Oura, the producer of smart rings, is raising an $875m Series E funding round at a $10.9bn valuation, according to Bloomberg.
The round is reportedly set to close by the end of this month, and will be put towards scaling manufacturing, further development and global expansion.
This comes after it secured a $250m debt facility from JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, Citi and Wells Fargo earlier this week.
Oura, which makes wearables that allow users to track their biometric data in pursuit of leading longer and healthier lives, has sold more than 5.5m rings, with 2.5m of those shipped since last year.
The Finnish company reported that revenues doubled from 2023 to 2024 and projects them to double again in 2025. It expects sales to reach $1bn this financial year, driven by surging demand for wearable technology.
In December last year the company did a Series D extension of $125m in funding from investors including Fidelity Management & Research Company, which took the round’s total to $200m.
The company started out as a sleep tracking device when it was founded in 2013.
The Oura ring collects data on things 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. By looking at these biometrics, it gives users sleep and readiness scores and additional insights on their health.
In 2020, Oura added period and fertility tracking by integrating with Swedish digital contraception startup Natural Cycles, and teamed up with exercise tracking app Strava, earlier this year.
Oura rings cost between £250 and £500 and a subscription to its app costs £6 per month.
