US-based smart home fitness technology provider Tonal attracted $110m in funding yesterday from a consortium including Amazon Alexa Fund, an investment vehicle for e-commerce and cloud services group Amazon.
Evolution Media, the joint venture of talent agency Creative Artists Agency and growth equity fund TPG Growth, also took part in the round, as did L Catterton’s Growth Fund, Shasta Ventures, Sapphire Sport, Mayfield, THVC, Delta-v Capital, Mousse Partners and professional sportspeople Stephen Curry, Paul George and Michelle Wie.
Tonal has created a workout system that uses digital weight technology rather than metal weights. It is capable of generating up to 200 pounds of resistance and enables the user to perform more than 170 different moves.
The system exploits artificial intelligence technology to adjust workouts in real time, and includes a touchscreen and sensors to cue and correct the user’s posture.
The funding will accelerate Tonal’s marketing efforts, scale its supply chain and logistics activities, and support software updates to deliver additional content. It has also partnered medical centre Mayo Clinic for a clinical trial that will look at the potential applications of its digital strength training in physical therapy.
Tonal has now secured a total of $200m since it was founded in 2015, having closing a $49m series C round in April 2019 that was led by L Catterton and backed by Evolution Media, Shasta Ventures, Sapphire Ventures, Mayfield and Serena Ventures.
Mayfield, Shasta Ventures, Sapphire Ventures and Serena Ventures were identified as returning investors in the round, and TechCrunch also named Bolt Capital, Next Play Capital and Upside Partnership as early backers. The company has not disclosed details of its earlier financing.
Photo courtesy of Tonal.
