Itochu Corp, Mitsubishi UFJ Financial Group Inc and other companies are investing in Evering, a chip-embedded smart ring that can act as a wallet and a key, people with knowledge of the matter said.
Evering is backed by MTG Co, a listed Japanese health and beauty company. MTG last year struck a contract with Visa Inc and began selling rings in Japan, which cost about ￥20,000 (US$158) apiece, including tax.
As retailers around the world seek ways to make it easier for consumers to shop seamlessly without touching anything, Evering and MTG are betting that their smart ring will resonate with early adopters.
Made out of zirconia, the finger-worn gadget lets people do things such as lock and unlock doors, as well as pay for drinks in stores.
MTG in a securities filing yesterday said that it is raising about ￥1 billion from investors.
More than a dozen investors are participating in the financing for Evering, which might eventually seek a public listing.
Potential backers include Daiwa House Industry Co and Toppan Inc.
Evering users can pay for goods by holding it over a payment terminal.
The ring, which is waterproof and does not require charging, is linked to a credit card and payment histories can be accessed via smartphones.
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