Oura Health, the Finnish company behind the Oura smart ring, secured $900 million from investors including ICONIQ, Boston’s Whale Rock Capital, and Atreides Management, boosting its valuation to about $11 billion—more than twice its December 2024 level.
“This new funding is a testament to the strength of the Oura business and the trust millions of members place in us every day. 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,” CEO Tom Hale said in a statement.
The Oura ring measures everything from sleep patterns to physical activity to stress, using infrared, red and green LED lights to measure heart rate, blood oxygen, and body temperature. By monitoring trends, the ring can advise the wearer of potential health issues, increased stress levels, and help achieve fitness goals.
Founded in 2013, the Oulu, Finland-based company raised its initial funding in 2015 with $2.3 million and introduced the first-generation Oura ring in 2016 via Kickstarter. Additional funding was provided by investors that included Michael Dell (DELL) and Marc Benioff (CRM), reaching a valuation in 2024 of $5.2B.
By 2025, the company sold 5.5 million Oura rings worldwide with its rapid adoption attributed to more affordable models and availability on Amazon (AMZN) and Target (TGT). Meteoric sales put the company on track to double its revenue again this year to $1 billion.
While Apple (NASDAQ:AAPL) smartwatch sales continue to dwarf the Oura smart ring, Oura sold 2.5 million rings last year, reaching in just a year what previously took the company eleven years to achieve. By contrast, Apple (NASDAQ:AAPL) smartwatch sales are slowing, peaking in 2022 before declining year-over-year by 19% between 2023 and 2024.
Oura has not announced any plans to go public, but CEO Hale has said an IPO “is certainly an option” and will be considered “when the time is right.” Despite a successful funding round, a public offering would provide Oura with the resources to scale production, expand internationally, and enhance its hardware and software ecosystem.