Smart ring maker Oura has hit a $5.2bn valuation after raising a $75m Series D from US continuous glucose monitoring (CGM) giant Dexcom.
The two companies also announced a strategic partnership that will integrate products including Dexcom’s CGMs and Oura’s ring — which track users’ sleep, physical activities and health data — and app.
The news follows a shopping spree for Oura as the company has looked to continue its expansion beyond just sleep tracking. The Finnish healthtech acquired Finnish glucose monitoring startup Veri in September and US health data company Sparta Science in October.
The raise has more than doubled Oura’s previous valuation of $2.5bn, which it picked up in April 2022, and takes the startup’s total funding to $154m, according to Dealroom.
Beyond sleep
The company started out as a sleep tracking device when it was founded in 2013.
The Oura ring collects data on things like heart rate, body temperature, blood oxygen levels, how long it takes to fall asleep and whether you have the right amount of deep, light or REM sleep. By looking at these biometrics, it gives users sleep and readiness scores and additional insights on their health.
In 2020, Oura added period and fertility tracking by integrating with Swedish digital contraception startup Natural Cycles, and teamed up with exercise tracking app Strava, earlier this year.
Oura rings cost between £250 and £500 and a subscription to its app costs £6 per month.
In June, Oura announced that it has sold 2.5m rings, and said it expects to see annual sales double in 2024 to roughly $500m. The company is also profitable, it says.
Dexcom — a US company worth $28.8bn, according to Dealroom — and Oura will also market and cross-sell each other’s products, according to a joint statement. The first app integration resulting from the partnership is expected to launch in the first half of 2025.
Read the orginal article: https://sifted.eu/articles/smart-ring-maker-oura-raises-75m-news/
