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Re/code reports that gadget maker Jawbone is set to close a $250 million funding round, led by Rizvi Traverse Management, that values the company at $3.3 billion. The round, which is said to be oversubscribed, could go as high as $300 million, and Rizvi Traverse chief investment officer Suhail Rizvi might join Jawbone’s board as part of the transaction. Jawbone is becoming increasingly well known for its UP and UP24 activity trackers, but according to TechCrunch, the company has a $600 million revenue run rate over the next 12 months primarily due to its Jambox family of Bluetooth speakers. One thing’s clear: Jawbone has come a long way since it was just a noise cancellation company.