© Moov Technologies Business | March 04, 2021
Moov attracts funding from Mark Cuban, NFX and more
Moov, a marketplace for pre-owned manufacturing equipment, has added USD 2 million in investments from venture capitalist firm NFX, Mark Cuban, Nat Turner, and Zach Weinberg, co-founders of Flatiron Health, and other strategic angels.
With this additional investment, Moov's seed financing total at USD 4.4 million after an oversubscribed seed round last year, led by NFX. James Currier, General Partner at NFX, believes the global market for used semiconductor manufacturing equipment is vastly underestimated. "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. For pre-owned high tech manufacturing equipment, this is a $100B+ opportunity." The company is, via its marketplace, addressing this opportunity with technology that makes the end-to-end process of purchasing pre-owned semiconductor equipment significantly faster and more efficient. "We're humbled by the votes of confidence from these notable investors and entrepreneurs," says Steven Zhou, Co-Founder and CEO of Moov, in a press release. "Now, more than ever, the secondary equipment market provides a vital solution to enable U.S. 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." 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. 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. 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. "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. "While the global Covid pandemic created new challenges and subsequent opportunities for traditional chip manufacturers, we saw small and medium says businesses struggle to adapt to the new market demand. 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." Nat Turner, Co-Founder and CEO of Flatiron Health and General Partner at Operator Partners adds that: "By building the infrastructure to amass and intelligently leverage data on the resale value of capital equipment, Moov is bringing transparency and reliability to the secondary semiconductor and broader manufacturing equipment markets."
Henkel acquires Thermexit business from Nanoramic Henkel has completed the acquisition of the Thermal Management Materials business of Nanoramic Laboratories (Nanoramic) headquartered in Boston, Massachusetts, USA, marketed under the brand Thermexit.
Mobix Labs to acquire EMI Solutions Fabless semiconductor company, Mobix Labs, says it has signed a definitive agreement to acquire EMI Solutions, an Irvine-based manufacturer of electromagnetic interference (EMI) filtering products.
Sponsored content by BRADY CorporationEnable a major leap in workplace productivity & efficiency Give every asset a unique digital identity with reliable, industrial-grade RFID labels, printers, scanners and software. Discover Brady’s complete RFID solution and generate considerable efficiency gains.
Hexatronic acquires the data center specialist Swedish Hexatronic Group has signed an agreement to acquire 90% of the shares in UK-based Impact Data Solutions Limited (IDS Group).
Kontron AIS takes over LUCOM As of September first, 2022, Kontron AIS GmbH has taken over LUCOM GmbH and thus strengthen its portfolio as an IIoT solution provider for industrial software and industrial automation.
VinFast and Renesas ink strategic partnership Vietnamese EV maker, VinFast, is expanding its collaboration with Japanese semiconductor company Renesas to include automotive technology development of EVs and delivery of system components.
Intel's close to making final selection for new Italian site The Italian government and Intel have reportedly selected the town of Vigasio in the northeastern Veneto region as their preferred site for the company’s future chip factory in Italy.
Sponsored content by Nordson ELECTRONICS SOLUTIONSDo you know the differences between selective soldering and wave soldering? Wave soldering and manual hand soldering techniques are common, but selective soldering reduces cost while increasing process flexibility for consistent, high-quality soldering results.
Selective soldering offers flexibility to the increased demands of soldering on printed circuit boards (PCBs) with mixed components, including through-hole (THT) and surface mount technologies (SMT).
If you manage a mixed-component PCB soldering process, or your aging equipment or PCB designs are pushing the limits of your wave soldering process, consider selective soldering.
Download our ebook to learn about soldering techniques and how moving to selective soldering reduces cost while increasing process flexibility for consistent, high-quality soldering results.
FPT Software launches chipmaking subsidiary Vietnamese ICT company, FPT Software, announces that it has launched a new chip subsidiary, FPT Semiconductor, meaning that the company is entering the booming semiconductor industry.
Habia Cable opens its brand new Polish production facility Habia Cable has officially inaugurated its new, purpose-built, production facility in Poland.
Astera Labs opens new Vancouver location Connectivity solutions specialist Astera Labs has officially opened Astera Labs Vancouver – a new office and lab to support the company’s development of interconnect technologies for AI and Machine Learning architectures.
