Oura’s smart rings have become one of the most successful gadgets of 2024.
What happened: Oura, the maker of health-tracking smart rings, raised US$200 million in new funding at a staggering $5.2 billion valuation, doubling its value since 2022. The raise comes in a year where the company has seen its sales more than double to ~$500 million.
Why it matters: Oura has essentially cornered the fastest-growing sector of the ~$62 billion wearable tech market. While shipments of smartwatches are projected to fall 3% this year, shipments of smart rings are expected to soar 88%.
- It’s not just because celebrities like Prince Harry and Jennifer Aniston have been repping the product… the quality of the data is the real selling point.
- Oura just signed a $96 million deal with the U.S. Pentagon to supply rings and a suite of data analytics to monitor its service members' health in real time.
What’s next: After partnering with glucose device maker Dexcom last month, Oura is focused on developing a ring that can track blood sugar without drawing blood — a potentially game-changing device for the ~830 million people with diabetes worldwide.—LA