AI home gym equipment startup Tempo raises $60 million

Home fitness startup Tempo today closed a $60 million round to ramp up manufacturing of its $1,995 AI-powered gym system. In addition to bolstering its go-to-market efforts, Tempo says it will use the funds to expand its content offering with a second production studio. Shelter-in-place orders and office closures motivated by the pandemic sent fitness equipment sales skyrocketing over the past few months. A report commissioned by eBay found that between March and April of this year, home gym sales increased up to 20 times in some categories compared with the same time frame last year. NPD Group reported that in March alone, fitness equipment sales rose 130% year-over-year, with benches up a whopping 259%.