Proxy, a San Francisco, CA-based creator of digital identities for the physical world, acquired Motiv, a maker of a smart ring.
The amount of the deal was not disclosed.
Under the terms of the agreement, Proxy has acquired Motiv’s entire technology portfolio including patents and will retain the majority of Motiv’s employees. Motiv’s founders and CEO will stay on in an advisory capacity. The acquisition will bring digital identity signals to wearables and enable people to use technology to interact with the world around them.
Led by Denis Mars, co-founder and CEO, Proxy develops digital identity signal technology, emitted from mobile devices to replace keys, cards, badges, apps, and passwords people typically need to interact with physical objects in the world around them. In March 2020, the company raised $42M in Series B funding intended to help the company expand its solution set and global presence. In the coming weeks, Proxy is adding support for Proxy identity signals to the next generation of the rings, to enable touchless workplace experiences for customers using either a smartphone or the ring.
Led by Tejash Unadkat, CEO, Motiv produces a smart ring featuring miniaturized circuits that biometrically authenticate users and connect the rings with devices around them. In the past two years, the company shipped approximately 80,000 of its rings to customers worldwide.
FinSMEs
27/04/2020