Today, Oura announced that it is acquiring Proxy, best known for its digital identity signal platform, in an all-equity deal.
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.
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Proxy has been in stealth mode, working to advance its biometrically-linked digital technology from mobile phones to wearables. As part of the acquisition, ŌURA will bring on key full-time employees from Proxy, including its founders.
This is definitely going to add a new suite of capabilities to the leader in the smarting market. For one, a future Oura ring could include smart wallet capabilities and could also include provisions to serve as a digital home or car key.
The Oura ring could incorporate Proxy’s digital identity technology to allow for secure and private sharing of health data. The ring could be linked to a health data-sharing platform, with biometric data used to verify the wearer’s identity and ensure data privacy and security.
ŌURA was founded on a culture of innovation and has put great emphasis on building broad protection for our intellectual property. This deal expands ŌURA’s leadership in health wearables and signals our ambitions to integrate digital identity technology with our existing hardware and software offerings,” said Tom Hale, ŌURA CEO.
It’s interesting to see that the acquisition is not in the health tech space but more around capturing adjacencies provided in the overall wearables market space.
Last year the company celebrated selling its millionth ring.