Finnish health tech company Oura has raised $900 million in a funding round led by Fidelity Management & Research Company. Other participants in the round include new investor ICONIQ and contributions from Whale Rock and Atreides.
The company said the funding round would value it at “approximately $11 billion,” more than double the valuation it received for its last round in December.
“This new funding is a testament to the strength of Oura business and the trust millions of members place in us every day. 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,” CEO Tom Hale said in a statement on Tuesday, announcing the successful fundraise.
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Oura told TechCrunch that it plans to use the new funding for AI and production innovation, introducing new health features, and improving its global distribution.
Oura has sold over 5.5 million rings since their launch. The company more than doubled its revenue last year, bringing in $500 million. The company expects the trends would continue this year, with sales likely crossing $1 billion.
The company is also now targeting different demographics. Earlier this week, at the Elevate conference in Toronto, Oura’s Chief Commercial Officer Dorothy Kilroy said that women in their early twenties are becoming a core market for the company. The company launched its latest device Oura Ring 4 in October 2024.
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Earlier this month, the company launched colorful ceramic versions of the ring along with a new optional charging dock. The ceramic rings start at $499, and will come in four colors: midnight (deep blue), petal (pink), tide (mint green), and cloud (white). The rings utilize zirconia ceramic, which Oura says it chose for its durability.
Oura also launched a new feature called Health Panels in the app that lets users book a blood test for $99 at one of 2,000 Quest Diagnostics’ labs across the U.S. While Oura doesn’t provide medical advice, users will be able to see the report in the app and chat with its AI bot about general suggestions. This feature pits Oura against startups like Whoop, which launched a similar feature this month, as well as ring makers like Ultrahuman and Samsung.
Recently, Oura saw some backlash because of its partnership with the Pentagon, which gave rise to data privacy concerns.