Photo courtesy of Oura
Health-tracking ring maker Oura announced it secured more than $900 million in funding, bumping its valuation to approximately $11 billion.
Fidelity Management & Research Company led the round, with significant participation from new investor ICONIQ as well as contributions from Atreides and Whale Rock.
Oura also announced the expansion of its board of directors, nominating Wen Hsieh, founding managing partner at Matter Venture Partners, to the board.
In addition, it announced the appointment of David Shuman, founder of Lateralus Holdings and Oura board member since 2016, as the company's new chair of the board of directors.
WHAT IT DOES
The Oura Ring hosts a number of sensors that monitor a wearer's health while sleeping or engaging in physical activities. It measures sleep stages, sleep latency and efficiency; heart rate and heart rate variability; blood oxygen levels; and body temperature trends.
The Ring also collects activity data, including steps taken, calories burned, distance and pace, and activity time.
Plus, it offers women's health measurements, including Pregnancy Insights, which provides individualized and contextualized tracking of physiological changes, instructive educational content and daily tools to help women navigate each stage of pregnancy.
Perimenopause Check-In allows members to use a mix of self-assessment, health data visualization and in-app care pathways to track their symptoms through perimenopause.
The company will use the funds for continued growth globally, to speed up AI and production development, and to create new health features.
"With this funding, we’re accelerating the next phase of Oura's evolution and investing deeply in AI-driven innovation to redefine what digital health technology can do," Tom Hale, chief executive officer at Oura, told MobiHealthNews.
"We’re developing new capabilities and sensing technology to deliver smarter, more meaningful guidance – enhancing our understanding of sleep, recovery, women’s health, cardiovascular and metabolic health," Hale said. "And we recently introduced Health Panels, blood biomarkers that provide an even more comprehensive picture of health. As we continue to expand our global footprint, our goal is to help people live better, longer."
MARKET SNAPSHOT
Earlier this month, Oura released its Oura Ring 4 Ceramic, expanding its preventative health initiative by pairing cardiometabolic blood biomarkers with continuous insights of the ring.
The integration is built on the data collected with Dexcom's Stelo Glucose Biosensor, which shows members how nutrition, exercise and stress impact long-term health.
Dexcom and Oura announced a strategic partnership last year after the continuous glucose monitoring (CGM) company made a $75 million strategic investment in the ring maker. The continued partnership allows two-way data flow between Dexcom's CGMs and the Oura Ring.
With the release of the Oura Ring 4 Ceramic, the company also announced its new offering, Health Panels, which permits members to schedule and view the results of their lab tests in the Oura App.
In August, Oura announced the opening of a manufacturing facility in Fort Worth, Texas, to support its largest enterprise customer, the U.S. Department of Defense (DoD), bolster its global footprint and "enhance agility and specialization" to meet the needs of the DoD.
The company said its Ring helps to advance defense operations in the areas of stress management, resilience training, fitness optimization, fatigue risk management and early illness detection.
Oura said the Texas facility, scheduled to open in 2026, will be built to help fulfill its defense contracts and will feature enhanced security measures, innovative production practices and advanced automation.
Last year, Oura closed a $200 million Series D funding round, raising its valuation to $5.2 billion.
Oura scored $100 million in a Series C round in 2021 and, a year later, announced it reached a valuation of $2.55 billion. Oura garnered $28 million in Series B funding in 2020.
