An Austin-based exercise equipment maker has refashioned itself for a broader market and raised $750,000 from investors.
Surge Performance Training LLC, founded in 2010 as Powermax Training LLC by Brent Brentham and Paul Schrantz, enlisted technology veteran Michael Luther as CEO with plans to market the device to more commercial health clubs instead of just elite athletes.
Surge Performance plans to use the capital for product development, partnerships and the market expansion, Luther said.
The five-person company, which changed names last year, markets two models of its exercise machine. One costs $1,995; the other $1,295. He declined to disclose the number that have been sold.
Investors include Accel Partners CEO-in-Residence Greg Waldorf and Philip Cannon, a trustee of PIMCO Funds and Princeton University.
Luther was previously the co-founder of Uplogix Inc., an Austin-based developer of remote network management technology founded in 2003. He also co-founded Austin chip designer Bandspeed Inc., where he was CEO from 1998 to 2003.