Japanese startup 16Lab introduced a new gesture-controlled device Tuesday that comes in the form of a ring.

"Ring" serves as an alternative to smartwatches and other wearable devices, according to PCWorld. High-tech features of the ring include a touch sensor, a gyroscope and an accelerometer that owners can use to track its position.

16Lab also designed the ring to be waterproof, and included a Bluetooth connectivity module developed by Alps Electric.

A prototype of the device was introduced at this year's Ceatec tech fair on Tuesday outside of Tokyo, where staff members of the Kamakura-based company waved it in the air to control animated rings on a display, PCWorld reported.

The ring is made of titanium, and has a pointy protrusion made of dual touch interfaces. Users can activate the ring by holding their thumb on either of the interfaces, and can wave it in any direction they want. With Bluetooth connectivity, owners can use the ring with smartwatches, smartglasses, desktop computers, HDTVs and other devices, according to CNET.

Additional capabilities provided by the ring include writing freehand texts and making payments with electronic wallets.

16Lab's ring is the latest of its kind, following the launch of Apple's iRing and Nod's gesture-controlled ring.

The goal of the ring is to give people a new way to control their mobile devices throughout the day, so they no longer have to touch them or look at them to make them work, PCWorld reported.

"We want to carry computing power to something outside the display," said Ko Kijima, CEO of 16Lab.

"Our ring has exclusively custom-made components that are built for safety and reliability. That's going to be a great differentiator compared with other startup companies."

While the official name and price of the device has yet to be revealed, 16Lab plans on taking pre-orders for the ring this year and will start shipping them, mostly to developers, to Japan and seven other countries in 2015.