California-based, Proxy, is a digital identity creator for the physical world that recently acquired smart ring manufacturer Motiv.
Proxy.com has not revealed the deal amount in which they acquired Motiv.
Proxy.com Acquired Motiv
CEO and Co-founder Proxy, Denis Mars, said that this acquisition helps the company to accelerate growth as Proxy is working on digital identity signal technology that enables you to lock-unlock doors, cards, and many more things that require physical keys and cards to interact.
The acquisition is done on various terms including Motiv tech, new Patent, and Motiv CEO and R&D team remain on the board and Proxy.com will retain approx all Motiv employees. After the complete acquisition, the digital identity signal will brought to Motiv wearable exclusive. Proxy.com recently raised $42 million in a Series B in 2020, which will be used to expand globally and a user can feel the touchless experience with a phone, watch, or ring.
Moreover, the CEO of Motiv, Tejash Unadkat said that Motiv produces biometric miniaturized circuits that can easily authenticate a person so that they can use any devices around them. Also, Motiv is loved by 80,000 users around the globe for its rings.
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