Smart ring maker Oura raises $900 million from Fidelity

Finnish health technology company Oura has raised $900 million in new funding led by Fidelity Management & Research Company, with participation from new investor ICONIQ and contributions from Whale Rock and Atreides.

The company said today that this financing will value it at “about $11 billion,” more than double the valuation it received in its last round. In December. Bloomberg I mentioned earlier that Ora was New financing closed at a valuation of $11 billion.

“This new financing is a testament to the strength of Oura’s business and the trust millions of members place in us every day. We’re proud to build not just a product, but a global movement toward proactive health — to help people understand their bodies, make better lifestyle decisions, and communicate more effectively with their healthcare providers,” CEO Tom Hill said in a statement.

The company told TechCrunch that it plans to use the new funding for artificial intelligence and production innovation, introduce new health features, and improve its global distribution.

Oura has sold more than 5.5 million smart rings since its launch. Last year was particularly productive for the company, generating more than half of those sales. The smart ring maker more than doubled its revenue in 2024, generating $500 million. The company expects this trend to continue this year, with sales potentially exceeding $1 billion. According to a report from IDC published last yearOura owns more than 80% of the smart ring market.

The company also attracts customers from different demographics. Earlier this week, at the Elevate conference in Toronto, Dorothy Kilroy, Oura’s chief commercial officer, said: Women in their early 20s became a primary market for the company.

Oura launched its latest device, Oura Episode 4, last October. Earlier this month, the company launched ceramic versions of the ring alongside a new optional charging dock.

Beyond health trackers, the company is also delving into health testing. Oura this month launched a new feature called Health Panels in the app that allows users to book a blood test for $99 at one of 2,000 Quest Diagnostics labs across the United States. While Oura does not provide medical advice, users will be able to see the report in the app and chat with its AI bot about general suggestions.

The new blood testing feature also pits Oura against startups like Whoop, which has launched Similar feature this monthas well as ring makers such as Superhuman And Samsung,