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Golfer Dustin Johnson Is Latest Professional Athlete Investor In OxeFit Fitness Training System
Tim Casey Forbes Senior Contributor
PGA Tour golfer Dustin Johnson is the latest professional athlete to invest in OxeFit, a company that manufactures and sells high-end fitness training systems.
Johnson participated in OxeFit’s Series A1 round that recently closed with $15 million of equity commitments. In all, OxeFit has raised nearly $35 million of funding since Mohammed “Rab” Shanableh and Peter Neuhaus founded the company in January 2020.
OxeFit expects to raise an additional $20 million of funding in the coming months, according to Shanableh. The company plans on using funds from the A1 round and upcoming round primarily to scale the company through employee hires and sales and marketing of its XS1 consumer product that hit the market in December 2021. The company also has a product, XP1, that launched in April 2021 and is geared towards professional sports teams, rehabilitation facilities and college athletics programs.
OxeFit received a small amount of seed funding early on from Lydia Partners, a venture capital firm that Shanableh founded in 2020. But since then, the company has eschewed funding from other VCs and instead courted athletes and sports medicine professionals as investors.
OxeFit’s other investors include Dallas Cowboys quarterback Dak Prescott, Los Angeles Rams cornerback Jalen Ramsey, former Cowboys tight end Jason Witten, free agent NFL receiver Dez Bryant, former Major League Baseball outfielder Matt Kemp and Toronto Raptors forward Thaddeus Young. James Andrews, a famous orthopedic surgeon who’s worked with numerous professional athletes, is also an investor in OxeFit and helped design the product.
“We took an approach early on instead of the traditional venture model was to make sure athletes and the sports medicine (community) was plugged in early on in the lifetime of the company,” said Shanableh, who is the company’s CEO. “They’re a big validation for the tech.”
He added: “That’s been probably the best thing we’ve done, to be honest with you, because they’ve been extremely active all the way down to the design principles.”
Startups often court high-profile athletes as investors because they can attract attention to the product or service. Some of those companies compensate athletes and grant them equity without the athletes having to invest their own money, but Shanableh claims that is not the case with OxeFit.
“You notice now a lot of (startups) are starting to try to add celebrities, and their approach to it is, ‘Let’s buy as many celebrity names as we can so they stand behind the product,’” Shanableh said. “Just to be clear, I have not paid a celebrity a dime. Not a single name announced and yet to be announced have gotten paid a dime by OxeFit. In fact, they all invested and paid to be part of OxeFit. That’s a key differentiator.”
Johnson became familiar with OxeFit late last year when he heard about it from Kolby Tullier, one of his trainers. Johnson and Tullier are partners in a fitness and training center in Jupiter, Fla., that has two of the OxeFit XP1 products. Johnson also is installing an OxeFit XS1 in his home.
“My coach can make a workout and send it to my machine and it’s already pre-loaded in there,” Johnson said. “The technology is so much more advanced than anything I’ve seen. I think it’s a great machine. You can do all kinds of different stuff on it, and I like the feedback it gives, too.”
The XP1, which is for commercial use by pro teams, training centers and college programs, has a 43-inch touchscreen and can accommodate up to 500 pounds. Meanwhile, the XS1 is primarily for use in home gyms and has a 32-inch touchscreen and can handle up to 250 pounds of weight.
Both products have integrated force plates and sensors and use artificial intelligence to tailor workouts and provide real-time data. People can do strength training and cardio workouts on the machines. The cardio exercises include simulated rowing, canoeing, paddleboard and kayaking.
The starting cost for the XS1 is $3,799, down from an initial entry price of $5,999 when it launched last December. People must also pay a $39.99 monthly subscription fee to access the workouts. OxeFit’s competitors in the at-home fitness sector include Tonal, which raised $250 million in a Series E round in March 2021 at a $1.6 billion valuation, and Tempo, which raised $220 million in a Series C round in April 2021.
Peloton is another fitness startup that benefited greatly from people working out at home during the coronavirus pandemic. But in recent months, Peloton has disclosed its sales have significantly declined, and the company replaced its CEO and co-founder, John Foley, with former Netflix NFLX -0.6% and Spotify executive Barry McCarthy. Peloton’s stock price has declined nearly 60% since the beginning of the year.
Private companies like OxeFit, Tonal and Tempo do not have to disclose their sales figures or any other financial data, but Shanableh acknowledged the trend of more people returning to work out at gyms. That’s why OxeFit has begun selling XS1 products to gym chains such as Planet Fitness PLNT +5.8% and Gold’s Gym, which Shanableh sees as a complement to selling directly to people for use at their homes.
