Moov, The Most Successful Crowdfunded Fitness Device of All-Time, Raises $3 Million in Series A Funding From Banyan Capital to Bring Coaching to Your Wrist
Ex-Apple engineer designed device demonstrates the future of digital fitness is coaching not calories
MOUNTAIN VIEW, CA - October 22, 2014: Moov, the most successful crowdfunded fitness device of all-time, has secured $3 million in funding. Moov shattered crowdfunding records earlier this year by raising $1 million in just two weeks. Now just seven months after its launch, Moov has closed an additional $3 million in Series A financing led by Banyan Capital. This investment furthers Moov’s mission of using artificial intelligence to make the perfect workout a reality for everyone.
Moov is a wearable device that acts as a personal fitness coach. This next-generation device tracks your movements as you exercise and provides interactive coaching. Using a combination of powerful sensors and A.I. technology, Moov is able to make personalized, real-time suggestions about what you can do to do improve. It’s the first device that not only tracks your activity, but also offers smart feedback and highly engaging interaction. For example, it can coach you to adjust your landing impact while you’re running or tell you to put your hands up to guard your chin during cardioboxing. Moov teaches you how to push your limits and prevent common injuries, so you can get the most out of every workout.
“The future of fitness is coaching, not calories. It is the interactive experience that keeps people moving and Banyan Capital recognizes this trajectory,” says Moov CEO Meng Li. “Other fitness wearables simply track a user’s progress, but that alone is no longer sufficient. Moov goes beyond this - contributing to biomechanics research, helping further the sports science field, and providing consumers with an affordable way to take control of their health and fitness.”
Moov launched a crowdfunding campaign in February with the goal of raising $40,000. It quickly surpassed its goal (as well as crowdfunding records) by attracting $1 million in just two weeks. Then within six months of launching, Moov delivered devices to its early backers, making it one of the only crowdfunded products to deliver ahead of schedule. Moov also released Run and Walk and Cardio Punch apps in the iTunes store.
The Series A funding from Banyan Capital will enable the company to integrate Moov’s highly refined sensor-based technology into even more fitness applications. Banyan Capital is an emerging venture capital firm based in China with over $200M capital under management. The firm focuses on seed stage and growth stage investments in the telecommunications, media, and technology sector and has a total of over 40 years of investment experience. Team members have led investments in several outstanding companies, including Xiaomi , Tudou , Wondershare , and more.
“The team is top notch, and has expertise in many areas: product, hardware, software, design, internet, fitness. It is really rare to see such a diverse group of talented people in one team who can move this quickly while also designing a high quality product.” said Bin Yue, the founding partner of Banyan Capital . “ Moov has already demonstrated that it brings true value to users and transforms how people exercise, which is a first in the wearable fitness market. And the timing is just right.”
For customers interested in joining the Moovment, Moov is still accepting orders on their website, www.moov.cc , for $79.95 each - customers who order now will receive their Moov in time for the holidays. If you are interested in joining Moov’s team, please visit http://careers.moov.cc to learn more .
Moov is dedicated to helping you improve the quality of your everyday workout. By combining artificial intelligence and gameplay into a first-of-its-kind wearable device, Moov is fitness training taken to the next level. Advanced motion sensors read your body’s form, while Moov syncs with your smartphone to give you real-time feedback and coaching instructions that can help improve while you exercise. Based out of San Francisco, CA, Moov incorporates sport science research from Harvard and Stanford and is designed to help professionals and beginners alike. Now you can get the most from every workout, so you can train harder and faster without having to compromise results. For more information, please visit www.moov.cc.
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