Fitness wearable company has raised $12 million in new funding in a round led by Mangrove Capital. BOE Technology Group also contributed to the round.
"As with their first two products, Moov is creating an entirely new wearable experience that provides actionable data in line with the current fitness trends,” Stanley Wang, founding partner at Mangrove Capital, said in a statement. “People have savvied up to what constitutes a good workout and are flocking to boutique gyms where professionals coach them through high-intensity workouts. It’s not about tracking steps, but basing workouts on physiological patterns like heart rate, and Moov’s technology is delivering on just that.”
Moov makes wearables designed to accurately track movement during workouts that are more complicated than just running or walking. The company's devices are also designed to be motivational, feeding the data they collect back to athletes via the Moov personal coach app, which sends encouraging audio or visual messages.
At the same time as the funding announcement, the company announced two new products that will add heart rate tracking to the company's line-up. Moov HR Sweat and Moov HR Swim both have head-worn form factors: one is a connected sweat band and the other is a connected swim cap.
"Accuracy is critical for efficient training based on heart rate zones, and too many wearables that claim to measure heart rate give false reads. If you're basing your workouts on the wrong HR data, you're probably over or under training," Moov cofounder and CEO Meng Li said in a statement. "After extensive research and testing, we've determined that the best location for accurate pulse reading is the head. That's why we've developed technology around these findings, so that anyone, regardless of their fitness level or goals, can get the most out of every workout for a fraction of the cost other wearables and gyms charge."
The products will be available for preorder for $59.95 each or $99.90 for both, and will ship some time next year.
Moov raised $3 million two years ago in a round led by Banyan Capital. Prior to that, the company raised $1 million in a crowdfunding campaign for its original wrist-worn activity tracker, which actually shipped to its backers ahead of schedule. This latest raise brings the company's total funding to $15 million, not counting crowdfunding revenues.