US-based home workout system developer Tempo secured $220m yesterday in a series C round led by internet and telecommunications group SoftBank’s Vision Fund 2.
Investment firm Steadfast Capital Ventures also took part in the round, as did venture capital fund Bling Capital and VC firms DCM Ventures, General Catalyst and Norwest Venture Partners (NVP). It took the company’s overall funding to $300m.
Founded in 2015, Tempo has built an artificial intelligence (AI) and 3D sensor-equipped online platform which links with its fitness accessories to help users design an exercise routine at home.
The cash will be used to improve the company’s technology in a bid to offer individualised and timely advice to each customer. Company co-founder and chief executive Moawia Eldeeb said: “This new funding allows Tempo to further develop its AI to expand our class categories and content offerings.”
Jeff Housenbold, a managing partner for Vision Fund 2 manager SoftBank Investment Advisers, added: “By providing personalised AI-generated feedback through its computer vision technology, Tempo delivers the experience of working out with a personal trainer to consumers in their homes.”
Tempo closed a $60m series B round in July 2020 co-led by General Catalyst and Norwest Venture Partners and backed by Bling Capital, DCM, Founders Fund, SignalFire and Y Combinator at a $250m valuation.
DCM had led a $17m series A round for Tempo the year before, investing alongside Bling Capital, Founders Fund, Khosla Ventures, SignalFire and Y Combinator. The company, then called SmartSpot, had previously raised nearly $2m in a 2015 seed round featuring Khosla Ventures, SignalFire and Y Combinator.
