Smart ring maker Oura has raised a fresh $125m to top up its Series D round, bringing it to $200m, following on from a $75m raise in November led by US continuous glucose monitoring (CGM) giant Dexcom.
The new injection of capital features US investor Fidelity Management & Research Company and sees Oura’s valuation stay at $5.2bn — the figure it hit a month ago.
Wearable health monitoring devices have seen rising takeup from consumers and health professionals in recent years, as more turn to smart watches, jewellery and apps to track their health. The trend is driven by increasing capabilities of the technology that powers those devices to deliver useful health insights.
Oura will look to increase its presence in global markets, as well as invest in product development, including AI.
The company will also explore further acquisitions as it aims to continue its expansion beyond just sleep tracking. It follows on from an autumn of shopping around, with the healthtech acquiring Finnish glucose monitoring startup Veri in September and US health data company Sparta Science in October.
The Oura ring collects data on biometric data like heart rate, body temperature, blood oxygen levels, how long it takes to fall asleep and whether you have the right amount of deep, light or REM sleep, giving users insights on their health. They cost between £250 and £500 and a subscription to its app costs £6 per month.
Oura has sold 3m rings, and said it expects to see annual revenues double in 2024 to roughly $500m. The company is also profitable, it says.
