South Korean metaverse healthtech firm nets $1m seed money

Cardio Health, a South Korea-based metaverse gaming and fitness startup, has raised US$1 million in a seed round led by Smilegate Investment.

A woman running on a treadmill. / Photo credit: Intenza Fitness on Unsplash

Korean conglomerate Kyungdong Group’s Kyung Dong Invest, VC fund Nanuhm Angels, and a founding partner with Crescendo Equity Partners also participated in the round.

Cardio Health develops IoT devices that connect the firm’s range of fitness equipment to an exercise gaming platform. Users can play games while exercising and earn a digital currency called Cardio Points.

The devices also verify exercise data to filter out cheating. The awarded points can be swapped for Cardiocoin or vouchers for healthcare services from insurance companies, local clinics, and fitness centers.

Cardio Health CEO Daniel Park said the company is considering an “early flip into the US to magnify [the firm’s] global expansion capabilities.” It is also preparing for another investment round to help it enter global markets more aggressively.

In the third quarter of this year, Cardio Health plans to sell its IoT devices to fitness equipment manufacturers and distributors globally. It also aims to expand beyond its current model of partnerships with gyms. Cardio Health’s treadmill service, Metarun, is being used in 20 gyms in South Korea and has recorded over 45,000 kilometers of user workout data, awarding over US$10,000 in Cardio Points.

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