Used chipmaking equipment broker Moov raises funds
The additional investment extends Moov’s seed financing total to $4.4 million.
“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,” said James Currier, General Partner at NFX, in statement issued by Moov. “For pre-owned high tech manufacturing equipment, this is a $100 billion plus opportunity.”
“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,” said Steven Zhou, co-founder and CEO of Moov, in the same statement.
Moov is looking to grow in Europe after growing rapidly selling in to the Asia-Pacific region in 2019.
Moov seeks to use the power of the Internet to amplify its utility in the market. It wants to use market knowledge it acquires through matching un-needed equipment with users, to provide industry analysis. The secondary semiconductor manufacturing equipment is worth between $5 billion and $10 billion a year and is ramping in value as companies are prepared to pay more for hard-to-find equipment as the seek to expand their production.
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