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Oura Health, the health tech company behind Oura Ring, has completed a Series C funding round totaling $100 million.
The round was led by the Chernin Group and Elysian Park, the investment arm of the L.A. Dodgers, and included new investors Temasek, JAZZ Venture Partners and Eisai. Returning backers Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings and Next Ventures also participated in the round.
WHAT IT DOES
Oura Ring is designed to be worn day and night to track the wearer’s health data at all times. In the day, it records activity, steps, calories and naps, and at night the ring measures heart rate, heart rate variability, body temperature and sleep.
The wearable hosts a number of different sensors including an NTC body-temperature sensor, infrared LEDs to actively measure blood-volume pulse, and an accelerometer and a gyroscope to detect movement.
All of the measurements are directly fed to Oura’s corresponding app, which also provides insights and behavior-change suggestions for the user.
Along with the funding announcement, Oura shared it has sold more than 500,000 rings to date.
WHAT IT’S FOR
Oura plans to spread the funds across its business and will invest in software and hardware, research and development, marketing, and customer experience, according to the announcement. The company also plans to make improvements to its app in order to support users’ health.
The TemPredict Study released early results last December, showing that the temperature data collected by the Oura Ring was able to reliably detect the onset of fevers, one of the most common symptoms associated with COVID-19 and the flu.
Motiv, the maker of a smart ring activity tracker, which was bought up by Proxy last spring, has since closed its business and stopped selling rings. At the time of the acquisition, Motiv said it would continue to support the Motiv App for existing device owners.
ON THE RECORD
“The wearables industry is transitioning from activity trackers to health platforms that can improve people's lives,” Harpreet Singh Rai, Oura’s CEO, said in a statement. “Oura focused first on sleep, because it’s a daily habit, and lack of sleep has been linked to worsening health conditions including diabetes, cardiac disease, Alzheimer’s, cancer, poor mental health, and more.
“The pandemic showcased how crucial our health is to everyone in our day-to-day lives, and the consumer mindset has shifted even more towards having agency and understanding over individual health.
"Eventually, wearable technology will change the way health is practiced by consumers and the healthcare industry, and we’re excited to continue to grow and invest in this area. We want to help every person own and better understand their health, so they can be the best version of themselves.”