Qualcomm's automotive design-win pipeline expands to $30B Qualcomm says that its automotive design-win pipeline has grown to USD 30 billion, driven by increased adoption of the company's Snapdragon Digital Chassis solutions across the auto industry.
Sponsored content by Würth eisosWürth Elektronik takes the noise out of E-Mobility The number of e-mobiles is increasing daily. New cars and light vehicles with electric drives are constantly being developed and brought onto the market. One of the prerequisites for approval is passing an EMC test. Do you need to get to grips with electromagnetic interference in an e-car, a light electric vehicle, or a charging station? Würth Elektronik has the EMC components you need. In addition to ferrites for assembly on cables, cable harnesses and busbars, Würth Elektronik offers ferrites for PCB assembly, common mode chokes and EMI shielding products for e-mobility applications. With many AEC-Q-200 qualified catalogue products produced in IATF-16949 certified facilities from stock, free samples for developers and excellent design-in support, Würth Elektronik shortens your time-to-market.
Henkel expands South Dakota facility Henkel has broken ground on a 35,000 square-foot expansion of its production facility in Brandon, South Dakota. The expanded facility will add new manufacturing muscles and allow Henkel to increase production of thermal interface materials used to manufacture electronics and electric vehicles.
Mouser adds 35+ new manufacturer brands to its line card Mouser Electronics continues to expand its line card by adding 36 new manufacturers through the end of August 2022.
Intelligent Memory expands its reach in Europe The manufacturer of industrial-grade memory product solutions, has won three new strategic distribution partners in Europe – covering the Benelux region, Poland and the UK.
Indium opens the doors to its expanded operations in Rome In late August 2022 Indium Corporation opened the doors to its latest expansion. The company's facility in Rome, New York is now Indium's largest manufacturing center globally in terms of square footage.
onsemi invests $450 million to expand European SiC fab onsemi says that the newly inaugurated expanded silicon carbide (SiC) fab in Roznov, Czech Republic will increase its the company's SiC wafer production capacity by 16 times over the next two years.
One facility upgrade done – on the the next Farnell and Avnet are keeping busy in September. The month marks the opening of its newly-renovated offices in Leeds, as well as the official groundbreaking on a new Avnet distribution center in Bernberg, Germany.
Nürnberg-based LÖKAST is now an official Metcal distributor OK International announces LÖKAST GmbH in Nürnberg is now an official Metcal distributor.
Mycronic to ship SLX mask writer to Asian customer The Swedish manufacturer of production equipment says that it has received an order for an SLX mask writer from an unnamed – new – customer in Asia.
Skeleton’s supercapacitors to power CAF’s new metro units Supercapacitor specialist Skeleton Technologies says that it will supply supercapacitors to the metro units that the Spanish manufacturer CAF will provide to the city of Granada, Spain.
Strong earthquake shakes Taiwan Updated: A 6.8 magnitude earthquake struck Taitung in the southeastern part of Taiwan on Sunday, local time, reports the Central Weather Bureau (CBW), the country's seismological center.
EPC opens new motor drive center of excellence EPC has opened a new design application center near Turin, Italy, to focus on growing motor drive applications based on GaN technology in the e-mobility, robotics, drones, and industrial automation markets.
Murata to set up a new materials joint venture Murata Manufacturing, Ishihara Sangyo Kaisha and Fuji Titanium Industry – a wholly owned subsidiary of Ishihara Sangyo Kaisha – have signed a basic agreement to establish a joint venture to manufacture barium titanate for use in multilayer ceramic capacitors and other products.
Digi-Key enters distribution deal with Schneider Electric Digi-Key Electronics has secured a distribution agreement in North America with Schneider Electric. As a result of this partnership, Digi-Key now offers a selection of Schneider Electric's power, automation and control, and sensor products.
Lam Research opens new center for engineering in India Lam Research has opened a new Center for Engineering in Bengaluru, India – which is said to be the company's most advanced facility in the country to date.
Toshiba resumes partial production following power outage There was a power outage at Japan Semiconductor Corporation’s Iwate Operations, a key production facility of Toshiba Electronic Devices& Storage Corp, on September 11. Since then the company has resumed some of its production.
Enics opens a business development center in Switzerland The new business development center in Baden, Switzerland is said to "ensure excellence in customer service and strong presence in Central Europe".Load more news