Oura Ring Maker to Buy $165 Million Digital ID Startup Proxy (1)

Finnish wearable-technology maker Oura Health Oy is acquiring a little-known tech startup, Proxy Inc., which makes digital identification tools, the company plans to announce Tuesday.

The all-equity deal valued Proxy at $165 million, according to a person familiar with the matter. The startup was last valued at $292 million in 2020, according to PitchBook.

San Francisco-based Proxy has been working in stealth mode on biometric systems that work with smartphones and wearables. Its digital identity signal technology, which is stored on and emitted from mobile devices, is intended to replace keys, cards, badges or other apps.

Oura makes a ...