The Finnish company’s new $900 million funding round comes as the smart ring market booms, and as the U.S. government champions wearables as part of its preventive health agenda
Oura just sent a clear signal to the entire wearable industry: health data and prevention are big business.
The smart ring maker has raised more than $900 million in new funding led by Fidelity Management & Research Company, with new investor backing from Iconiq, Whale Rock and Atreides.
The new round values Oura at roughly $11 billion, solidifying earlier speculation about the company’s mega-valuation.
Since launching in 2015, the company has sold more than 5.5 million Oura Rings, with over half of those sales occurring in the past year alone. The company reported revenue of more than $500 million in 2024, doubling from the previous year, and projects that figure will exceed $1 billion in 2025 as profitability continues to grow.
The investment comes amid a broader wearables boom and a changing consumer mindset, as smart rings now account for 75% of all fitness tracker revenue, according to Circana, up from just 46% a year ago. Younger consumers are driving the trend, with those under 34 nearly twice as likely to own one.
Oura CEO Tom Hale called the new funding a testament to the company’s momentum and the trust it’s earned from consumers, adding that it marks the next step in Oura’s push into preventive healthcare. While Oura’s origins were in sleep tracking, the company has quickly evolved into a holistic health companion as it expanded into women’s health, heart health and even glucose insights through its partnership with Dexcom.
“We’re proud to be building not just a product, but a global movement toward proactive health—helping people understand their bodies, make better lifestyle decisions and connect more effectively with their healthcare providers,” 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.”
At the ATN CEO Summit earlier this year, Hale added more context, noting that 11% of Oura users are physicians, demonstrating how the product is resonating even among those within the medical community. He also shared that users aged 18 to 24 are the brand’s fastest-growing demographic. Data suggests Oura’s efforts are paying off: Hale said a recent survey found that 90% of users reported making positive health changes within six months of using the device.
It’s a mission that’s starting to take shape in Oura’s newest offerings. The Finland-based company recently unveiled its broadest product expansion yet, headlined by the Oura Ring 4 Ceramic, a sportier, high-performance version of its flagship titanium device that arrives in new colors like Midnight, Petal Tide and Cloud. Alongside the refresh, Oura introduced Health Panels, a $99 blood-testing service that integrates clinical lab results directly into the Oura app.
Alongside the raise, Oura also announced leadership changes. David Shuman, founder of Lateralus Holdings and an Oura board member since 2016, will step in as chair, succeeding Eurie Kim. The company plans to nominate Wen Hsieh, an electrical engineer and founding managing partner at Matter Venture Partners, to its board.
The timing is fitting. As Oura scales globally, its rise is dovetailing with a growing public-health push as the U.S. government signals its own wearable ambitions.
Earlier this year, Health and Human Services Secretary Robert F. Kennedy Jr. said his vision is for “every American to be wearing a wearable within four years.” Oura has already deepened its ties to government initiatives, working with the Department of Defense to equip service members with its rings for stress management, fatigue tracking and illness detection.
The company is also investing in a new manufacturing facility in Fort Worth, Texas, set to open in 2026, to support the Department of Defense.
