Dive Brief:
- Ōura has raised more than $900 million, the smart ring-maker announced Tuesday.
- The funding round, led by Fidelity Management & Research Company, valued Ōura at about $11 billion. Other backers include Whale Rock, Atreides and new investor Iconiq.
- Ōura said it plans to use the funds to expand its global distribution, for AI and product innovation, and to develop new health features.
Dive Insight:
Ōura’s latest fundraise comes as the lines between wellness and medical devices start to blur. The company’s smart rings measure metrics such as temperature, heart rate and sleep. Ōura has not yet taken any health features based on these metrics through the Food and Drug Administration, unlike wearable competitors such as Apple, Samsung and Fitbit.
Ōura has partnered with medical device companies, including an integration with Dexcom’s over-the-counter glucose monitor, Stelo. Dexcom also invested $75 million in the company.
CNBC reported last year that Ōura was seeking FDA approval for its ring to be used for diagnostics.
Ōura said it has sold more than 5.5 million devices since debuting the device in 2015. The privately held company said it reported revenue of more than $500 million last year, doubling growth from the prior year, and expects to surpass $1 billion in 2025.
