OURA to receive payments from Circular on an ongoing basis
OURA, the leader in smart ring technology, and Circular today announced that the companies entered into a settlement agreement to resolve ongoing patent litigations between the parties in the U.S. District Court for the Western District of Texas and the International Trade Commission. OURA has granted Circular a multi-year license to continue selling Circular smart rings and associated app, subject to royalty payments. The terms of the agreement are confidential between the parties.
"Innovation is core to our culture and long-term strategy," said Tom Hale, chief executive officer of OURA. "The licensing agreement with Circular validates the strength of OURA's patents and is only possible because of the significant investment OURA has made in research and development. This agreement is a meaningful outcome for our investors, as well as our scientists, developers, and product teams, and all of those at OURA who innovate every day to ensure that Oura Ring provides accurate, actionable insights for our Members."
"OURA revolutionized wearable technology over ten years ago with the introduction of Oura Ring," said Amaury Kosman, co-founder and chief executive officer of Circular. "We recognize the strength and utility of the fundamental patents that have been awarded to OURA, and this agreement rightfully compensates them for their pioneering innovation in smart rings."
In exchange for a licensing agreement, OURA has agreed to dismiss its claims against Circular for infringing upon several of its patents related to the Oura Ring form factor and the Readiness Score-OURA's proprietary, data-driven mechanism to provide members with insight into the impact of physical and mental stressors on their overall health.
About OURA:
OURA is the company behind Oura Ring-the smart ring that delivers personalized health data, insights, and daily guidance. With sleep as its foundation, Oura Membership fosters healthy habits to make wellness and recovery a mindful, daily practice. Validated against medical gold standards and driven by continuous monitoring of individual biometrics, the lightweight and comfortable Oura Ring is one of the most accurate wearables available. For organizations, Oura For Business connects individual well-being with collective outcomes by making performance measurable, actionable, and attainable. Founded in Finland with offices in Oulu, Helsinki, San Francisco, and San Diego, OURA has raised more than $350 million and is valued at $2.55 billion. For more information, please visit http://ouraring.com/.
Oura Ring is not a medical device and is not intended to diagnose, treat, cure, monitor, or prevent medical conditions/illnesses.
About Circular:
Founded in 2019, Circular is a high-tech company dedicated to pushing the boundaries of wearable technology. Circular specializes in developing a cutting-edge, multi-feature smart ring designed to enhance both physical and mental performance for its users. Circular's driving vision is to craft the ultimate wearable experience, aiming to provide the ultimate accessory that innovates and seamlessly integrates into the way people sleep, live, and work. Circular is a privately held company based in France. For more information, visit: https://www.circular.xyz/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240625430381/en/
Contacts:
Press Contact:
Ali Deasy, OURA
alison.deasy@ouraring.com
press@ouraring.com
