Moov raises $3 million from Banyan Capital


The company behind the Moov fitness tracker has managed to secure $3 million in a round led by China-based Banyan Capital.

Moov started its life in a crowdfunding campaign that sought to raise $40,000, but has ended-up raising $1 million in just two weeks. Now they’re looking to scale even further and use the fresh money to reach new clients all around the world.

Similarly to other activity trackers, Moov is a wrist-worn device that incorporates a number of sensors to track one’s activity or their lack of. The device works with an accompanying mobile app that also serves as a virtual coach of sorts, presenting stats and charts on running, walking, biking and so on. Right now, the application is available for iPhones only with Android version coming shortly.

The San Francisco-based company was founded by Meng Li, Nikola Hu and Tony Yuan. It is currently accepting preorders for $79.95, promising to deliver Moov units by the holiday season later this year.

[Via: VentureBeat]