The online focus of Moov and the global nature of the internet means Moov has already been present in Europe to an extent, but is now becoming more active and is committing to develop its supporting ecosystem in Europe in terms of logistics and pre- and after-sales support.
The company was founded in January 2018 by Steven Zhou (CEO) and Maxam Yeung (head of sales and business development) and has grown rapidly by supporting the sale of second-hand front-end and back-end equipment, ATE, electronic manufacturing services and packaging equipment.
Moov aims to reduce what had been the industry norm transaction times of weeks to days and to eliminate another second-hand market bugbear, inaccurate and out-of-date listings. In that way the company expects to strip cost out of the used market compared with other brokerages. Zhou and Yeung both worked at Oolong and Capital Asset & Exchange Trading LLC, two companies involved in the same market, before founding Moov.
Jason Zeng, an investor in Moov characterized the established broker model for used semiconductor manufacturing equipment as being heavily manual and error prone. Moov is online-oriented and software automates documentation, information sharing, contracts, payments, logistics and add-on services.
Typically, Moov users pay between a quarter and a third of the cost of the new machine, the company claimed in a statement announcing a funding round that closed in January 2020.
Next: Information service