Rowing startup Hydrow acquires a majority stake in Speede Health as their CEO steps down

Hydrow, the at-home rowing machine, introduced Thursday that it has acquired a majority stake in Speede Health, the corporate behind the AI-enabled energy coaching machine.

The rowing startup additionally introduced that CEO and founder Bruce Smith will step down, and President and CFO John Stellato will take over day-to-day operations, per CNBC. Smith is now the chairman of Hydrow’s board.

Hydrow declined to share how a lot of a majority stake it now has in Pace Health. It’s doable that the corporate could purchase the rest of Speede, however it’s unsure presently.

Based in 2017, Hydrow’s related rowing machines (which vary from $1,695 to $3,995) simulate the sensation of rowing on water via a patented electromagnetic and computer-controlled drag mechanism. The corporate has raised $300 million to this point and touts notable buyers corresponding to Activant Capital, Structure Capital, L Catterton, Liberty Road, RX3, and Sandbridge Capital, in addition to a number of skilled athletes and celebrities like Travis Kelce and Justin Timberlake.

As of April, delivered unit gross sales had been up 35% 12 months over 12 months, Smith instructed TechCrunch.

Backed by NFL athletes (Cole Kmet, Jaylon Johnson, and Justin Simmons), Speede Health affords a full-body dwelling health club expertise, combining isotonic, isokinetic, and eccentric coaching to offer tougher and efficient exercises.

As Hydrow goals to develop into a “whole-body well being firm,” the acquisition permits it to develop into strength-focused experiences, which the corporate will combine into its related health platform by 2025. Along with rowing, Hydrow additionally affords different exercises like yoga, Pilates, and useful motion.

“This modern product will function a tech-forward, digitally variable resistance platform with adaptive suggestions,” Smith defined.