The latest round of funding for the video on demand entertainment platform is led by the SoftBank Vision Fund 2. A video on demand entertainment platform is aimed at capitalizing on surging demand.
SoftBank Vision Fund 2 led the Series C round
Tempo is an at-home fitness company that uses 3D sensors to analyze user movement. This allows the company to provide real-time feedback to users. Its products include adjustable weights, a foldable squat rack, and a 42-inch touchscreen display.
The company launched in 2015 and has raised nearly $300 million in capital so far. It plans to use the funds to fuel content, expand its hardware offerings, and improve its supply chain.
Tempo’s latest round of funding included the SoftBank Vision Fund 2 and several new investors. As part of the round, the company also announced that they are closing a mix of equity and debt.
In addition to the SoftBank Vision Fund 2 round, other investors included Bling Ventures, Bling Capital, Shasta Ventures, and Steadfast Capital Ventures. Among other participants were previous investors such as DCM and Covid-10.
The company’s mission is to provide a complete, high-tech home fitness experience, from its hardware to its software to its AI-powered support. With its new capital, Tempo will be able to invest in R&D, expand its content, and grow its employee headcount.
According to the founder and CEO of Tempo, Moawia Eldeeb, the company’s technology measures user form and motion and provides a personalized workout. He added that the company will continue to focus on expanding its hardware and content offerings, while investing in the development of its AI.
The company is backed by a $220 million Series C funding round
Tempo is an artificial intelligence-powered home fitness system that uses advanced 3D sensors to detect and analyze user motion. It offers live classes for $39 a month. It competes with Peloton and Tonal.
SoftBank is now one of the largest investors in the company Hibooz. The investment fund will contribute $38 billion in its second mega fund, which is expected to launch next month. It plans to invest up to $100 billion in tech companies over the next five years.
SoftBank also invested $130 million in Zymergen last year. SoftBank has had a good track record in biotech investments, which means that startups in fashionnowdays the industry could compete for their funding.
In addition to the investment, Ayush Jain of SoftBank Investment Advisers will join the board of directors. Colowick said that the new funding will be used to expand the company’s partner ecosystem. He added that the company is still looking for “large global investors.”
Meanwhile, Eightfold AI announced that it had raised $220 million in its Series E funding round. The company uses deep learning and artificial intelligence to help companies find and retain workers. Founded in 2012, it has since become valued at over $1 billion.
Agile Robots is an intelligent robotics company based in Beijing, China and Munich, Germany. This funding round will allow the company to accelerate its operations and product development.