Proxy has acquired Motiv, a smart ring startup, to bring digital identity signal technology to the next generation of wearables.
The goal is to allow wearables to interface with the physical world, replacing keys, cards, badges, apps and passwords that people typically use to interact with physical objects in the world. Motiv's smart rings use miniaturized circuits that biometrically authenticate users and connects them to the devices around them.
Motiv shipped about 80,000 smart rings worldwide and invested about $25 million in developing the smart ring technology. Proxy intends to expand into the wearables market and the acquisition accelerates that timeline by at least a year, Proxy said.
Smart rings are in constant physical contact with the wearer, which provides an advantage over smartphones. Incorporating digital identity signals inside the ring gives new ways for people to interact with their environment.
Under the agreement, Proxy will acquire Motiv’s entire technology portfolio including patents and it will retain a majority of Motiv’s employees.
In the next few weeks, Proxy plans to add support to the identity signals in the next-generation rings to enable touchless workplace experiences.
