Cardio Health, a metaverse gaming and fitness company located in South Korea, has secured $1 million in a seed round headed by Smilegate Investment.
Kyung Dong Invest, a subsidiary of the Kyungdong Group, Nanuhm Angels, and a founding partner of Crescendo Equity Partners, also took part in the round.
Cardio Health creates Internet-of-Things (IoT) devices that link the company’s fitness equipment to a workout game platform. Users may play games while exercising and earn Cardio Points, a digital currency.
In order to prevent cheating, the gadgets also validate workout data. Cardiocoin or vouchers for healthcare services from insurance companies, local clinics, and fitness facilities can be exchanged for the points earned.
CEO Daniel Park of Cardio Health said the company is considering an “early flip into the US to magnify [the firm’s] global expansion capabilities.” It is also preparing for a new round of funding to help it enter global markets with greater vigour.
Cardio Health intends to offer its IoT gadgets to exercise equipment makers and distributors throughout the world in the third quarter of this year. It also wants to go beyond its present collaboration model with gyms. Metarun, a treadmill service from Cardio Health, is utilized in 20 gyms in South Korea and has collected over 45,000 kilometres of customer workout data, earning over $10,000 in Cardio Points.
