"Speaking to Business Insider at the Web Summit tech conference in Lisbon this month, Oura CEO Tom Hale outlined a vision to expand into areas like digital identity and payments. "The idea is very straightforward: What if this is your key? What if this is your wallet?" Hale said of the company's smart rings, which retail for up to $499."
"Hale said there's a lot of friction within enterprises when it comes to validating identity - from office workers remembering their passwords when they log on to their computers, to those with clearance to operate weapons systems getting access to the control room. "This is a biometric wearable that can identify you," Hale said. Hale didn't give a timeline for when such features might be brought to the device."
Oura expects to generate $1 billion in revenue this year and is targeting new markets such as digital identity, payments, and access keys for its smart ring. CEO Tom Hale described the ring as a biometric wearable capable of identifying users and envisioned use cases like replacing keys and wallets. Oura acquired identity provider Proxy in 2023 and raised $900 million in a Series E valuing the company at $11 billion. Hale acknowledged engineering challenges in integrating NFC chips into small wearables and gave no timeline, saying the company will not suddenly become an identity provider but will offer biometric ID and payments as applications.
Read at Business Insider
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