Smart ring competitors ŌURA and Circular said they have 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. ŌURA 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 ŌURA. “The licensing agreement with Circular validates the strength of ŌURA’s patents and is only possible because of the significant investment ŌURA 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 ŌURA who innovate every day to ensure that Oura Ring provides accurate, actionable insights for our Members.”
“ŌURA 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 ŌURA, and this agreement rightfully compensates them for their pioneering innovation in smart rings.”
In exchange for a licensing agreement, ŌURA 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—ŌURA’s proprietary, data-driven mechanism to provide members with insight into the impact of physical and mental stressors on their overall health.
