Oura Health Oy, the maker of health-tracking smart device Oura Ring, said today it has raised $200 million in a new late-stage funding, doubling its valuation since 2022 to $5.2 billion.

Fidelity Management & Research Co. and DexCom Inc., a global leader in the development of glucose monitoring sensors, participated in the Series D round.

Founded in 2013, Oura makes a wearable smart ring that contains a number of on-board sensors track a users’ heart rate, breathing regularity, body temperature, blood oxygen and sleep patterns. Using data from these metrics, it can give users scores on sleep, activity and “readiness,” or how prepared people are to “take on the day.”

Along with the readiness score, the company’s smartphone app includes advice on improving the wearer’s overall health and activity given these metrics.

“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,” said Chief Executive Tom Hale. “We know that Oura has the potential to change lives at scale.”

The company recently released its fourth generation product the Oura Ring 4, which includes improvements to daily activity detection, daytime stress and other key metrics. The rings cost $350 or more, depending on the style and finish, and Oura’s app costs about $70 per year.

The health wearables market is largely dominated by smartwatches, which have ample space for sensors and computing to monitor vital signs and gather health data. Popular brands such as Apple Inc., Alphabet Inc. and Fitbit Inc. have rolled out advanced heath-tracking watches that became popular during the pandemic as people in the United States became more concerned about health, increasing demand for wearable technologies.

According to a report from marketing analyst firm SNS Insider indicates that the wearables market was valued at $62.5 billion in 2023 and is expected to grow to $198 billion by 2032. Studies of adults in the U.S. have shown that around 40% of adults are now using wearable adults for health tracking, up from 30%.

The company said it surpassed 2.5 million rings sold and saw its member base and revenue more than double over the past year. Also during 2024, Oura expanded its retail partnerships by forming deals with Amazon.com Inc. and Target Corp. while bringing its wearable technology to military organizations including the Naval Health Research Center, the United States Air Force and the Defense Innovation Unit.

Image: Oura Health