What Is Your Background? What Led You To Starting Your Own Company, And How Did You End Up In This Space.I’m originally from Los Angeles, studied Economics at University of California, San Diego, and started my career working in M&A focusing on Industrials, Semiconductors, and Aerospace and Defense. I was attracted to the massive economy that underpins all of the technology we take for granted in our everyday lives and decided to focus on the semiconductor industry, specifically semiconductor manufacturing equipment. Prior to Moov, I spent over a decade in the semiconductor industry, holding senior management roles overseeing deal cycles at two asset trading firms. While working in the industry, my co-founder, Maxam Yeung, and I were struck by the antiquated processes used to buy and sell six-figure high tech manufacturing equipment, and the inefficiencies these processes created. In late 2017, we decided to start Moov to bring automation and digitization to the semiconductor manufacturing equipment supply chain. What Was The Inspiration Behind The Company Name?The honest answer is that I had a vivid dream during the early days, and a cow came out and said “Moooov!” But when I woke up, my co-founder and I realized that “Moov” is also a play on “moving” equipment but also speaks to our culture of getting things done. We’re not just moving equipment – we are growing an entire secondary market, and in doing so, moving an entire industry toward a more sustainable supply chain. What Have Been Both Your Favorite And Least-liked Parts Of Your Entrepreneurial Journey? What Have Been Your Most Challenging And Most Exciting Moments For You And The Company?The most challenging part of my entrepreneurial journey has been learning to say no. Whether it’s an oversubscribed round, a firehose of ideas for our product roadmap, or simply too many appointments on my calendar, I have learned that prioritization is the number one challenge I face as the CEO of a fast-growing company. I have also learned that prioritization is the most critical element to sustainable growth. On the flip side of this coin, hiring rockstars and watching them grow in their roles and help grow Moov in new ways has been one of my favorite parts of the entrepreneurial journey. One challenging and exciting moment for Moov was relocating our headquarters from San Francisco to greater Phoenix, Arizona in 2020. At the time, we knew the future of semiconductor manufacturing in the U.S. was outside of Silicon Valley – in a network of up-and-coming tech hubs across the country. However, relocating is always challenging – we didn’t know what to expect when it came to hiring in the market, office space, the local technology community culture, etc. That said, I can honestly say that moving to Tempe, Arizona was one of the best moves we have made as a company. Not only are we at the center of a burgeoning semiconductor hub, but also I truly believe that the locations like greater Phoenix, and Austin, TX where we just opened an office this year, will continue to attract top-notch talent due to the better quality of life they offer. What Was The Fundraising Process Like For You? Tell Us About Your Investors And How You Use The Funds You’ve Raised. In business, and fundraising, timing is critical. When my co-founder, Max, and I went to raise our seed round, we were ahead of the curve for our industry. Despite being the namesake of Silicon Valley, at the end of 2016 venture capital investment in the semiconductor industry was stagnant, hovering around $1.5bn since 2000 (Pitchbook). As of 2021 year end, that number jumped 400% to $7.8bn. The primary challenge in raising seed funding was to convince investors of our vision to bring the same data and automation used to drive efficiency across other industries to the semiconductor capital equipment supply chain. We were successful in doing so, and actually ended up having to turn down investors in an oversubscribed round led by NFX with participation by Decent Capital, David Adelman’s Darco Capital, Great Oaks Venture Capital, and several notable angel investors. We welcomed a few strategic investors for a bridge round in 2020 including Mark Cuban, and Nat Turner and Zach Weinberg, co-founders of Flatiron Health.

Steven Zhou | Moov — What I Found