Oura ring maker acquires digital identification start-up Proxy

The Finnish health tech company Oura has acquired the digital identification start-up Proxy in an all-equity deal aimed at boosting the smart ring technology.

Proxy’s digital identity signal technology, stored on mobile devices, replaces the multitude of keys, cards, badges, apps, and passwords and is designed to enhance data privacy.

The acquisition of its identification technology, along with its previously acquired smart ring patent portfolio, is hoped to accelerate Oura’s ability to innovate and expand its smart ring technology.

“This deal expands Oura’s leadership in health wearables and signals our ambitions to integrate digital identity technology with our existing hardware and software offerings,” said Tom Hale, Oura CEO.

“We are thrilled to collaborate with the innovative Proxy team to expand our addressable market, paving the way for new opportunities in areas such as payments, access, security, identity, and beyond, fueling future growth.

“With the acquisition of Proxy, we have the most comprehensive portfolio in the smart ring space.”

Oura has prioritised investment in research and development in several areas, including women’s health, illness detection, sleep, stress, and mental health.

The company has had several collaborations with a variety of research institutions, including University of California San Diego and the University of California San Francisco, in an attempt to accelerate clinical studies in reproductive health.

“As the healthcare landscape continues to evolve with the development of new technologies, blockchain, encryption, and digital identity will become pivotal to enabling secure data privacy across industries for a frictionless experience,” said Michael Chapp, Oura COO.

“Continuous health data collected through wearable technology is the key to enabling personalised, precision care that will usher in a new era for the healthcare industry.

“Oura is a mission-driven culture, boldly pursuing the healthcare space, and we’re excited about the opportunities this acquisition will help to unlock.”

Denis Mars, co-founder and CEO of Proxy, said: “We’ve always had a vision for software that gives users sovereignty over their digital assets and identity.

“We’ve been hustling in stealth mode developing a wearable with cutting-edge biometric authentication and security technology for a ‘wave to pay’ future. By joining Oura, we can change the game.”

As part of the deal, Oura will bring on key full-time employees from Proxy, including its founders.

The transaction is subject to customary closing conditions.