OliveX secures strategic investment to advance development and roll-out of AI fitness apps

  •  OLIVEX HAS SECURED US$1M (A$1.4M) FROM STRATEGIC INVESTORS INCLUDING ALABASTER AND ANTANAS GUOGA (ALSO KNOWN AS “TONY G”)

  • OLIVEX IS A SUBSIDIARY OF ANIMOCA BRANDS THAT DEVELOPS AND PUBLISHES PRODUCTS THAT LEVERAGE AI AND GAMIFICATION TO IMPROVE USERS’ HEALTH AND FITNESS

  • ALABASTER IS A START-UP INVESTOR FOCUSED ON COMPANIES WITH THE POTENTIAL FOR GLOBAL IMPACT

  • ANTANAS GUOGA IS THE CO-FOUNDER OF BLOCKCHAIN FITNESS COMPANY LYMPO, AND A PROMINENT EUROPEAN UNION BUSINESSMAN AND POLITICIAN

  • SONNY VU, ALABASTER’S FOUNDER AND A DIRECTOR OF OLIVEX, TO BE APPOINTED AS CHAIRMAN

  • MR VU HAS CONSIDERABLE EXPERIENCE IN THE WEARABLE TECHNOLOGY SPACE, HAVING PREVIOUSLY FOUNDED MISFIT, WHICH HE SOLD TO FOSSIL FOR US$260M IN 2015

  • FUNDS RAISED WILL BE USED TO SUPPORT OLIVEX’S BODY MOTION AI INITIATIVES AND PROGRESSION INTO OTHER SEGMENTS OF THE WELLNESS SECTOR

  • THE GLOBAL MOBILE HEALTH MARKET WAS VALUED AT ABOUT US$24BN IN 2017, WITH A FORECAST CAGR OF 26% FOR THE PERIOD 2018 TO 2026

 
HONG KONG, 25 February 2019 – Animoca Brands Corporation Limited (ASX: AB1, “the Company”) is pleased to advise that its subsidiary OliveX (HK) Limited (“OliveX”) has secured US$1 million (approx. A$1.4 million) in funding from strategic investors including Alabaster and Antanas Guoga (also known as “Tony G”).
 
OliveX is a subsidiary of Animoca Brands, which launched in March 2018 (see ASX announcement of 19 March 2018). OliveX is focused on developing and publishing mobile apps, including apps powered by artificial intelligence (AI), that utilise gamification to improve the health, fitness, and engagement rates of users.
 
The global mobile health market was valued at US$24.2 billion in 2017 (Mordor Intelligence, 2018). It is forecast to grow at a compounded annual growth rate (CAGR) of 26.1%, reaching a worth of US$152.2 billion in 2026 (Acumen Research and Consulting, 2018).
 
OliveX has  accumulated over 1.4 million downloads in the last 12 months with fitness apps such as 22 PushupsVora – Fasting Tracker, and  Lympo Squat; the latter is the result of a partnership between Animoca Brands and leading blockchain fitness company Lympo. OliveX apps have received over 30,000 reviews with an average rating of 4.7 out of 5. 22 Pushups was featured in the “new apps we love” segment of the App Store.
 
In January 2019, Animoca Brands, OliveX and Lympo announced the world’s first “Squat for Crypto” initiative with the official launch of Lympo Squat, the AI-powered mobile app promoted by world-famous tennis player Caroline Wozniacki.
 
Today, the Company announces that OliveX has raised capital from strategic investors to advance OliveX’s body motion AI initiatives and a number of additional opportunities in the wellness space, including potentially deploying the capital for app acquisitions. The investors include Alabaster and Antanas Guoga.
 
Alabaster is a start-up investor focused on companies that it believes will have a global impact. Antanas Guoga is a prominent Lithuanian businessman and politician, and the co-founder of Lympo. He is a member of the E.U. parliament and also the head of Lympo’s Blockchain for Sports Foundation. Lympo is a long-term partner and collaborator of both Animoca Brands and its subsidiary OliveX (see ASX announcement of 25 July 2018).
 
Alabaster founder Mr Sonny Vu has agreed to be appointed chairman of OliveX. Mr Vu, currently a board director of OliveX, brings a wealth of experience to the role and has a considerable network in the technology and health device sectors. Mr Vu previously founded Misfit, a wearable activities tracker company that was acquired by Fossil Group, Inc., in 2015 for US$260 million.
 
The Company continues to evaluate funding options for OliveX to best facilitate the development and monetisation of OliveX’s suite of products, including looking at private and public equity modelling.
 
Yat Siu, co-founder and chairman of Animoca Brands said: “The board and management of Animoca Brands are pleased with the continued expansion in OliveX’s strategic investor base. OliveX continues to attract a high level of management and market support. We look forward to OliveX’s progression in the health and wellness space as it unlocks value for Animoca Brands and its shareholders.”

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Kanye West’s Biggest Losses of 2022

Kanye West’s Biggest Losses of 2022

Singer, rapper and chaotic personality Kanye West, a.k.a. Ye, has been all over the news and the place for the past few months. What’s more? Media personality Kim Kardashian is not all that he has lost. The famous rapper has also lost his billionaire status as his over-a-decade-long relationship with Adidas ended following his antisemitic (i.e. against the Jewish community) comments on social media. Now, he is worth US$400 million.

Top 5 Covert Signs of Sexual Harassment

Top 5 Covert Signs of Sexual Harassment

One of the gravest threats to a workplace is sexual harassment. Although commonly believed to be a situation only women go through, sexual harassment can be experienced by a person of any gender or sexual orientation. According to an analysis conducted by Gapjil 119, an organization that assists with workplace abuse, eight out of ten workplace harassment victims end up facing some form of retaliation from the aggressor, like getting turned down for a promotion or threatening their job.

Are You Being Quietly Fired?

Are You Being Quietly Fired?

In a previous article, we discussed how the modern workforce is expressing their discontent with their working conditions by quiet quitting. Quiet quitting means simply doing what is expected from employees instead of being emotionally invested in the jobs and going the extra mile for companies. Now, employers have taken a page from their employees’ books and begun using quiet firing to reduce the number of workers.

3 Inspirational Young Entrepreneurs Making a Difference

3 Inspirational Young Entrepreneurs Making a Difference

Entrepreneurship is not an age-specific venture. From Baby Toon by Cassidy Crowly to Minomynas by Hillary Yip, the rise of youth entrepreneurs has captured the world’s attention, showcasing the talent and creativity of our future leaders. According to a survey, about 60% of teenagers are interested in starting their own business instead of working a traditional job.

Reynold Poernomo on KOI, His Inspirations and Life after Masterchef

Reynold Poernomo on KOI, His Inspirations and Life after Masterchef

28-year-old Reynold Poernomo may have moved on from his MasterChef Australia days, but the world certainly will never forget the contestant who urged even the infamously austere Gordon Ramsay to soften and dub his dessert—White Noise—“breathtaking”. Watching Reynold on screen was akin to viewing a sporting event, where you are constantly rooting for him with foam fingers and pom poms because you marvel at his skill and aspire to have his courage and creativity.

Five Must-Have People Skills in the Workplace

Five Must-Have People Skills in the Workplace

As per McKinsey, by 2030, the need for finely tuned social and emotional skills will rapidly grow as the world’s adoption of new technologies, automation and artificial intelligence (AI) expands. While hard skills, like coding or accounting, are still in high demand, people skills are becoming increasingly important in the workplace. Employers are looking for empathetic, friendly workers who can interact effectively with others.