Fundraising Fox

Tonal

Unicorn · $1.6B

15 known investors

Tonal manufactures an AI-powered smart home gym system that uses digital weight resistance and personalized coaching to enable strength training at home. The platform serves fitness enthusiasts of all levels with automated workout adjustments and a library of guided strength training programs.

Also known as Tonal Systems

Founders & leadership

AOAly Orady
Aly OradyinFounderAly Orady is the founder and former CEO of Tonal, which makes an AI-powered smart home gym using digital weight resistance and personalized coaching, and now serves as a board member and CTO/advisor there. He previously co-founded Pano Logic (acquired by Samsung) as CTO and held technical leadership roles at HP's Supercomputing Lab, with experience in AI systems, semiconductor design, cloud computing, and enterprise infrastructure.
AWAsh Wilking
Ash WilkingCoach

Investors · 15

Also in the syndicate · 6

DragoneerleadDrew BreesMaria SharapovaMike TysonSue BirdTHVClead

Funding

SEC filings, press & company announcements

$130M disclosed across 1 of 3 rounds · 2021–2023

Source: company announcements and press reports — follow each round's link for the claim.

Valuation · disclosed

Disclosed events
$1.6Bvaluation at Series EMar 2021
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

Tonal develops and sells a wall-mounted strength-training system that replaces conventional free weights and gym machines with electromagnetic digital resistance. The system measures a user's strength and sets resistance for each repetition, adjusting in increments as small as one pound, with resistance available from 5 to 250 pounds. Adjustable arms can be repositioned by height, angle and rotation to support more than 170 on-machine movements, and Bluetooth-connected Smart Accessories (rope, bar and handles) let users toggle weight and provide form feedback. A touchscreen delivers coach-led classes, programs and a "Daily Lift," and tracks metrics including Strength Score, total volume lifted and weekly streaks.

A companion mobile app for iOS and Android lets members browse workouts and programs, build and share custom workouts, follow live class schedules, review workout stats and track progress toward personalized weekly targets. Advanced lifting modes such as drop sets adjust weight automatically between sets. Content is delivered by an in-house coaching roster including Ash Wilking, Ackeem Emmons, Kendall Wood, Joe Rodonis, Kristina Centenari, Kristin McGee, Betina Shimonek and Shelby Hicks, spanning strength, yoga/Pilates, prenatal and postpartum training, and rehab-to-performance work. The current lineup includes two hardware generations, Tonal 1 and Tonal 2.

Founding story

Founder Aly Orady, a supercomputer engineer who had struggled with his weight since childhood, lost 70 pounds training at commercial gyms but plateaued, prompting him to seek a different approach to sustainable physical change. In 2013 he developed the digital resistance mechanisms and initial algorithms that underpin the product, and after exiting two prior startups he founded Tonal in 2015 and led it as CEO. Orady holds an M.S. in electrical engineering from Stanford University and an undergraduate degree in computer engineering from McMaster University.

Business model

Hardware-plus-subscription: customers buy or rent the Tonal trainer and pay a recurring membership fee that unlocks the content library and personalized training features. Purchases require a 12-month membership commitment at $59.95 per month plus applicable sales tax, and each membership includes unlimited household accounts. A rental option, Tonal Rent, bundles membership, delivery and installation into a monthly payment, and financing is offered through third parties (Affirm; rental offered by Fragile, Inc. d/b/a Whim). Purchases are positioned as HSA/FSA eligible via Truemed for qualified customers.

Revenue comes from equipment sales or monthly rental of the Tonal trainer and accessories, plus recurring monthly membership subscriptions for content and personalized training.

Traction

The company reported explosive growth in 2020 and surpassed a $1.6 billion valuation with its 2021 Series E. It operates a showroom network with in-person demos and virtual appointments, publishes member testimonials describing outcomes such as substantial body-composition changes and injury-free marathon training cycles, and offers thousands of workouts and programs across its content library.

