Hydro, a home rowing machine, announced Thursday that it has acquired a majority stake in Speede Fitness, the developer of an AI-powered strength training machine.
The rowing startup also announced that CEO and founder Bruce Smith will step down and President and CFO John Stellato will take over day-to-day operations, according to CNBC. Smith is currently Chairman of the Hydrow Board of Directors.
Hydrow declined to share how much stake it currently holds in Speed Fitness. The company may acquire the remaining stake in Speede, but it is currently unclear.
Founded in 2017, Hydrow's connected rowing machines (priced from $1,695 to $3,995) simulate the feeling of rowing on water through a patented electromagnetic and computer-controlled drag mechanism. The company has raised $300 million to date and promotes high-profile investors such as Activant Capital, Constitution Capital, L Catterton, Liberty Street, RX3, and Sandbridge Capital, as well as several professional athletes and celebrities such as Travis Kelce and Justin Timberlake.
Smith told TechCrunch that as of April, delivery unit sales were up 35% year-over-year.
Backed by NFL players (Cole Kmet, Jaylon Johnson and Justin Simmons), Speede Fitness offers a full-body home gym experience that combines isotonic, isokinetic and eccentric training to deliver a more challenging and effective workout.
As Hydrow aims to become a “whole body health company,” this acquisition will allow it to expand into strength-focused experiences, which the company plans to integrate into its connected fitness platform by 2025. In addition to rowing, Hydrow also offers other exercises, including: Yoga, Pilates, functional exercise.
“This innovative product features a state-of-the-art digital rheostat platform with adaptive feedback,” explained Smith.