Oura, a finished wearable company developing smart rings for health monitoring, has secured $75 million in a Series D funding round led by Dexcom, a California-based medical device maker specializing in glucose-monitoring biosensors for diabetes patients.
With the new financing, the company’s valuation now stands at $5 billion. Oura plans to use the investment to expand its international footprint in the global market and fuel mergers and acquisitions.
Launched in Finland in 2015 as a smart wearable company developing sleep-tracking rings, Oura has grown rapidly into one of the big names in the field of health monitoring wearables, selling over 2.5 million rings to consumers.
The company’s CEO, Tom Hale, told Fierce Health on Tuesday that it is profitable and expects to double its annual sales in 2024, raising $500 million. In May 2021, the company closed a $100 million Series C investment round supported by a mix of investors boosting the company’s capital standing.
Apart from the funding deal, the two companies have also signed a partnership deal that will allow the integration of their systems, allowing information to flow from Dexcom’s health tech products, such as glucose biosensors and apps, to the Oura Ring.
The first integration is expected to be completed in mid-2025. It will allow Dexcom product and Oura Ring users to track their glucose, monitor other health metrics, and understand the behavioral impact on their metabolic health.
