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Unlike other fitness tracker devices, Moov has been entirely financed by enthusiastic exercise fans — until now, that is.

Today, the company whose fitness tracking band is well known for being crowdfunded, is announcing that it has raised $3 million in its first round of institutional funding led by Banyan Capital.

Using built-in sensors and artificial technology, Moov’s wristband tracks your movements while you’re moving and working out and doles out recommendations and advice for your workout. The tracker has companion iOS apps for running/walking and boxing, with cycling, swimming, and full-body workouts coming soon. Moov will also land on Android later this fall.

Moov originally sought to raise $40,000 from a crowdfunding campaign and ended up raising $1 million in just two weeks. Now the company is bringing on institutional funding. It’s hoping China-based Banyan Capital will be a strong strategic partner with experience in the mobile market.

Moov competes with other trackers such as FitBit, Jawbone’s UP, and Nike’s Fuelband, among others.

The company was founded by Meng Li, Nikola Hu, and Tony Yuan, and is based in San Francisco. Fitness fans can currently preorder Moov trackers for $79.95 and receive them by the holiday season later this year.

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