Funding for virtual reality startups has become more scarce in the past two years, as investors have faced extended delays in widespread adoption. Meanwhile, connected fitness has exploded, attracting attention amidst on-site shelters, with companies like Peloton having seen huge user gains, Mirror having recently sold Lululemon for $ 500 million.
FitXR wants the virtual reality headset to become the next hot seller in the connected fitness area.
The startup, which is developing the popular virtual reality exercise app BoxVR, told TipsClear it had just closed $ 7.5 million Series A funding led by Hiro Capital. The financing was structured with a $ 6.3 million equity investment and a $ 1.2 million loan from Innovate UK, a British government organization. Other investors include Adam Draper's BoostVC, Maveron and TenOneTen Ventures.
FitXR's BoxVR game has become one of the exercise apps specially designed for virtual reality devices. The boxing title adopts a Guitar Hero-esque interface influenced by Beat Saber but focuses on more physically demanding movements like fast uppercuts and jabs. The startup is selling the app, which is available in the Oculus Store, PlayStation Store, and Steam, for $ 29.99, with additional content packs for $ 9.99.
Working in VR has slowly become a common use case for headsets thanks to the physical movement required for some of the most hectic titles. Beat Saber, which Facebook acquired last year for an undisclosed amount, was one of the first titles to take full advantage of this opportunity. Earlier this year, a VR studio supported by 16z Within launched a subscription exercise app called Supernatural. At the end of last year, SF-based YUR raised $ 1.1 million in pre-seed funding for its VR exercise software.
The virtual reality market has a lot to gain from the local refuge, but supply chain issues with the industry's main lessor, Oculus, have left virtual reality studios with many missed opportunities. All Oculus helmets, including their Quest $ 399 stand-alone helmet, have been sold or in short supply since the start of the year, a development that has had a negative impact on the growth of an increasingly dependent industry. from Facebook.
The VR headset does not have a heart rate monitor or other fitness tracking capabilities, but VR developers have access to a lot of movement data from the speed and speed of the headset and controllers of a user. FitXR uses this data to calculate calories burned and allows users to set personal goals for the number of calories they want to burn in the app daily.
Right now, FitXR products are only found inside the VR headset, but as the company seeks to expand its team of 20 people with this funding, the company's leadership is generating interest in seeing its world grow. beyond the helmet.
"We are looking at our own use of the product and we don't think it should be limited to virtual reality," Sam Tech, CEO of FitXR, told TipsClear in an interview. "But I think the sticking point for us is that we think the funniest way to work is in a VR headset. And therefore, our goal as a company is to continue to build and innovate in this space. "
