Oura, the company behind a smart ring that delivers personalized sleep and health data, insights, and daily guidance, announced the acquisition of Proxy, best known for its digital identity signal platform, in an all-equity deal.
The acquisition of Proxy’s identification technology, along with its smart ring patent portfolio, will accelerate Oura’s ability to innovate and expand its smart ring technology, strengthening its position in the consumer wearables market, according to a release from the company.
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 in an increasingly decentralized world. Proxy has been in stealth mode, working to advance its biometrically linked digital technology from mobile phones to wearables. As part of the acquisition, Proxy’s team, including its founders, will join Oura as full-time employees.
“Oura was founded on a culture of innovation and has put great emphasis on building broad protection for our intellectual property. 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,” says Tom Hale, CEO of Oura, in a release. “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.”
Investment in research and development continues to be a critical focus for Oura in several areas, including sleep, women’s health, illness detection, stress, and mental health.
“As the healthcare landscape continues to evolve with the development of new technologies, encryption and digital identity will become pivotal to enabling data privacy across industries for a frictionless security experience,” says Oura COO Michael Chapp in a release. “Continuous health data collected through wearable technology is the key to enabling personalized, precision care that will usher in a new era for the healthcare industry. Oura is a mission-driven company and a bold innovator, and we’re excited about the opportunities this acquisition will help to unlock.”
The announcement comes at a time of growth for Oura, which recently celebrated its 10th anniversary, announced a new medical advisory board, and rolled out its first US-based, large-scale retail partnership with Best Buy. In 2022, Oura launched Oura Gen3 Horizon and announced a capital raise at a $2.55 billion valuation, less than a month after reaching the milestone of selling the one-millionth Oura Ring.
“We’ve always had a vision for software that gives users sovereignty over their digital assets and identity,” says Denis Mars, co-founder and CEO of Proxy, in a release. “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, the smart ring leader, we can change the game.”
The transaction is subject to customary closing conditions.
Photo caption: Oura Gen3 Horizon
Photo credit: Oura