Cure.fit acquires Onyx to improve international offerings
Onyx specialises in body tracking technology and personalisation of workout feedback. It provides highly accurate rep counts, form correction, and detailed performance tracking.
PremiumBENGALURU : Fitness startup Cure.fit has acquired California-based fitness company Onyx, to boost its at-home fitness offerings, as well as to bolster its international business, the Bengaluru-based company announced on Monday.
Onyx specialises in body tracking technology and personalisation of workout feedback. It provides highly accurate rep counts, form correction, and detailed performance tracking. Through this acquisition, Cure.fit will also get access to Onyx's computer vision technology, to help it improve its product offering.
Also Read | Churn in India’s internet economy
The financial details of the acquisition were not disclosed.
Cure.fit announced its expansion into the US market in July highlighting its fitness services Cultfit and Mindfit, which offer therapy, meditation and yoga, to rope in international customers.
This came after the startup downsized its staff and curtailed its expansion plans, by laying off several trainers across gyms in Dubai and the United Arab Emirates, along with closing centers in Tier 2 Indian cities.
It also had plans to take its e-commerce offerings into the US market, as of last year.
“The 20s will be the decade of digital health. Onyx will accelerate our efforts towards building a hardware agnostic artificial intelligence-led platform that offers guided content on physical and mental wellness and nutrition all at the same place. Users will get a personalised experience with high quality tech and human touch, and will be able to achieve their fitness goals from the comfort of their homes without spending on expensive hardware," said Mukesh Bansal, co-founder, Cure.fit.
The startup also offers its energy-meter product in the US market, through which the phone camera tracks users’ movements as they try to follow guided content from trainers. Users can track their improvement, compete with their friends, post selfies, and follow their favourite trainers.
“Our mission at Onyx has always been to make truly personalized and connected fitness accessible to anyone. We are excited to be joining Cure.fit to contribute to this shared mission, and together bring incredible digital fitness experiences to a global audience even faster. High accuracy body tracking combined with studio quality content will help us create a very differentiated experience for our users," Onyx co-founder Asaf Avidan Antonir said.
The acquisition will help Cure.fit improve its energy meter product further.
“With this tech, our digital product will be very similar to attending a group class at a boutique studio or a personal training session in the gym. Users will get feedback on their movements and it will be a two-way interactive experience. We are integrating with all display devices such as Apple TV and Chromecas. Users can follow a variety of exercises such dance, HIIT, and yoga from their home," said Shamik Sharma, head of technology, Cure.fit.
In May, the company amassed close to $75 million in equity funding led by existing investor Accel, which valued the startup at roughly $550 million. It had also subsequently raised debt from Innoven Capital, as well as with others.
It had also spun off its food tech vertical Eatfit, into a separate entity, to function and raise funds for it independently. According to media reports, Cure.fit co-founder Ankit Nagori, swapped his shares in the health and fitness startup for a larger ownership in Cure Foods, which operates Eatfit.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