Shanableh declined to say how many units the company has sold, but he said it was in the “thousands.” He added that the company has generated “multiple millions” of dollars in revenue without sharing specifics.
“We’re scaling fast,” Shanableh said. “We have more incoming orders than we can fulfill. We’re growing as fast as we can without being too disruptive to our business.”
Lydia Partners' portfolio company, OxeFit, has launched its first consumer product, The XS1; The XS1 Platform is the First At-Home Fitness System To Deliver Strength, Cardio, Balance and Immersive Interactive Fitness Training. See more here
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Lydia Partners: Creating Opportunity
Dallas-based Allied BioScience has been on the cutting edge of innovation throughout the pandemic. In April, the biotech company was among Lydia Partners’ initial round of multimillion-dollar investments, and in May, its antimicrobial coating was said to improve patient outcomes and reduce environmental contamination.
Now, Allied BioScience is once again at the forefront.
The U.S. Environmental Protection Agency (EPA) today approved the first and only surface coating for continuous protection against COVID-19 with a single application. The antimicrobial coating is called SurfaceWise2—and it’s from Allied BioScience.
The EPA approved Allied BioScience’s public health emergency exemption waiver, which was submitted by the Texas Department of Agriculture. It allows for Texas-based customers to use SurfaceWise2 against SARS-CoV-2 (the virus that caused the COVID-19 healthcare outbreak).
According to a statement, the exemption the Texas Department of Agriculture received from the EPA means Texas is “the first state in which a Section 18 emergency waiver for SurfaceWise2 has been approved.” But, Allied BioScience is currently pursuing the same emergency waiver across all 50 states.
“The EPA approval clears the way to begin effectively protecting consumers against COVID-19 as the only solution proven to provide long-term, non-toxic surface protection from the virus,” Michael Ruley, CEO of Allied BioScience, said in a statement. “We have been eager to bring our product to market and look forward to partnering with leading Texas-based companies to keep Texans safe in the fight against COVID-19.”
Allied BioScience has already begun forming those partnerships, one of the first being a North Texas neighbor: American Airlines.
In partnering with Allied BioScience, the Fort Worth-headquartered airline company will begin applying SurfaceWise2 on aircraft as an upgrade to its “Clean Commitment.” SurfaceWise2, an electrostatic spraying solution, will be used on surfaces inside American’s aircraft in the next few months and eventually throughout its entire fleet, including American Eagle regional partners.
It will become part of American’s multi-tiered cleaning and safety program, in addition to enhanced aircraft cleaning before mainline flights and a deeper overnight cleaning.
“The American Airlines Clean Commitment is our promise that we’re taking bold measures and using the latest products and technology to help ensure our customers’ well-being when they travel with us,” David Seymour, American’s COO, said in a statement. “Thanks to rigorous evaluations conducted by the experienced professionals at the EPA, the American Airlines team and Allied BioScience, our multi-tiered program will become even stronger at safeguarding our customers and team members from virus such as coronavirus and the flu.”
[Photo: Courtesy Allied BioScience]
So far, SurfaceWise2 is the first and only long-lasting product approved by the EPA to help fight the spread of the novel coronavirus.
SurfaceWise2 is a continuously active surface coating with properties that Allied BioScience said continuously kill 99.9 percent of viruses on surfaces. The coating, which is non-toxic, is applied with an electrostatic spray that aims to provide always-on protection on treated surfaces.
Essentially, SurfaceWise2 is creating a “protective invisible layer” that can physically break down and kill virus cells, according to experts. Dr. Charles Gerba, an infectious disease expert, found SurfaceWise2 to be effective against the coronavirus during independent lab studies that were conducted ahead of the emergency waiver’s approval.
The findings are especially important given the nature of a close, shared environment, like an aircraft. When combined with facial coverings, cleaning protocols, and HEPA filters, SurfaceWise2 will assist in making the American Airlines travel experience safer for those on board.
“SurfaceWise2 helps protect passengers and crew members against the transmission of coronavirus via surfaces,” Dr. Gerba said, “particularly on high-touch areas such as seats, armrests, tray tables and overhead bin doors.”
American is the first U.S. airline to deploy SurfaceWise2 from Allied BioScience. American said it worked closely with the EPA and Allied on getting SurfaceWise2 approved.
