Evering debuted last year as a smart lock tool

Evering, a smart ring with an embedded chip that can work as a wallet and a key, is being funded by Itochu Corp., Mitsubishi UFJ Financial Group Inc., and other companies.

MTG Co., a Japanese health and cosmetics corporation, is backing Evering. MTG reached a deal with Visa Inc. last year and started selling rings in Japan for around 20,000 yen ($158) each, including taxes.

More than 10 investors will take part in the financing of the MTG division

Evering and MTG are hoping that early adopters will like their smart ring. The fingertip device, which is made of zirconia, allows users to do things like lock and unlock doors and pay for drinks at stores.

Evering is being backed by more than a dozen investors and may seek a public listing in the future. Daiwa House Industry Co. and Toppan Inc. are two potential sponsors.

Contactless payments have become considerably more popular as a result of the coronavirus pandemic, and regular users can pay for things by bringing them to a payment terminal.

The ring is linked to a credit card, and payment history can be seen via cellphone. It is waterproof and does not require charging.

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