Moov, a device that has claimed the mantle of the “most successful crow funded fitness device of all time” has raised $3 million in a series A run led by big name investor Banyan Capital. Moov raised $1 million in a crowdfunding round earlier this year – in less than 2 weeks. This new investment will assist in furthering Moov’s goal of incorporating artificial intelligence to make the perfect workout a reality.
Moov is a wearable device that acts as a personal fitness trainer. This next-generation device tracks your movements as you exercise and provides interactive coaching. Using a combination of sensors and A.I. technology, Moov is able to make personalized, real-time suggestions about what you can do to do improve. Moov provides “smart feedback” to the user. For example, it can tell you if you are landing too hard while you’re running or if you need to punch harder 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, 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.”
Within six months of launching the crowdfunding campaign, Moov delivered devices to its early backers, making it one of the only few crowdfunded products to deliver ahead of schedule. Moov also released Run and Walk and Cardio Punch apps in the iTunes store.
The new funding from Banyan Capital will enable the company to integrate Moov’s refined sensor-based technology into even more fitness applications. Banyan Capital is an emerging venture capital firm based in China with over $200 million 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.
“There is no shortage of fitness wearables in today’s market, but Moov is unlike any other by going beyond tracking to true life improvement with its motion sensor technology and individualized feedback,” said Banyan Capital. “Moov’s early success is proof that there is high demand for this kind of workout experience, and our investment will make sure that demand is met.”
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