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Hong Kong-based fitness app secures US$1M investment

A recent report noted that the Hong Kong-based subsidiary of a mobile game publisher and developer, which focusses on developing and publishing AI-based products to improve users’ health and fitness, announced that it has secured a US$1 million-dollar investment from two strategic investors.

The company said it will use the funding to advance the subsidiary’s body motion AI initiatives and potentially do app acquisitions.

The investors include a start-up investor focused on companies that it believes will have a global impact, and a Lithuanian businessman and a member of the E.U. parliament.

Along with the investment, the founder of the start-up will also become a chairman of the subsidiary.

The subsidiary was launched in March 2018. The company focusses on developing and publishing mobile apps powered by artificial intelligence (AI), that utilise gamification to improve the health, fitness, and engagement rates of users.

Pushing the Hong Kong Smart City goals

The move will help boost Hong Kong’s Smart City goals for a Smart Economy. In particular, the region seeks to continue to explore and formulate initiatives to by enhancing the overall business climate, particularly in areas of the technology-driven economy like Fintech and re-industrialisation; furthering the development of Hong Kong’s I&T ecosystem to attract more start-ups and investors from other jurisdictions, and attracting more leading talents and investments to enhance our city’s economic vibrancy.

Moreover, the country is looking to make people happier, healthier, smarter and more prosperous, and the city greener, cleaner, more liveable, sustainable, resilient and competitive.

Using tech to stay fit

Hong Kong and the world has seen a dramatic rise in the use of tech for fitness purposes.

According to a report, wearable fitness technology has become as much a part of peoples’ wardrobes as their regular accessories. Activity trackers are being seen more and more on people’s wrists, monitoring everything from how many steps they take daily to food intake.

In the same vein, the use of fitness apps is also on the rise. According to another report, the current fitness app market in China (and Hong Kong by extension) is experiencing a rapid increase.

Even small start-ups are quickly gaining popularity and attracting investors. Apps allow Chinese people to not only track their physical activity but also to share their results on social networks, which is very important to them.

The total volume of the fitness market in China was US$1.11 billion in 2016. Almost half of that revenue was generated by mobile fitness applications.

Another website notes that revenue in the fitness segment will amount to US$53 million in Hong Kong in 2019. In addition, revenue is expected to show an annual growth rate (CAGR 2019-2023) of 6.5%, resulting in a market volume of US$68 million by 2023. The market’s largest segment is Wearables with a market volume of US$46 million in 2019. In global comparison, most revenue is generated in China.

Yet another report noted that analysts forecast that the global fitness app market will go grow at a CAGR of more than 29% during the forecast period.

The global fitness app market will grow significantly during the forecast period. Sports and fitness technologies are based on the use of data to improve and manage the overall athletic performance and fitness.

Fitness apps are being highly accepted in the market as personal advisers of sports and fitness. These apps gather big data, which can be transformed into essential and useful information such as the workout details of the user. Fitness apps are being largely used by athletes and coaches to enhance the performance of their teams by monitoring individual performance and analyzing the weak and strong points of players.

The high healthcare and hospital fees compel consumers to buy health and fitness apps, especially to measure calorie consumption, blood pressure, and heart rate. This enables them to track their health at home without the need to visit a doctor for a general check-up. This will boost the installation of fitness apps during the forecast period.

In this way, the aforementioned app is helping its Hong Kong customers (and others across the world as well) reach their fitness goals effectively and cost-efficiently, while simultaneously pushing the region’s Smart City goals.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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