High frequency trader Jon Gregory has swapped stock-screens for workout screens, banking $US15 million for his AI-powered personal training start-up Vitruvian.
“When you’re doing hardware, software, and production as well, that soaks up a lot of capital,” Mr Gregory said.Vitruvian was born out of the gym at the back of Mr Gregory’s high frequency trading firm, which he ran for several years with a few colleagues in Perth.“And it just seemed incongruous that we were doing cutting-edge trading on one side of the room, and we were just pushing metal around on the other side.
“It’s amazing he didn’t run for the hills,” Mr Gregory said of the machine that was the size of a room, made of a massive frame with motors, pulleys and screens everywhere.By 2018, the angel investor tipped in $100,000 and Mr Gregory tipped in $100,000 and Vitruvian was born. While customers have lapped up the AI-powered exercise platforms that retail for around $4,000 each, plus trainer memberships, the biggest challenge for Vitruvian is to increase production volume.“Traditional software or SaaS start-up costs are generally developer bums on seats,” Mr Gregory said. “But our hardware plus software business has a lot more moving parts.”
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