“SurfaceWise2’s long-lasting defense provides a layer of protection against viruses not offered by any other solutions on the market,” Maha El-Sayed, Allied BioScience’s chief science officer, said in a statement. “We look forward to also seeing SurfaceWise2 used in offices, schools, gymnasiums and other high-traffic areas to support the nation in safely reopening.”
Breakthrough Product Kills COVID-19 on Surfaces for Three Months
May 28, 2020
Dallas Morning News
BY WILL MADDOX PUBLISHED IN DALLAS MORNING NEWS, HEALTHCARE BUSINESS
Dallas-based biotechnology company Allied BioScience has developed a product that is proven to kill coronavirus for up to 90 days on surfaces, providing a solution for high contact environments that can’t be cleaned after every use such as subways, classrooms, airplanes, and factories.
The invisible nontoxic solution is continuously active and kills 99.9 percent of coronavirus after two hours of contact, and continues to do so for three to four months after first application.
Lab testing of the product was led by Dr. Charles Gerba, professor of environmental microbiology at the University of Arizona. When his staff studies how viruses move through bodies using tracer viruses, he found that a virus in one place can spread to 50 percent of surfaces and people in just four hours. “You don’t realize how many surfaces people are touching,” Gerba says.
Classrooms won’t be able to be completely wiped down during every passing period, and it will be nearly impossible to disinfect every arm rest between flights, so a long lasting product is essential for those organizations to keep their space COVID-free. Factories, offices, and other high touch areas will benefit greatly from long-term solutions.
The product is meant to be used every few months, and lasts between cleanings with regular disinfectant. It was tested in local hospitals over, and has held up well against regular cleaning. The product works against a broad spectrum of bacteria and more difficult to kill viruses. “I didn’t know it would hold up that long but it did,” Gerba says. “I have been studying anti-microbials for 30 years, and it is not easy to do.”
While protecting surfaces is important, it isn’t clear how much it will impact actual spread of the disease. The Centers for Disease Control says it is mostly spread person-to-person through respiratory droplets during coughing, sneezing, or talking. “It may be possible that a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their eyes. This is not thought to be the main way the virus spreads,” CDC says. This study in Science magazine says that environmental transmission, rather than person-to-person, accounts for as little as six percent of COVID-19 infections.
But paired with good hand washing, masks, and social distancing when possible, coating surfaces have a role to play in fighting the virus. The product is not yet commercially available, but Allied Bioscience is in discussions with the EPA, FDA, and other federal agencies to receive emergency authorization to use the coatings in a widespread manner. “These important processes govern safety and efficacy. We hope to have a positive update on this matter in the coming weeks,” says CEO Michael Ruley.
Dallas biotech firm lands investment as it works on applications that could help with COVID-19
April 2, 2020
A Dallas biotech firm, which is working on applications that could help with COVID-19, is getting an investment from a firm with ties to North Texas. Allied BioScience has landed funding from Lydia Partners, a newly formed investment firm with offices in Plano, Frisco and Pensacola, Fla. The company specializes in novel antimicrobial coatings designed to reduce infection and illness across public spaces.
A spokesperson said it was a multi-million dollar investment closing out a series B-1 round. The announcement comes after a filing in October showed the company was seeking $6.25 million. At the time, it didn’t show that it had raised any of that amount.
Allied BioScience's product has shown some promise in protecting surfaces from COVID-19. In third-party, independent lab testing, the company's newest product proves immediate and sustained efficacy vs. a hard-to-kill coronavirus "surrogate," the spokesperson said. These results are indication of effectiveness against coronavirus. Independent laboratory testing on human Coronavirus is expected back within the week.
Rab Shanableh is the managing director and managing general partner for Lydia Partner.
LYDIA PARTNERS
With the deal, Mohammed "Rab" Shanableh, managing director at Lydia Partners, is joining Allied BioScience’s board, a statement said.
"Amidst our current global pandemic, investment in paradigm-shifting technologies that support public health is critical,” Shanableh said in a prepared statement. “With the solutions that Allied BioScience brings to market to help mitigate transmission of pathogens, and the strength of their leadership and experience in infection control, we look forward to scaling operations and pursuing channels for which their products can meet public health need.”
Shanableh said in an interview with the Dallas Business Journal in January that Lydia Partners is trying to raise $30 million in its first fund through committed capital. Primarily the firm is looking to invest in early-stage companies in the consumer technology, health care and biomedical spaces.
