Oura Acquires Digital Identity Startup Proxy


In its first-ever acquisition, the smart ring maker is pushing beyond health.

Need to know. Proxy’s biometric identity tech syncs with smartphones and wearables to eliminate keys, cards, badges, and passwords.

Valued at nearly $300M in 2020, Oura acquired the company in an all-equity deal, retaining Proxy’s founders and team.

Of note, Proxy previously acquired smart ring brand Motiv and its patent portfolio, all of which now belong to Oura.

Smarter rings. According to Oura CEO Tom Hale, the move strengthens the company’s healthcare ambitions while paving the way for expansion.

Protecting member privacy, Hale said Proxy enables “secure, portable, encrypted identity and personal data — powered by a wearable that knows the wearer.”

Expanding beyond sleep and activity alone, Hale signaled Oura’s plan to enter “payments, access, security, identity, and beyond.”

Told ya so. Back in 2021, we detailed Proxy, Motiv, and Oura’s links to Square, including Jack Dorsey’s investment, writing that the company would likely enter payments.

At the time, then-CEO Harpreet Singh Rai said the sector held potential. A few years on, and under a new regime, the effort is underway.

Punchline: As the health wearables space grows more crowded, the smart ring wars are heating up. Instead of competing to track steps or sleep, Oura hopes marrying our lives to its ring keeps the device on our finger and our monthly subscription active.

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