In brief: Fitness app developer OliveX gets $1m funding

OliveX, a subsidiary of Hong Kong-based Animoca Brands, has secured US$1 million in funding from strategic investors including Alabaster and Antanas Guoga (also known as Tony G).

OliveX is focused on developing and publishing mobile apps – including apps powered by artificial intelligence – that use gamification to improve the health, fitness, and engagement rates of users.

Source: Animoca Brands

Hong Kong-based OliveX offers fitness apps including 22 Pushups and Lympo Squat and claims to have tallied more than 1.4 million downloads over the past year. Lympo Squat, developed in partnership with blockchain company Lympo and promoted by tennis star Caroline Wozniacki, allows users to earn cryptocurrency by doing squats.

Investor Alabaster was founded by Sonny Vu, who will become chairman of OliveX as a result of the transaction. Vu established fitness wearables startup Misfit, which was acquired by Fossil Group for US$260 million in 2015 .

Businessman and professional poker player Tony G is the founder of Lympo and serves as a member of the European Parliament, representing his native Lithuania.

Animoca Brands is an Australia-listed games studio that is also the majority shareholder of blockchain and AI accelerator Zeroth.