Finnish startup Oura has closed its Series D funding round with $200 million, bringing the smart ring maker's valuation to a hefty $5.2 billion.
The Oura Smart Ring uses 20 biometric markers to track sleep, physical activity and stress resilience. The device displays this data in an app that gives you a personalized “readiness” score. We tested the wearable earlier this year and were really impressed.
Founded in 2013, Oura secured its first funding on Kickstarter, the crowdfunding website, in 2016. With this new tranche of capital, the technology startup has raised $550 million since its founding.
“We have made significant progress in advancing our mission to make health a daily practice and will use this funding to pursue new opportunities, with AI development at the core of our strategy,” said Tom Hale, CEO of Oura .
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In 2022, Oura became a unicorn and sold his millionth ring. Two years later, the company claims to have recently sold its 2.5 millionth device and made $500 million in revenue this year alone.
“We know that Oura has the potential to transform lives on a massive scale, and we are excited to continue to be leaders in innovation while pursuing opportunities that extend beyond the ring,” said Hale.
Oura said it signed partnerships with major retailers such as Amazon and Target this year. The ring is particularly popular with celebrities – including Prince Harry, Gwyneth Paltrow and Jennifer Aniston. Even the Pentagon awarded a $96 million contract in October to install the devices in (or should I say “on”) Hands of soldiers.
When selling smartwatches Flatlined this year, pMart rings are becoming increasingly popular. Global smart ring sales will nearly double from an estimated 1.7 million by the end of 2024 to 3.2 million in 2028, according to market research firm IDC.
For many users They are considered a more practical alternative to smartwatches like the AppleWatch, but still have many of the same features. Smart rings also tend to move less and fit better on the skin.
According to IDC, smart ring manufacturers sold 880,000 units in 2023. The Oura Ring assembled The company accounts for 80% of these sales, surpassing competitors such as Ultrahuman and Samsung.
Based on these numbers, Oura actually seems to be the current Lord of the (smart) rings. I'm sorry, I couldn't help it.
Fidelity Management led the funding round, which also included participation from Dexcom, a German provider of glucose monitoring sensors for diabetes patients.
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