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Just a month after opening a manufacturing facility in Fort Worth, Texas, in partnership with the U.S. Department of Defense (DoD), health-tracking ring maker Oura is on track to become a $11 billion company, according to news reports.
The Finnish-based company, known for its water-resistant ring, is in the process of raising a $875 million Series E funding round that would bring the company's value to $10.9 billion, doubling its $5 billion Series D funding, according to news outlets.
Earlier this month, the company announced that Oura Ring sales had surpassed 5.5 million since the product was first offered in 2015. It also reported revenue of more than $500 million in 2024, double that of the prior year.
The company stated in a release that it is on track to double its revenue this year, reaching $1 billion in sales.
It also announced that it established a new $250 million revolving credit facility with JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, Citi and Wells Fargo.
MobiHealthNews reached out to Oura, asking them to confirm the news reports regarding the $11 billion valuation.
In an email, the company said, "We've seen the reports, but as a matter of policy, we're unable to comment on rumors or speculation about financing at this time."
THE LARGER TREND
In August, Oura launched two new products designed to support women through crucial life stages.
Pregnancy Insights offers individualized and "contextualized tracking" of physiological changes, instructive educational content and daily tools to help women navigate each phase of pregnancy.
Perimenopause Check-In allows members to track their symptoms and understand their impact. The company said the offering also helps members by utilizing a combination of self-assessment, health data visualization and in-app care pathways.
In June, Maven Clinic partnered with Oura to allow Oura Ring wearers to sync their data with the Maven platform.
Via the partnership, Maven Clinic's care teams will have access to wearers' biometric data from the Oura Ring, including sleep, stress and activity data. Eligible Maven members will also receive exclusive pricing when purchasing an Oura Ring.
In May, Dexcom expanded its partnership with Oura to provide Stelo users and ring wearers with metabolic health features, including meal insights and glucose data.
Continuous glucose monitor Stelo provides individuals 18 and older who do not require insulin with round-the-clock glucose readings, delivering personalized insights into glucose health and offering users actionable information to make informed decisions.
Dexcom's Stelo received FDA clearance in March 2024.
The Digital Medicine Society (DiMe) also announced in May that it partnered with Oura as well as Alcohol and Drug Services, Duke University, Google Fitbit, Morse Clinics, North Carolina Central University, ProofPilot, Triangle CERSI and the University of North Carolina at Chapel Hill.
The partnership aimed to use data collected from consumer wearables to lower opioid use disorder fatalities by creating interventions to help prevent relapse.
In 2024, Oura closed a $200 million Series D funding round led by Fidelity Management & Research Company and Dexcom, raising the company's valuation at the time to $5.2 billion.
