Finnish health tech company Oura has raised nine hundred million dollars in fresh funding. The investment round was led by Fidelity Management and Research Company. New investor ICONIQ also participated, with contributions from Whale Rock and Atreides.
The company announced that this funding values it at approximately eleven billion dollars. This is more than double the valuation from its last funding round in December. Bloomberg had previously reported that Oura was closing new funding at an eleven billion dollar valuation.
CEO Tom Hale stated that the new funding is a testament to the strength of the Oura business and the trust millions of members place in the company. He expressed pride in building not just a product, but a global movement toward proactive health. The goal is to help people understand their bodies, make better lifestyle decisions, and connect more effectively with their healthcare providers.
The company plans to use the new capital for artificial intelligence and production innovation. It also intends to introduce new health features and improve its global distribution.
Oura has sold over five and a half million smart rings since its launch. The past year has been particularly fruitful, accounting for more than half of all sales. The smart ring maker more than doubled its revenue in 2024, reaching five hundred million dollars. The company expects this trend to continue this year, with sales likely to cross one billion dollars. According to a report from IDC, Oura holds more than eighty percent of the smart ring market.
The company is also attracting customers from different demographics. At the Elevate conference in Toronto, Oura’s chief commercial officer, Dorothy Kilroy, said that women in their early twenties are becoming a core market for the company.
Oura launched its latest device, the Oura Ring 4, last October. Earlier this month, the company introduced ceramic versions of the ring along with a new optional charging dock.
Beyond health tracking hardware, the company is venturing into health tests. This month, Oura launched a new feature called Health Panels in its app. This feature lets users book a ninety-nine dollar blood test at one of two thousand Quest Diagnostics labs across the United States. While Oura does not provide medical advice, users can see their report in the app and chat with its artificial intelligence bot for general suggestions.
The new blood testing feature also positions Oura against startups like Whoop, which launched a similar feature this month, as well as other ring makers like Ultrahuman and Samsung.