Finnish maker of a health-tracking smart ring Oura Health Oy today announced it has raised more than $900 million in new funding to develop new health features.

The company said the funds value the company at “approximately $11 billion,” almost doubling the company’s valuation after its $200 million funding round in December. Fidelity Management & Research Co. led the round, with significant participation from new investor Iconiq and contributions from Whale Rock and Atredes.

Oura is best known for its smart ring that uses sensors to measure blood oxygen, heart rate speed and variability, body temperature and movement.

“Today, our technology supports consumers, employers, insurers and clinicians working together to advance preventive health at scale,” said Tom Hale, chief executive of Oura.

Hale explained that the company is building a technology designed to assist users with proactive health by providing them health data to help them improve their overall wellness. The company’s smartphone app and service use artificial intelligence powered algorithms to develop thoughtful insights into user health and activity.

For example, after wearing the ring, users might receive suggestions to boost their activity through sports or leisure pursuits such as pickleball or dancing. The ring compiles sensor data into historical graphs of activity, sleep quality and overall behavior, offering users a personalized snapshot of their health over time.

By tracking sleep trends across multiple days, the device can even alert users when they may be on the verge of getting sick.

Oura released the fourth generation of its smart ring, the Oura Ring 4, in October 2024. In a recent update, the company introduced its first hardware accessory, a charging case, along with software upgrades that added Health Panels, a feature that lets members schedule and view lab test results directly in the app.

The smart ring now integrates with more than 1,000 ecosystem partners to securely share health data, including Apple’s Health app, Google’s Fit app. It also connects with fitness platforms such as Strava Inc., behavioral health services such as Headspace Inc. and Talkspace Inc., and metabolism-focused apps including Noom Inc. and Cronometer Software Inc.

Since its 2015 launch, Oura said it has sold over 5.5 million rings — more than half of them in the past year alone. The company reported over $500 million in revenue for 2024 and says it’s on track to double that figure in 2025, surpassing $1 billion in annual sales.

With this fresh funding, Oura plans to double down on AI algorithm development for preventive health, invest in new product innovation, and expand its global distribution network.

Photo: Oura