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

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.

- Advertisement -

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.

Latest Stories

What you need to know about cybersecurity in 2019

Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. It has become one of the most critical...

Google quietly launched hotel booking destination with a potentially significant impact

Google just made it even easier to book a hotel room, just in case you’re planning some holiday travels. In only...

Philippines-based insurtech startup, Saphron, raises US$1M in seed funding

Saphron has secured US$1 million seed fund coming from fintech-focused venture capital firm Sage and venture lab Talino Labs, a venture...

Line invests US$20M to produce first Thai unicorn

With the ScaleUp program, Line Thailand and Line Ventures target to have the first Thai unicorn within the next three to...