Fitness Start-up Insane AI raises $873K in seed funding round led by pi Ventures By Elets News Network - 28 July 2021
Insane AI, an Artificial Intelligence (AI) powered fitness training app, has closed $873 K (Rs 6.5 Crore) in seed funding.
Leading the round is pi Ventures, an early-stage venture capital fund that backs deep tech startups, along with a clutch of angel investors including Anupam Mittal (Founder and CEO, People Group), Sameer Pitalwalla (ex-Culture Machine, Epic Games), Saumil Majumdar (Founder, SportzVillage), Karan Tanna (CEO, GhostKitchens), Arjun Jain (Faculty at IISc) and LetsVenture. Insane AI plans to utilize the current round to invest in product development and innovation, strengthen its tech team and accelerate growth in the international market.
Founded by Anurag Mundhada, Jayesh Hannurkar and Sourabh Agrawal, Insane AI uses computer vision and artificial intelligence to create the best home workouts and personalized training plans. The computer vision technology developed by Insane AI tracks the user’s body motion at a significantly higher resolution than is possible with a smartwatch.
Over the last year, health and fitness apps saw a spike in growth with the number of downloads increasing by 50%. Consumers increasingly prefer digital fitness tools with analytics to help improve their fitness.
Anurag Mundhada, Co-founder, Insane AI, said, “Mainstream fitness formats can become drab and don’t challenge or inspire people enough to really build a long-term habit of fitness. Our unique gamified workout format keeps users highly engaged and motivated to give their best during every session, allows them to monitor their progress, and keeps them committed to their fitness goals. Users that work out on our platform are encouraged to compete against themselves or with friends and can track their fitness metrics holistically. We have done a successful beta release and by the end of the year, we plan to launch across the globe.”
Commenting on the investment, Shubham Sandeep, Principal, pi Ventures stated “Digital health and fitness has seen a rising demand amidst the pandemic and is already a multi billion dollar industry. However, the at-home fitness experience is lacking which is waiting to be disrupted by technological advances such as AI, AR and computer vision. At pi, we like companies that fundamentally reimagine sectors on the back of disruptive technology and love the immersive, engaging and sophisticated fitness solution developed by Insane AI. The founders themselves are experienced gamers and experts in deeptech, health and fitness domains. We are impressed by the vision and execution shown by Anurag, Jayesh and Sourabh and look forward to partnering with them to make gamified fitness central to people’s lives.”