Smart ring manufacturer Oura revealed on Thursday that it has successfully closed a $200 million Series D funding round, increasing the company’s valuation to $5.2 billion. The round saw participation from Fidelity Management and Dexcom, a maker of glucose-monitoring devices.
Oura plans to use the new capital to expand its product offerings and further invest in areas such as research, artificial intelligence, and product development. The funding will also support potential acquisitions as the company looks to grow.
This announcement follows a partnership with Dexcom, aimed at integrating their devices and apps, which will allow Oura rings to help users monitor their blood sugar levels. The partnership includes co-marketing and cross-selling efforts between the two companies, and Dexcom contributed $75 million to Oura’s Series D round.
Oura CEO Tom Hale commented, “As we continue to gain momentum and expand, this investment strengthens our commitment to making health a daily practice. With AI at the core of our strategy, we are unlocking new opportunities and aiming to transform lives on a larger scale. Our goal is to lead innovation beyond just the ring.”
Oura has sold over 2.5 million smart rings, and both its customer base and revenue have more than doubled in the past year. In 2024, the company expanded its retail presence by launching products on Amazon and Target. Additionally, Oura formed partnerships with the Naval Health Research Center, the Air Force, and the Defense Innovation Unit to provide smart rings to service members.
Earlier this year, Oura acquired Sparta Science, a health tracking startup based in the Bay Area, and Veri, a Helsinki-based company specializing in metabolic health products, further strengthening its position in the health tech space.