Oura has raised $900 million in new funding from investors including Fidelity Management & Research Company, a blockbuster raise that values the Finnish smart ring maker at around $11 billion, according to people familiar with the deal. New backer ICONIQ came into the round, along with returning backers Whale Rock and Atreides, highlighting just how fast the low-profile finger-worn category has marched to the center of consumer health tech.
The funding comes after a period of rapid expansion. Oura says it has sold more than 5.5 million rings to date, and over half of those shipments have gone out in the past year. Revenue soared by more than 2.5 times in 2024, to about $500 million, and the company is projecting sales of $1 billion a year if its current momentum continues. Market tracker IDC estimates Oura commands more than 80% of smart ring shipments globally, establishing it as a pace-setter in the category even as larger electronics brands hover around the space.
Why Fidelity is betting on smart rings and biometrics
Smart rings have a couple of advantages over wrist wearables. They catch reliable signals from the finger’s arterial bed, often boosting accuracy for measures such as heart rate variability and skin temperature. They’re also more sleep-friendly — a good thing for the longitudinal sleep staging and recovery scores that form the backbone of many wellness programs. The daily readiness and sleep insights are a staple for athletes and professionals who want passive, always-on monitoring without a screen. Oura cheekily calls its device “the ring of the future.”
Investor exuberance is part of a larger trend away from step counts and toward clinically based biomarkers. During the pandemic, Oura’s temperature patterns were examined by research teams at institutions that included the University of California, San Francisco, for early illness detection. The company has since expanded its women’s health features and says that women in their early 20s are now one of the fastest-growing cohorts, according to commercial leadership at the company. That widening demographic is remarkable for a device that was long the domain of elite performers.
What Oura could do with the new funding round
Slots one and two are obvious choices: hardware and sensor R&D. Oura’s second-gen ring shifted to upscale buyers with premium materials and later added ceramic finishes and a revamped charging dock. Look for a continued emphasis on miniaturization, battery life, and sensor fidelity — especially across temperature, SpO2, and motion artifacts affecting sleep and recovery scoring.
Equally important is the software roadmap. A feature called Health Panels allows members to schedule $99 blood tests through a nationwide network offered by Quest Diagnostics, a feature the company recently launched. Results appear within the app, where users can interpret trends and get nondiagnostic advice from an AI assistant. Though Oura would not go so far as to give medical advice, the ability to fold lab values into longitudinal wearable data represents a step toward integrated, proactive health tracking.
Enterprise partnerships, clinical validation, and regulatory pathways are also expected to attract new and renewed investment. Devices with robust adherence and reliable longitudinal data have the upper hand, as payers and employers seek interventions that lower cardiometabolic risk. Look for more studies, deeper integration with electronic health records, and privacy commitments that are healthcare-grade.
Competitive Landscape And Market Pressure
Competition is intensifying. Competitor Whoop, which is more performance-focused, added its own app-based testing features, as does Ultrahuman, and legacy electronics titans are pushing rings. Samsung has signaled it’s interested in this form factor, and patents show others are considering a finger-based sensor. Oura’s early start is evident in its scale and software maturity, but there are solid execution risks here in customer acquisition costs, hardware supply chains, and subscription fatigue.
Another point of tension is accuracy and actionability. Consumers now expect device insights to lead to meaningful decisions — personal recovery plans, cycle tracking, or travel protocols for jet lag. Oura’s data science game is solid, but the bar continues to be set higher as peer-reviewed validation itself becomes a buying consideration. The company’s ability to turn biometrics into easy-to-understand, life-changing recommendations will be as important — if not more so — than any new sensor.
What the numbers signal about Oura’s valuation
An $11 billion valuation for a ring company would have been fanciful just a few years ago. Today, it plays into several intersecting currents: wearables’ transition from novelty to necessity for many; a consumer shift toward the more passive monitoring of health; and investors’ appetite for platforms that can overlay services — testing, coaching, maybe even reimbursable programs — on top of hardware.
Bloomberg previously reported that Oura was seeking a raise at that valuation, and the depth of the investor syndicate gives the company both financial firepower and validation. Should Oura continue to sell like lightning and dominate the category, the next question will be whether it can translate category leadership into a sustainable health platform that consumers — and doctors — actually trust.
Bottom line: Oura’s funding positions it to scale
Now with $900 million from Fidelity and others, Oura has the capital to widen its lead in smart rings and dive deeper into proactive health services. The opportunity is simple: marry precise, low-friction sensing with actionable insights and optional testing to enable individuals to take action sooner. Oura is well placed, with scale, science, and an expanding user base — but the race to own the ring category is only just getting started.
