Smart ring maker Oura raises $900M from Fidelity

Finnish health tech company Oura has secured $900 million in new funding led by Fidelity Management & Research Company, with participation from ICONIQ, Whale Rock, and Atreides. This round values Oura at approximately $11 billion, more than doubling its previous valuation. CEO Tom Hale emphasized that the funding reflects the company's strong business and the trust of its millions of users. Oura plans to use the capital to advance AI capabilities, innovate production, introduce new health features, and expand global distribution. Since its launch, Oura has sold over 5.5 million smart rings, with more than half sold in the past year alone. The company more than doubled its revenue in 2024, reaching $500 million, and expects sales to exceed $1 billion this year. Holding over 80% of the smart ring market, Oura is attracting a diverse customer base. Recently, it introduced ceramic ring versions and a charging dock, and launched a new app feature called Health Panels, allowing