Movano Business Summary

As of February 13, 2026, Movano Inc. (MOVE) is undergoing a fundamental business model transformation following its definitive merger agreement with Corvex, Inc., an AI cloud computing firm. Historically a "FemTech" and medical device company, Movano is pivoting to become a pure-play provider of secure, high-performance AI infrastructure. The company’s primary revenue is shifting toward AI-as-a-Service (AIaaS) and GPU-as-a-Service (GPUaaS), leveraging its "Amplified AI Cloud" platform to provide enterprise-grade GPU clusters (including Nvidia H200 deployments) for large-scale model training and inference. While the company continues to hold its legacy healthcare assets—including the Evie Ring and the FDA-cleared EvieMED Ring—it has initiated a formal process to divest or market these medical device operations to focus exclusively on AI infrastructure. In this new landscape, Movano (transitioning to the Corvex brand) competes directly with specialized AI cloud providers like CoreWeave, Lambda, and Applied Digital, positioning itself as a high-efficiency alternative to hyperscale cloud providers for security-conscious enterprise clients. The leadership of the combined entity is dominated by the Corvex founding team, reflecting a 96.2% post-merger ownership stake by Corvex shareholders. The company is led by Co-CEOs Seth Demsey and Jay Crystal, both veteran tech executives with backgrounds at Google, Microsoft, and Yahoo!, alongside CTO Brian Raymond, who brings expertise from NASA’s Advanced Computational Concepts Laboratory. Legacy leadership includes Movano’s founder and former CTO Michael Leabman, an MIT-educated serial entrepreneur with over 200 patents in RF technology, and outgoing CEO Dr. John Mastrototaro, a medtech veteran previously of Medtronic and MiniMed. The board of directors is being restructured to a six-member body, with five seats designated by Corvex and one by Movano, currently chaired by Emily Wang Fairbairn, co-founder of the multi-billion dollar hedge fund Ascend Capital. Notable institutional support includes a $1 billion equity facility with Chardan Capital Markets, intended to fund the aggressive scaling of the company’s AI factory infrastructure.