This is one of the many reasons why we believe that Moov is well positioned to be an essential part of the industry in the future." Marketplaces like Moov are changing this dynamic by creating new opportunities for SMBs to compete in a highly antiquated industry, in a cheaper, faster, and all around more efficient way. "While the global Covid pandemic created new challenges and subsequent opportunities for traditional chip manufacturers, we saw small and medium size businesses struggle to adapt to the new market demand. "The semiconductor manufacturing industry is notoriously difficult for small and midsize companies to navigate due to capital requirements, rigid supply chains, and fast-cycling markets," says Mark Cuban. 1 Meanwhile, end markets, like consumer electronics, cycle quickly, meaning entire production lines - hundreds of millions, if not billions of dollars - may prove obsolete within the span of five years. Scaling up production is no simple matter - building and equipping a fabrication center costs billions of dollars and lead times on new equipment to manufacture chips are over a year. Recent consumer trends like work from home and increased streaming as well as the sheer proliferation of smart devices across end markets has created a global chip shortage. and global manufacturers to quickly scale production and respond to growing chip shortages, while creating a liquidity channel when surplus capacity is no longer needed." "Now, more than ever, the secondary equipment market provides a vital solution to enable U.S. "We're humbled by the votes of confidence from these notable investors and entrepreneurs," said Steven Zhou, Co-Founder and CEO of Moov. Moov is addressing this opportunity with technology that makes the end-to-end process of purchasing pre-owned semiconductor equipment significantly faster and more efficient. For pre-owned high tech manufacturing equipment, this is a $100B+ opportunity." "After working with Moov for two years, it's clear they are not only improving existing transactions, but also revealing latent supply and demand to actually expand their market. James Currier, General Partner at NFX, believes the global market for used semiconductor manufacturing equipment is vastly underestimated. This additional investment extends Moov's seed financing total to $4.4M, after an oversubscribed seed round last year, led by NFX with investment from Tencent co-founder Jason Zeng's Decent Capital, David Adelman's Darco Capital, Great Oaks Venture Capital, and other notable angel investors. Valid for Privacy Policy and Terms and conditions Google.SAN FRANCISCO, Ma/PRNewswire/ - Moov, a data-fueled marketplace for used manufacturing equipment, today announced a $2M strategic investment from VC firm NFX, Mark Cuban, Nat Turner, and Zach Weinberg, co-founders of Flatiron Health, and other strategic angels. This page is protected by the reCAPTCHA solution. Merkandi assumes no responsibility for the content of the offers placed on this website. The use of this website constitutes acceptance of the terms of the contract, and the general terms and conditions. All trademarks and brands used on this site belong to the owner of the website and are used for information purpose. © Copyright (c) 2008 - 2023 Merkandi All rights reserved.
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