Smart ring maker Oura raises $900M at $11B valuation
What's the story
Oura, a Finnish health tech company known for its innovative smart rings, has raised over $900 million in a new funding round. The investment was led by Fidelity Management & Research Company and saw participation from new investor ICONIQ as well as Whale Rock and Atreides. The latest round of funding brings Oura's valuation to an impressive $11 billion.
Leadership insight
'Funding reflects evolution of proactive health vision'
Tom Hale, the CEO of Oura, expressed his thoughts on the new funding. He said it shows how far their vision of "proactive health" has come. Hale emphasized that it's not just about tracking sleep or heart rate anymore but also about helping people understand their bodies, make smarter lifestyle choices, and connect data with healthcare providers.
Business expansion
Impressive sales figures and market dominance
Oura has sold over 5.5 million smart rings since its inception, with more than half of those sales coming in the past year alone. The firm doubled its revenue in 2024 to over $500 million and is on track to exceed $1 billion in sales this year. According to IDC's report from last year, Oura commands over 80% of the smart ring market.
Strategic initiatives
Funding to drive AI innovation and global expansion
The new funding will enable Oura to focus on AI-driven innovation, expand its health platform, and increase the global reach of its smart rings. The company has also recently launched the Oura Ring 4 Ceramic, a more durable version of its flagship wearable device. Along with this, it introduced Health Panels that allow users to schedule lab tests and view results directly in the app.