Vancouver's Flex AI Shuts Down Amid Market Saturation

Vancouver-based Flex AI is shutting down after failing to secure an acquisition and running out of capital, BetaKit reports. In a March 24 email obtained by BetaKit, CEO and co-founder Amin Niri informed employees and contractors that the company would wind down operations, noting that some markets are "almost impossible to win in, economically."

Founded in 2018 by Niri and former COO Connor Gill, the startup offered an AI personal trainer via iPhone and Apple Watch. The platform utilized patented AI and real-time, on-device computer vision to provide exercise form feedback, workout tracking, and personalized fitness plans. A 2022 job posting indicated the company had grown to nearly one million users, and BC Business reported in 2020 that the firm had raised $2 million.

Niri told BetaKit that the company ended active operations in March 2026. He acknowledged the difficulty of building a sustainable business within "crowded categories," a sentiment echoed by a Fortune Business Insights study which cited high market saturation and user retention as primary challenges for the fitness app sector. Despite these hurdles, the broader market remains lucrative; Business of Apps reports that 540 million people used health and fitness apps in 2025, generating $3.4 billion in annual revenue.

BetaKit also reported that several contractors were owed payments dating back to January. Niri stated he used personal family loans to resolve these outstanding obligations, admitting the wind-down process was handled poorly. Flex AI faced competition from firms including Fitbod, FitnessAI, and GymStreak.