The investment comes as part of a new health monitoring partnership between the continuous glucose monitor (CGM) maker and Oura, the maker of smart ring technology.
Fidelity Management & Research Co. also contributed to the financing. San Francisco–based Oura says the financing round brings its valuation to $5.2 billion.
Oura said the financing reflects its momentum in building and leading the smart ring category. It expects the new capital to help expand product offerings, fuel further investment in innovation — including AI — and advance global expansion efforts while enabling the exploration of additional acquisitions to accelerate growth.
At this point, Oura says it has sold more than 2.5 million of its health-tracking rings. The company expects to end 2024 with annual annual sales doubled to roughly $500 million. It also recently introduced a “Meals” feature for users to track meal timing and see how what and when they eat can impact health. That aligns significantly with people monitoring their diabetes, as mealtime adjustments are a key part of managing the condition.
“As we continue to drive momentum and growth, we are bolstered by the additional support of these investors,” said Tom Hale, Oura CEO. “We’ve made significant progress in advancing our mission to make health a daily practice and will use this funding to unlock new opportunities, with AI development at the center of our strategy. We know that Oura has the potential to change lives at scale, and we’re excited to continue leading the market in innovation while pursuing opportunities that extend beyond the ring.”
