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Fitnet, the First Mobile Fitness App Employing a Biometric Webcam, Secures Venture Financing

Investment fuels momentum after clients from 175 countries collectively burn more than 1.25 million calories in three months.

BLACKSBURG, Va., April 15, 2014-- Fitnet Corporation, the developer of Fitnet, the first-ever mobile fitness training app to use a webcam to score clients on human led workout sessions, announces it has secured a series A venture financing totaling up to $1.4 million from Valleys’ Ventures, LP and CIT Gap Funds – just three months after its debut in Apple Inc.’s App Store. Launched January 2014, Fitnet has helped clients from 175 countries and all 50 states burn more than 1.25 million calories collectively, demonstrating a healthy success. Using advanced computer vision technology, the app connects clients with personal trainers - complete with real-time individual feedback and workout scoring. This financing provides capital expand the capabilities of the Fitnet app and increase workouts available.

Fitnet helps clients achieve fitness goals through yoga, cardio and strength workouts customized by level and preference, trainer feedback, and adjustments based on past performance. As the only mobile fitness app on the market with a biometric webcam and personalized scoring system, Fitnet provides users with the same workout experience as a personal training session with the convenience of working out any place, at any time. The app’s popularity has grown quickly and is currently featured as one of the top fitness apps in the iTunes App Store. Fitnet has already received recognition for its leading edge technology from TechCrunch, Mozilla, the National Science Federation, Microsoft and Google.

“People love the customization aspect of creating their own workouts by style and training levels, but it’s the live feedback that keeps them on-track,” says Bob Summers, chief geek at Fitnet. “Our objective is to provide our clients with an easy and useful way to keep working out so they can monitor progress and ultimately surpass their personal fitness goals.”

“I’m always busy with family, clubs and social groups, and don’t have the ability to plan around the classes at the gym,” raved Gxeprincess in her iTunes App Store review. “I’m so glad to have a way to workout at home on my own time. I can use my iPad to workout in my bedroom, basement or den. I love that there are different classes available as I get bored with the same old routines, and I haven’t been bored yet!”

With multiple trainers guiding various workouts from yoga to strength exercises, the app also serves as a tool for personal trainers looking to engage with their client base outside of the gym. Plans for increasing the variety of workouts and personal trainer partnerships are currently underway.

Fitnet is available now on the iTunes App Store as a free download for the iPad with over 100 workouts. A premium monthly subscription of $0.99 is available which unlocks more advanced fitness routines.

About Fitnet

Launched in 2014, Fitnet is the first-ever mobile fitness app to provide clients with a score based on their performance during individual workout sessions. With 100+ free video fitness workouts, Fitnet converts your iPad camera into a powerful biometric sensor providing real-time feedback while exercising. 100+ Yoga, Taiji, strength and cardio workouts at varied intensities provide a fun and rewarding experience for beginners and experts alike. For more information, visit fit.net or follow @fitnethealth on Twitter.

About Valleys’ Ventures

Valleys' Ventures, LP is a regional venture capital fund. The fund's general partner is managed and operated by Third Security, LLC. Third Security is a venture capital firm formed in 1999 to manage investments in public and private companies. The Third Security team leverages its experience and expertise to guide companies toward category dominance. More information is available at the firm's website, thirdsecurity.com.

About the CIT GAP Funds

CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, IntersouthPartners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources. For more information, visit citgapfunds.org.


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