SAN FRANCISCO, United States — Pivot, a smart at-home fitness concept launching later this year has raised $17 million to compete with the likes of Peloton, Mirror and Tonal.
The startup, which uses a combination of sensors and machine learning to count user reps and track form in real-time, will use the funds to expand recruitment across engineering and operations teams as the company prepares for its consumer launch this Autumn.
Led by Moawia Eldeeb, CEO and founder, Pivot provides a smart at-home fitness platform that offers live training or recorded classes from some of the world’s top group fitness trainers streamed directly to the Pivot device at home. Its class offerings include strength training, high-intensity interval training, cardio and more.
Instructors can view workout data in real-time and communicate feedback directly to class participants, whilst community and social features allow participants to compete with friends and other members.
“In my own life, having someone who could teach me, inspire me, and hold me accountable made all the difference,” Eldeeb said in an official statement.
“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,” he added.
According to Eldeeb, despite the brand entering the $30B market US fitness industry behind competitors including Mirror, Tonal and billion-dollar at-home spinning brand Peloton, it possesses a major advantage: proprietary data.
The company recently revealed that its B2B gym product has already captured the largest dataset of humans working out in the world with over 1 million tagged workouts. This data, it says, will enable Pivot’s software and machine learning technology to be hyper-accurate in tracking and providing real-time feedback for workouts.
However, for Kyle Lui, Partner at venture capital firm DCM, which led Pivot’s raise, it’s the brand’s proprietary software and machine learning technology that records workouts and points out when users’ form is incorrect, that he believes will ultimately boost its competitive edge.
“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,” he commented.
“Its product differentiation was clear to me the first time I tried it, and I’m incredibly excited for the company’s upcoming launch,” he added.
When Pivot eventually launches, the user will have to fork out an initial payment of $2,000 for its equipment, including a heart rate monitor and weights, with a monthly service fee of around $39 hiking the price up further. But that’s not something Eldeeb believes will cause too much of a barrier to entry.
The entrepreneur recently told Business Insider that although he had some initial reservations about marketing a high-tech fitness device to consumers, the success of Peloton’s $1,995 bike demonstrated strong consumer demand despite a high price-tag.