Oura has announced that it raised $900 million in its latest investment round, valuing the health tech business at $11 billion.
Fidelity led the fundraising for the maker of health-tracker smart rings, with participation from Iconiq, a new investor, and contributions from Whale Rock and Atreides.
Oura’s rings, which track sleep, exercise and body temperature, have become a popular accessory among celebrities and sportsmen and women. The business has sold more than 5.5 million devices in its 12-year history, with more than half of those sales happening this year.
Gwyneth Paltrow with her Oura ring
It made more than $500 million in sales in 2024, doubling its growth from the previous year, and is on track to double revenue to more than $1 billion in 2025. The newest range of rings cost £499 and users also pay a £5.99 monthly subscription to access the company’s app, which tracks their data.
The Finnish company was started in 2013 but the company really expanded during Covid when its technology was used as part of a study to detect changes in skin temperature. It is now based in San Francisco and has raised $1.5 billion to date.
The company said this latest series E investment round would be used to speed up the development of AI and product innovation, expand its global distribution and invest in the development of new health features.
• My Oura Ring is now the third person in our marriage
Oura is seen as a prospective candidate to go public when the time is right. Last year Tom Hale, who has been its chief executive since 2022, told The Times Tech Podcast: “I’ve spent most of my life in public companies and I’ve been involved in three IPOs in my career … If at some point we feel like that’s a good path for us, then we’ll be ready to take that path.”
Reflecting on the latest funding round, Hale said: “Today, our technology supports consumers, employers, insurers and clinicians working together to advance preventive health at scale. 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.”
Oura rings are deliberately not described as medical devices.
The company was in the eye of the storm last month when it was revealed that it had a commercial relationship with the US defence department and Palantir, the giant data business. It led to a backlash from users on social media worried that their health data was being used without their consent.
Hale pushed back on the claims, saying at the time: “The systems are not connected. No one in the government can see your data. No one at Palantir can see your data … For the record, we will never share your data with anyone unless you direct us to do it.”
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