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The Oura Ring has gone from tracking sleep for star athletes such as LeBron James and Chris Paul, to providing biometric data that tracks the wellness and readiness of U.S. troops. Its new $11 billion valuation underscores the company’s expansion from sports performance wearable to national-security tool.
Oura, formed in Finland in 2013 and headquartered in San Francisco, raised more than $900 million in a new funding round that values the business at $11 billion. The round was led by Fidelity Management & Research Company, and featured participation from Iconiq, Whale Rock Capital, and Atreides Management. The money will be used for purposes including the incorporation of AIe into Oura products, expansion of global distribution, and investment in “new health features.”
Tom Hale, Oura’s CEO, said in Tuesday’s press release that the new funding signifies the “strength of [our] business and the trust millions of members place in us every day. … Today, our technology supports consumers, employers, insurers, and clinicians working together to advance preventive health at scale.”
To date, Oura—which in 2022 was valued at $2.55 billion—has raised a total of $1.5 billion and sold more than 5.5 million Oura Rings since they debuted in 2015. It touted revenue of more than $500 million last year, doubling its growth from 2023, and says it is “on track” to once again double revenue this year and surpass $1 billion in annual sales.
The company is best known as a health-performance monitor, offering data on sleep, heart health, glucose levels, and more. It has worked with a litany of well-known athlete ambassadors, from the above-mentioned NBA superstars James and Paul, to Knicks star Jalen Brunson, pro surfer Kai Lenny, and NFL wide receiver Odell Beckham Jr. Oura’s sports ties have also included deals with the Rutgers football program, the NBA, UFC, and other schools and leagues.
The Oura Ring, largely a wearable device sold to consumers with the help of athlete ambassadors, made its entrance into the federal government in 2019. The company provides rings to, and collects associated data from, servicemembers through a deal with the U.S. Department of Defense. In October 2024, Oura was awarded a more than $96 million contract with the federal government to provide rings in order to better track the health and wellness of service members. The relationship deepened this summer when Oura announced plans to expand its defense manufacturing capabilities through a facility in Fort Worth, Tx., that is expected to be up and running next year.
In the August statement announcing that plan, Oura’s Hale said the company is committed to helping the government by providing technology that “prioritizes security and promotes readiness, resilience, and effectiveness to support service members and their missions.”
Representatives for Oura and the DOD did not immediately respond to requests for comment.
