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.
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.