Health-tracking ring maker Oura announced it closed a $200 million Series D funding round led by Fidelity Management & Research Company and Dexcom. The investment raises the company’s valuation to $5.2 billion.

WHAT IT DOES

The Oura Ring hosts a number of different sensors designed to monitor a wearer's health while sleeping or engaging in physical activities. They include an NTC body-temperature sensor, infrared LEDs to actively measure blood-volume pulse, and an accelerometer and a gyroscope to identify movement. 

The wearable feeds the readings to an accompanying app that uses artificial intelligence to generate insights and behavior-change suggestions for the end user.

"As we continue to drive momentum and growth, we are bolstered by the additional support of these investors," Tom Hale, Oura CEO, said in a statement.

"We’ve made significant progress in advancing our mission to make health a daily practice and will use this funding to unlock new opportunities, with AI development at the center of our strategy," Hale said. "We know that Oura has the potential to change lives at scale, and we’re excited to continue leading the market in innovation while pursuing opportunities that extend beyond the ring."

MARKET SNAPSHOT 

In November, Dexcom made a $75 million strategic investment in Oura and established a strategic partnership to enable two-way data flow between Dexcom's continuous glucose monitor (CGM) and the Oura Ring. The investment brought Oura's valuation to more than $5 billion.

In 2021, Oura scored $100 million in a Series C round. A year later, the company announced it reached a valuation of $2.55 billion. Oura garnered $28 million in Series B funding in 2020.

In October, Oura acquired Sparta Science, which offers a platform that collects and analyzes health and performance information. Oura leveraged Sparta Science’s Trinsic data platform to grow its B2B offerings. The aim of the acquisition is to enhance its Oura Teams platform to serve enterprise, healthcare and government customers. 

In September, Oura entered into an agreement to acquire fellow Finnish company Veri, which offers personalized metabolic health programs. Veri uses the FDA-cleared Abbott FreeStyle Libre 1, 2 and 3 sensors to monitor a user's metabolic health by collecting data from their body. 

An app enabled by CGMs guides the user on improving diet, habits and health. Oura's aim is to integrate Veri's metabolic health offering by introducing Meals, a new feature that will allow members to track the timing of their meals to understand how their sleep, stress and recovery are affected by when they eat. 

Last year, Oura acquired digital identification startup Proxy through an all-equity deal.