Indian fitness platform GOQii raises $10M to develop its health metaverse

Indian fitness tech company GOQii has scored another $10 million in a comprehensive Series C equity financing round from Hong Kong-based gaming software and venture capital firm Animoca Brands.

This time, the investment will support the development of its health metaverse, according to a press statement.

Founded in 2014, GOQii is a health technology company that offers a wearable fitness tracker and companion mobile app. It also offers health coaching and insurance and operates a health marketplace.

WHAT IS IT FOR?

The metaverse ecosystem that GOQii is building will be powered by a virtual token program where users will be rewarded with a virtual token for their healthy behavior and for completing gamified fitness activities.

These tokens, the company said, can be used to purchase products and services, purchase non-replaceable tokens or NFTs, and participate in special events and game modes. Notably, NFTs can be converted into a blockchain-based cryptocurrency for transactions on platforms outside the GOQii ecosystem, a news item noted.

The tokens are also an extension of the company’s GOQii Cash. GOQii Cash was first introduced in 2018 and can be redeemed at the GOQii Health Store, a health marketplace with more than 200 brands and more than 6,000 products, such as healthy snacks, supplements and fitness equipment.

The GOQii metaverse is planned to launch globally in the next 12-24 months.

WHY IT MATTER

The upcoming GOQii metaverse contributes to the many ways in which the Indian population can be actively involved in managing their health, which is one of the key objectives of the recently launched National Digital Health Mission. The Indian government plans to promote the digitization of its health system through the NDHM, which will lay the foundation for the country’s digital health infrastructure.

“GOQii’s Metaverse is committed to driving innovation in healthcare as the company addresses the complex challenges of healthcare accessibility and affordability,” the company said.

THE BIGGER TREND

It wasn’t until the beginning of this year that the hype surrounding metaverse, a network of 3D virtual worlds, made its way into the healthcare sector.

The Emirates Health Services in Dubai announced in January that it has begun testing what could be the world’s first metaverse healthcare platform. The platform, called MetaHealth, provides a virtual world for the health professionals in Dubai’s three major hospitals. Patients who are not physically able to attend a clinic or hospital can access this platform via a mobile device.

Last month, the Singapore-based healthcare company Meta Health said it will enter the metaverse ecosystem of Aimedis, a medtech company from the Netherlands that built the virtual Aimedis Medical City. Through their collaboration, Meta Health’s telemedicine platform 5Digital will be embedded in the virtual medical city of Aimedis, where consultations, as well as health data from IoT medical devices, will be stored on the blockchain.

Weeks ago, starting up robotics NexStem began rolling out its brain-computer interface (BCI) headset and software in Asia-Pacific, Europe and the US. The company said it is exploring the use of cases of BCI in virtual reality, mental health and everyday applications to further empower people to be part of the metaverse.

Meanwhile, GOQii’s latest investment from Animoca adds to the $50 million it raised in February in a funding round, the proceeds of which will be used to expand its insurance and digital therapy offerings.