Moov, a US-based developer of wearable fitness aids, has received $12m in a series B round featuring internet-of-things product maker BOE Technology Group.
Venture capital firm Mangrove Capital led the round, which comes after a $3m round in late 2014 led by Banyan Capital Partners. Taofu Chegnzhen, an incubator formed by e-commerce firm Alibaba and manufacturer Foxconn, has invested an undisclosed amount in Moov.
Founded in early 2014, Moov develops and produces artificial intelligence-equipped wearable devices that use gameplay to help improve fitness. Its latest product, Moov HR, can be worn as a sweatband or swim cap, and optimises workouts based on heart rate.
Meng Li, co-founder and CEO of Moov, said: “Accuracy is critical for efficient training based on heart rate zone, and too many wearables that claim to measure heart rate give false reads. If you are basing your workouts on the wrong HR data, you are probably over or under training.
“After extensive research and testing, we have determined that the best location for accurate pulse reading is the head. That is 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 of other wearables and gyms.”
– Image couresy of Moov Inc.