Peloton could be gearing up for a smartwatch launch.
The connected fitness company, known for its spin bikes and treadmills that let users stream live and on-demand workouts, acquired Atlas Wearables, an Austin-based company that makes workout and heart rate trackers, Wearable.com reported.
Peloton purchased Atlas Wearables last year for an undisclosed sum along with companies Otari and Aiqudo that specialize in digital voice assistants and interactive workout mats; however, the deal was only recently confirmed, Wearable.com reported. The new technology could give the New York City-based fitness company access to new software to enhance its products.
A spokesperson for Peloton did not confirm or deny the potential launch of a smartwatch, although the former CEO of Atlas Wearables, Peter Li, is now the director of artificial intelligence and computer vision at Peloton, according to Linkedin.
Atlas Wearables creates products for athletes, such as runners or cyclists, to track their performance using motion sensors, with processors to monitor movement in 3D.
The acquisitions come on the heels of Peloton's continued momentum during the pandemic, as more consumers are exercising at home. The demand for more of its products resulted in the company investing in more warehouse space in Texas to ramp up production in recent months.
Peloton is also being investigated by the U.S. Consumer Product Safety Commission (CPSC), a consumer watchdog group, for accidents that have occurred from its treadmill resulting in the death of a child.