China's fitness app Keep raised USD 127 million in a Series D round on July 10. The fundraising was led by Goldman Sachs. Tencent, Bertelsmann Asia Investments (BAI), GGV Capital and Morningside Venture Capital also participated in the round. This has been the single largest fundraising round in China's Internet fitness industry.
Earlier, Keep had raised USD 60 million with five rounds of financing. Tencent has invested in Keep since Series C+ round. Tencent and Keep have carried out in-depth cooperation on cloud computing.
Keep CEO Wang Ning said in a company internal letter released on July 10 that Keep will stick to the strategic key word "connection," and will continue to use the capital to build a technology-based online-to-offline sports ecology.
Early this year, Keep released its smart wearable hardware KeepKit and the K1 smart treadmill. In March, Keep opened its first offline fitness center Keepland in Beijing. The fitness center adopts pay-per-time business model. "Fitness center Keepland will appear everywhere as city infrastructures," Wang said in the letter.
After the financing, Keep will focus on AI development. So far, Keep has accumulated users' profiles, sports data, social data and scenario data of 140 million users for its AI research. In addition to abundant online data, the smart hardware KeepKit and urban fitness center Keepland will help Keep further improve and enrich the data.
Now Keep has two plans in AI area:
- Review users' exercise records and give timely feedback by combining sensor or camera motion with AI.
- Give users personalized exercise instructions based on the mass data collected in Keep App and smart hardware.