, Vipshop, UCloud and Uxin. DCM has also invested in exciting, rising startups such as Eaze, FuboTV, Hims, Lime, Plenty, SoFi, Freee, Kuaishou, Maimai and Pony.ai. For more information, visit https://www.dcm.com.
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