Home Startups AI-powered mobile app developer, OliveX, raised US$1M investment from Tony G

AI-powered mobile app developer, OliveX, raised US$1M investment from Tony G

Posted on

- Advertisement -

OliveX (HK) Limited (“OliveX”) is a subsidiary of Hong Kong-based Animoca Brands which focuses on developing and publishing mobile apps, has secured US$1 million in funding from strategic investors including Alabaster and Antanas Guoga (who is also known as Tony G).

Animoca Brands is a company that is into the development and publishing of a spectrum of original games. It mostly develops free games, with a revenue generation model primarily through consumers when they pay for virtual in-game items or services. The company also offers in-game advertising across its network of games through Animoca brands. Additionally, the company also serves as a global publisher for selected games that have been developed by third-party developers.

Launched in March 2018, the subsidiary has developed a wealth of apps that leverage artificial intelligence (AI) and utilize gamification to improve the health, fitness, and engagement rates of users. Its top fitness apps include Lympo Squat, 22 Pushups, and Vora – Fasting Tracker.

Lympo Squat, developed in partnership with blockchain company Lympo and promoted by tennis star Caroline Wozniacki, allows its users to earn cryptocurrency by doing squats via the AI-powered mobile app.

Video Credit: Animoca Brands

The global mobile health market had an estimated valued of US$24.2 billion in 2017 and is expected to grow at a compounded annual growth rate (CAGR) of 26.1% reaching about US$152.6 billion by 2026.

The funding raised will help advance OliveX’s body motion AI initiatives and enter into other opportunities in the wellness space, according to the announcement. These opportunites include expansion through app acquisitions.

Felicia Calle
Felicia Calle
Australia | Felicia's fascination with tech began in the 90s, and she loves to update readers on the best tech deals on the internet. When she’s not writing, you’ll find her travelling around the world.

FEATURED READ

Huawei P20 Pro: Three-Eyed Beast with Great Speed and Battery Life

Huawei has continuously improved its smartphones over the past few years, posing a serious threat to the dominance of Samsung and Apple. The P20...

 Submit a Story

Do you have a story to share? We will help you inspire, connect, and celebrate with our thoughtfully vibrant community. Click here to find out more!

 Latest Stories

In brief: Artist illustrates how superheroes will look when they retire

Eddie Liu, an artist, based in Shanghai, has created a short yet beautiful series that imagines how a few of our...

Singapore’s BandLab Technologies to acquire British music publications NME and Uncut

Singapore's music tech company, BandLab Technologies, has announced its acquisition of NME and Uncut from London-based TI Media. This is a...

Google I/O features Singapore startup, BandLab

Amidst the excitement arising from the announcement at Google I/O conference last week, Singapore startup, BandLab, was featured in two of...

Philippine conglomerate JG Summit to invest US$50M in Southeast Asian startups

In its bid to grow the startup ecosystem in the region, JG Summit Holdings Inc, one of the largest listed conglomerates...

How to write better headlines [Infographic]

Writing good content is one thing, but it’s another to get that content read and ranked on search. As a content...