Latest developments

Todd Bartee joined as Chief Executive Officer in February 2026, arriving from L Catterton where he was an Operating Partner working with Tonal and other portfolio companies; he previously led Aquasana and Taxa Outdoors. Hayden Tollas joined as Chief Financial Officer in September 2025 from Pet Food Express. Founder Aly Orady, CTO from 2023 to 2025, now serves as Founder & Advisor. The current product range includes the second-generation Tonal 2 alongside Tonal 1, and the company is promoting a limited-time Tonal Rent offer of $60 off per month for the first three months, with terms running to September 14, 2026.

Full profile — market position, technology, go-to-market, geography, history

Market position

Tonal positions itself in the connected fitness and smart home gym category around connected strength training, and has been cited in press roundups naming Tonal 2 a leading smart home gym. Investor L Catterton has publicly framed Tonal as differentiated in delivering technology-enabled personalized strength training in the home. The company reached unicorn status with a $1.6 billion valuation in its 2021 Series E.

Software-controlled digital weight with one-pound increments and automatic per-rep adjustment, replacing racks of physical weights in a wall-mounted footprint; integrated strength assessment and progress tracking (Strength Score, volume lifted); automated advanced lifting modes such as drop sets that avoid re-racking; form feedback from sensor-equipped accessories; and unlimited user accounts per membership.

Technology

The product is built on digital weight: electromagnetic resistance controlled by software rather than physical plates, delivering 5 to 250 pounds in one-pound increments. Founder Aly Orady developed the digital resistance mechanisms and initial algorithms in 2013, and the company has secured dozens of patents. Algorithms learn a user's strength from a guided strength assessment and ongoing performance to set per-rep resistance, drive advanced lifting modes such as drop sets, and generate post-workout insights and coaching cues. Bluetooth Smart Accessories capture movement data for form feedback, and the system integrates with Bluetooth audio devices, Apple Watch and heart-rate monitors for heart-rate zone tracking.

Go-to-market

Direct-to-consumer sales through tonal.com, supported by a network of physical showrooms where prospective buyers schedule free 30-minute demos including a 15-minute strength assessment, and by virtual appointments conducted remotely. Telephone and email sales support is offered, along with financing, rental and HSA/FSA payment paths, and delivery plus professional installation. Athlete investors, including Serena Williams, Stephen Curry, Paul George, Michelle Wie, Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson and Sue Bird, are associated with the brand community.

Consumers training at home across experience levels and life stages, from beginners to experienced lifters, including older adults concerned with sarcopenia and functional capability, endurance athletes using strength work for injury prevention, prenatal and postpartum users, and multi-person households sharing one membership. Demo participants must be at least 18 years old.

Geography

Sales are conducted online and through a locator-based network of Tonal showrooms, with delivery and installation to customers' homes; U.S.-oriented signals include HSA/FSA eligibility, a U.S. toll-free sales line and USD pricing.

History

Tonal was founded in 2015; founder Aly Orady had developed the underlying digital resistance mechanisms and initial algorithms in 2013. Orady served as Chief Executive Officer from 2015 to 2023. The company raised a $250 million Series E in March 2021 at a $1.6 billion valuation, led by Dragoneer with Cobalt Capital, L Catterton and Sapphire Ventures participating, and expanded its executive team that year with a COO, CTO and Chief Strategy Officer, plus two new board members. In April 2023 Tonal closed a $130 million round from existing investors and named Krystal Zell, who had joined as president in July 2022, as CEO; Orady moved to Chief Technology Officer, a role he held from 2023 to 2025 before becoming Founder & Advisor. Jonathan Shottan joined as Chief Product and Content Officer in November 2023, Hayden Tollas became CFO in September 2025, and Todd Bartee, previously an Operating Partner at L Catterton, became CEO in February 2026.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Membership priceJan 2026$59.95
On-machine moves supportedJan 2025170 moves
Post-money valuationMar 2021$1.6B
Tonal 1 financing priceJan 2026$219
Tonal 2 financing priceJan 2026$279

