Finnish health tech company Oura has raised $900 million in fresh funding led by Fidelity Management & Research Company, with participation from ICONIQ, Whale Rock, and Atreides. The new round values the smart ring maker at $11 billion, more than double its last valuation in December.
“This new funding is a testament to the strength of Oura’s business and the trust millions of members place in us every day,” said CEO Tom Hale. “We’re proud to be building not just a product, but a global movement toward proactive health.”
Oura plans to use the capital to advance AI-driven features, product innovation, and global expansion. The company has sold over 5.5 million rings, with more than half sold in the past year. Revenue doubled in 2024 to $500 million, and sales are expected to cross $1 billion this year.
According to IDC, Oura dominates the smart ring market with over 80% share. Its core demographic is also shifting, women in their early twenties have become a fast-growing user segment, according to Chief Commercial Officer Dorothy Kilroy.
Oura launched its Ring 4 last October and recently added ceramic versions and a new charging dock. The company also introduced Health Panels, a new feature that lets users book $99 blood tests through Quest Diagnostics, view results in-app, and chat with an AI assistant for general health insights.
The new blood testing service puts Oura in closer competition with Whoop, Ultrahuman, and Samsung, as the smart ring category continues to heat up.