Allied BioScience's “Always-On” coatings, which are patented, provide 90 days of continuous surface protection, the company said. It was founded in 2005.
"Given his success delivering inflection point growth at early stage and large companies, we look forward to Rab's expertise in bringing our revolutionary continuous antimicrobial coatings to broad application during this critical time,” Allied BioScience CEO Mike Ruley said.
Lydia Partners Invests in Allied BioScience to Scale Operations, Meet Demand
April 2, 2020
Allied BioScience, a Dallas-based biotechnology company specializing in novel antimicrobial coatings designed to reduce infection and illness across public spaces, announced today that Lydia Partners' Managing Director Mohammed "Rab" Shanableh has been appointed to its Board of Directors. Allied BioScience also announced that it is among Lydia Partners' initial round of multimillion-dollar investments in consumer technology, healthcare, and biomedical ventures.
"We are pleased to welcome Rab to our Board of Directors at this exciting stage of Allied BioScience's evolution," stated Mike Ruley, Allied BioScience's Chief Executive Officer. "Given his success delivering inflection point growth at early stage and large companies, we look forward to Rab's expertise in bringing our revolutionary continuous antimicrobial coatings to broad application during this critical time."
Mr. Shanableh has held executive positions in Operations, Development and Systems Engineering in his 25-year technology career, leading divisions that have pioneered the way for the delivery of Mobile Packet Network. As co-founder and VP of Global Operations at Affirmed Networks (which Microsoft recently signed an agreement to acquire), he shared in the honor of Affirmed Networks being named to Forbes' prestigious Global Unicorn Club, an exclusive award recognizing outstanding current private companies valued at $1B+.
"Amidst our current global pandemic, investment in paradigm-shifting technologies that support public health is critical. With the solutions that Allied BioScience brings to market to help mitigate transmission of pathogens, and the strength of their leadership and experience in infection control, we look forward to scaling operations and pursuing channels for which their products can meet Public Health need," Rab Shanableh states.
About Allied BioScience:
Allied BioScience is dedicated to improving Public Health by developing innovative solutions to create continuously cleaner environments. Allied BioScience's patented Always-On™ coatings provide 90 days of continuous surface protection and have been proven to drive significant reductions in both bioburden and correlated Healthcare-Associated Infections (HAI).1
About Lydia Partners:
Lydia Partners is a venture capital firm focusing on early stage investments in the consumer technology, healthcare and biomedical industries. We partner with creative entrepreneurs and founders who seek to revolutionize their industries through innovative technology. Our work empowers creative solutions that improve the quality of life and the health of our consumers.
Footnotes:1 Ellingson, Katherine D, et al. "Impact of a Novel Antimicrobial Surface Coating on Healthcare-Associated Infections and Environmental Bioburden at Two Urban Hospitals." Clinical Infectious Diseases, 2019, doi:10.1093/cid/ciz1077.
Media Contact:
Aaron Murphy
"New VC firm raises more than $15M for health care and tech startups"
Dallas Business Journal
January 30, 2020
By Rebecca Ayers, Digital Reporter for the DBJ
Lydia Partners, a newly created venture capital firm, has raised more than $15 million in a series A round for OxeFit, a robotics tech startup, in addition to other technology prospects. Both OxeFit and Lydia Partners have offices in Plano, Frisco and Pensacola, Fla. OxeFit provides end-to-end solutions to reduce the dependency people have on in-person trainers and injuries resulting from bad form. It also provides data for strength training exercise.
Lydia Partners’ Managing Director and Managing General Partner Rab Shanableh said in an interview with the Dallas Business Journal that the firm is trying to raise $30 million in its first fund through committed capital.
Primarily Lydia Partners is looking to invest in early-stage companies in the consumer technology, health care and biomedical spaces. Shanableh said the firm’s investment model is contrary to the traditional investment model where VC firms often “cast a wider net, hoping for a home run.” Lydia Partners’ investment model relies on operating venture, where it invests in a few companies to produce high returns by helping startups scale their business.
“We work with the startups we’re investing in to build the business model they want,” he said. This way, the firm can help early stage companies build a more efficient business model while the startup is developing its technology, versus the typical “after-type approach.” Shanableh explained that the firm’s investors come from a variety of industries, but can include lawyers, technology engineers, global operations executives and business owners.
By this time next year, Shanableh said he wants the firm to start its next fund and to help its startups grow in the long-run. “Nothing we do is short term,” he said. In general, Shanableh has an eye on adding more strategic partners and more investments.