Smart ring maker valued at $11bn after doubling revenue in the past year – expects to pass $1bn in sales in 2025.
Finnish wearables giant Ōura today announced it has raised more than $900 million in new funding to accelerate its global expansion and deepen its investments in AI, product innovation and preventive health. The funding values the smart ring maker at around $11 billion, which it claims makes it the “world’s most valuable standalone wearable company.”
Ōura’s flagship product, the Oura Ring, tracks more than 50 health and wellness metrics, including sleep quality, activity levels, stress, readiness, heart rate and women’s health indicators. Its data and insights are designed to guide users toward healthier daily habits, and supports the company’s broader goal of moving healthcare from treatment to prevention – as evidenced by the recent introduction of a new feature allowing users to schedule and view lab test results directly in the Oura app.
The technology has gained traction not only among consumers but also among researchers, clinicians, employers and insurers. Ōura claims more than 1,000 ecosystem partners use its data platform to advance research and healthcare delivery, as it seeks to integrate its personalized health tracking with medical and organizational systems.
“We’re proud to be building not just a product, but a global movement toward proactive health – helping people understand their bodies, make better lifestyle decisions, and connect more effectively with their healthcare providers,” said Ōura CEO Tom Hale in a statement. “With this investment, we will accelerate innovation, expand our global reach, and set a new standard for what wearables can achieve in advancing preventive health.”
Founded in Finland in 2013 and now headquartered in San Francisco, Ōura has raised approximately $1.5 billion to date. The company’s growth has been rapid: it has sold more than 5.5 million smart rings since its commercial debut in 2015, with more than half of those sales occurring in the past year. It generated more than $500 million in revenue in 2024, doubling its results from the prior year, and expects to surpass $1 billion in annual sales in 2025 while continuing to expand profitability.
The round was led by Fidelity Management & Research Company, with participation from new investor ICONIQ and existing backers Whale Rock and Atreides. Alongside the funding announcement, Ōura also revealed that David Shuman, founder of Lateralus Holdings and a long-time board member, will become chair of the board, succeeding Eurie Kim, who has held the role since 2019.
“Ōura’s growth and impact over the past year have been truly remarkable,” said Shuman in a statement. “The company has doubled revenue, expanded its global reach, and delivered transformative solutions that are reshaping the wearables industry.”
