Finnish wearable tech startup Ōura acquires Proxy in all-equity deal
11 May, 2023, 11:57
Oulu-based Ōura, the company providing the smart ring that delivers personalized health data, insights, and daily guidance, has announced the acquisition of US startup Proxy. The amount of the deal was not disclosed. After the acquisition, Proxy’s valuation is $165 million, according to Bloomberg.
- Launched in 2013, Ōura aims to help people track all stages of sleep and activity using its solution Ōura Ring and connected app. Ōura currently focuses on several areas, including women’s health, illness detection, sleep, stress, and mental health.
- Over the past year, Ōura has announced partnerships with Gucci, Strava, Natural Cycles, and Therabody. In 2022, it launched Ōura 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 Ōura Ring.
- Proxy provides 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. Proxy has been in stealth mode, working to advance its biometrically-linked digital technology from mobile phones to wearables.
“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,”Tom Hale, CEO of Ōura said.
- The deal will give Ōura the ability to integrate payments and new layers of security and authentication into its devices.