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 7

by search overlap
Menshealth6260 shared keywordsMen's Health is a media publication producing editorial content on fitness, health, nutrition, and wellness aimed at a male audience, covering topics such as workouts, weight loss, and medical trends. It also offers a daily email newsletter with workouts, weight loss advice, and meal plans.
Womenshealthmag4234 shared keywordsWomen's Health is a media brand publishing articles, guides, podcasts, and video series on fitness, nutrition, beauty, and health topics aimed at women. It also offers subscription-based (WH+) workout and nutrition plans covering strength training, muscle building, and longevity.
Peloton3867 shared keywordsPeloton develops connected fitness equipment and a digital fitness app that delivers personalized workout classes and training guidance to home exercisers.
Puregym2981 shared keywordsPureGym operates a chain of over 450 fitness gyms offering contract-free monthly memberships with access to gym facilities, group classes, and personal training. It serves individual consumers, with most locations offering 24/7 access and a companion mobile app.
Fitbod2294 shared keywordsFitbod is a mobile app that generates personalized strength and resistance training workouts based on a user's goals, fitness level, and available equipment, using a proprietary algorithm applying progressive overload and recovery tracking. It serves individuals from beginners to advanced lifters and powerlifters, whether training at home, at the gym, or elsewhere.
Anytimefitness2160 shared keywordsAnytime Fitness operates a franchise network of 24-hour gyms with 6,000+ locations, offering members personalized fitness plans, personal and group training, coaching, and app-based progress tracking. It serves individual consumers in the United States and Canada, with an integration for Apple Fitness+ access.
Runner's2095 shared keywordsRunner's World is a media and training resource for runners of all levels, providing content on running training, nutrition, gear reviews, and health guidance.

Companies competing with Tonal for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline · 7

launches, deals, and filings
Feb 2026
Todd Bartee appointed Chief Executive Officer

Bartee joined as CEO from L Catterton, where he was an Operating Partner working with Tonal; he previously served as CEO of Aquasana and Taxa Outdoors.

source ↗

Sep 2025
Hayden Tollas joins as Chief Financial Officer

Tollas joined from Pet Food Express, where he was CFO, and previously held senior roles at Gap Inc. including CFO and Strategy Lead for Old Navy.

source ↗

Nov 2023
Jonathan Shottan joins as Chief Product and Content Officer

Shottan joined to lead end-to-end product and content strategy, previously spending five years at mobile commerce platform Button and holding roles at Facebook and Pinterest.

source ↗

Apr 2023
Tonal completes $130 million funding round

Round raised through existing investors led by L Catterton, Cobalt, Dragoneer, Kindred Ventures and THVC.

$130M source ↗

Apr 2023
Krystal Zell named CEO; founder Aly Orady becomes CTO

Krystal Zell, who joined Tonal as president in July 2022, assumed the CEO role effective immediately, succeeding founder Aly Orady, who transitioned to chief technology officer.

source ↗

Mar 2021
Tonal raises $250 million Series E at $1.6 billion valuation

Series E led by Dragoneer with participation from Cobalt Capital and existing investors L Catterton and Sapphire Ventures, plus athlete investors Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson and Sue Bird.

$250M source ↗

Mar 2021
Tonal adds COO, CTO and Chief Strategy Officer, and two board members

Tonal named Shannon Crespin Chief Operations Officer, Bryan James Chief Technology Officer and Gregory de Gunzburg Chief Strategy Officer; GoPro alumni Nina Richardson and Jack Lazar joined the board of directors.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Tonal do?
Tonal makes a wall-mounted smart home gym that uses electromagnetic digital weight and coach-led programs for strength training.
Who founded Tonal?
Tonal was founded by Aly Orady.
Who are Tonal's investors?
Tonal's investors include 359 Capital, Baukunst, Dreamers VC, Flucas Ventures, Kindred Ventures, New Ground Ventures, Next Legacy Partners, Sapphire Ventures and 1 more.
How much funding has Tonal raised?
Tonal has disclosed $130M raised across 1 of its 3 known rounds.