UK-based connected fitness startup Energym is only halfway through its crowdfunding campaign, yet is well on its way to full production of its smart fitness bike, the RE:GEN. The financial backing that continues to grow will be used in a number of different ways to help the young company expand, Energym says.
Energym is an engineering and tech-focused startup based in Birmingham on the cusp of releasing its flagship product, the RE:GEN fitness bike. This bike gathers energy created by its rider, and harnesses it in Energym’s Ohm battery, capable of storing 100-220 watt-hours (Wh) of energy.
That stored energy can then be used to power other devices such as phones, laptops, and other electronics.
The RE:GEN smart bike currently exists as a working prototype that Energym has been promoting through video content and glimpses at its headquarters. Energym has decided to to take a crowdfunding approach to its development process in order to get the RE:GEN bike into full-fledged production.
A recent look at the Energym funding page reveals that the RE:GEN is well on its way to production with additional money for further expansion.
Energym has nearly tripled its funding goal so far
According to the Energym RE:GEN campaign on funding website Indiegogo, the startup has gathered $60,177 in backing as of July 1. This number has far eclipsed its initial goal of $20,671.
Energym’s campaign was set around a “flexible goal,” meaning that even if the startup did not hit $20,671, it would keep all donated funding. In two weeks, it has already surpassed this number, meaning Energym has the money it needs and then some to bring it RE:GEN bike into production.
Furthermore, with 15 days still remaining on the funding campaign, Energym has plenty of time to gather more backers and money to put toward other goals the company has in mind.
The funds from the initial goal will be used to cover the costs of production, tooling, manufacturing, and shipping. The RE:GEN ships worldwide. Connect The Watts asked a spokesperson for Energyym what the additional funds would be used for and they said:
All additional funding will go into continued development of future products, along with our commercial model which we will be rolling out into a select handful of gyms later this year. It also allows us to look at expanding our team, we’re still a small team at the moment, with plans to grow and design, develop and deliver more. The RE:GEN is just the beginning.
With its funding goal met, Energym can now guarantee that people will start receiving deliveries of their new RE:GEN bikes later this year. We will keep an eye on the Indiegogo campaign and continue to share news surrounding Energym as it continues to grow.