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SOXAI, developer of the world's smallest smart ring in Japan, raises $2.25M

SOXAI, developer of the world's smallest smart ring in Japan, raises $2.25M

2022.09.05

SOXAI, a developer of the SOXAI Ring, the world's smallest health management smart ring, announced on September 5, 2022, that it has raised a total of 315 million yen ($2.25M).

SOXAI is a Japanese healthcare tech company founded by Tatsuhiko Watanabe in February 2021 with the vision of "making healthcare a lifestyle”. By adapting biometric sensing technology to every occasion of life, SOXAI aims to create a world where people can naturally improve their health in their daily lives. The company has developed its own ring-shaped wearable device (smart ring), the "SOXAI Ring," to help people manage and improve their health.

At 7.6 mm wide and 2.5 mm thick, the SOXAI Ring is the world's smallest smart ring with vital sensing functions. The product's strength is its ability to acquire various vital data accurately, continuously, and casually, which enables SOXAI Ring to solve the problems of traditional wearable devices, such as data measurement accuracy, wearability, and fashionability. In the pre-order sales that began in March 2022, SOXAI generated sales of more than 40 million yen five days.


SOXAI Ring can measure vital data such as heart rate, heart rate variability, blood oxygen level, body surface temperature, and activity level accurately and without placing a burden on the wearer, and the acquired information is analyzed using a proprietary algorithm to display sleep status, activity status, stress status, depression level, etc. on a mobile application. By scoring various health indicators in an easy-to-understand manner, it improves lifestyle habits and sleep quality that are personalized to the user's characteristics.

In this financing round, Taisho Pharmaceutical Co., Resona CapitalPKSHA Capital, and others through convertible notes and other means, totaling 315 million yen. The company intends to use the capital for additional development of products and functions, establishment of a mass production system, procurement of parts and materials, marketing activities, and recruitment of human resources in order to further strengthen its competitiveness. Tatsuhiko Watanabe, the company's CEO, said the following

We believe that a smart ring is a device that will help take the human-machine relationship to the next phase. We are truly delighted that in addition to our existing investors, Taisho Pharmaceutical and other new investors have recognized the full potential of the SOXAI Ring. Since the foundation in last year, we have been suffering from various external factors such as the shortage of semiconductors, the sharp depreciation of the yen, and the lockdown by Covid. But we’ve finally been completed "SOXAI Ring," the world's most advanced hardware. I would like to thank my team members who have believed in me and supported me on a daily basis, which has enabled us to steadily move our business forward even in a difficult environment, and I look forward to continuing to work with SOXAI to realize our vision of "making healthcare a lifestyle.”


SOXAI’s company profile is here:
https://protocol.ooo/en/companies/soxai

SOXAI’s open jobs are here:
https://protocol.ooo/en/companies/soxai/jobs

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