Wearable- tech startup GOQii has raised Series A funding of about $13.4 million led by New Enterprise Associates (NEA) and China-based Cheetah Mobile with participation from Great Wall Club (GWC), a grouping of Chinese and American investors and Singapore-based DSG Consumer Partners.
The raised capital shall be used to establish its presence in China and on mobilie platforms such as the Mi user interface of Xiaomi. Commenting on the development, Founder, Vishal Gondal said, “We are looking to expand overseas in countries such as China but for that we will need local mandarin content which we are working upon.”
Adding further, he said, “our band agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets”.
In August, the company had raised angel funding from Whatsapp’s Neeraj Arora and AWS’ Marco Argenti.
The company currently has 1,000 fitness coaches who are present in India, US and middle east who guide users through a mobile app on the fitness regimen.
According to a report, the wearable-tech business will take a leap from $20 billion in 2015 to almost $70 billion in 2025. The dominant sector will remain the healthcare sector which merges medical, fitness and wellness.