Movano Inc., dba Movano Health, expects to launch its medical-grade smart ring, Evie, on a one-time cost basis in 2023. The digital wearable, which is designed specifically for women, collects a range of health and wellness metrics, and translates them into personalized, actionable insights for wearers and their doctors.
Movano Inc. closed its IPO on the Nasdaq Friday, reeling in gross proceeds of $48.9 million. The Pleasanton, Calif.-based startup launched the offering of 8.5 million shares of common stock priced at $5 per share on March 22, with a target of raising $42.5 million. The final tally included the fully exercised over-allotment option by underwriters to purchase an additional 1,275,000 shares.
Commercial continuous glucose monitors (CGMs) require some access to a patient’s blood, typically through tiny needles embedded in a wearable patch sensor. But Movano Inc. is working to develop a CGM that is based on radio frequency technology to monitor glucose levels via a noninvasive, external wearable, likely in a form factor akin to a watch or a wrist-worn fitness wearable.