Founders: Petteri Lahtela, Kari Kivelä, Markku Koskela
CEO: Tom Hale
Headquarters: Oulu, Finland
Funding: $148.3 million
Valuation: $2.5 billion
Key technologies: N/A
Industry: Consumer technology, health care
Previous appearances on Disruptor 50 List: 0
Wearable devices have evolved since the early days of a simple pedometer or heart monitor.
Fueled by the growth of health-conscious consumers, fitness fanatics, and massive investments into wearable technology from companies like Apple, Google, Garmin, and Samsung, this once niche industry has blossomed into a multi-billion dollar one.
While some products have been geared towards high-end athletes or do-it-all devices like an Apple Watch, ŌURA has looked to develop a product that simply aims to help people better understand their health, and how they can live a healthier life.
The company's eponymous product does what a typical wrist wearable does, but in what the company says is a more convenient and accurate ring form. Even with the ring's less than 1-centimeter space, the seven research-grade sensors monitor everything from sleep, activity, recovery, heart rate, temperature, and stress. The data is then sent to your phone, providing insights into your health as well as guidance as to what steps you can take to improve it.
ŌURA released its most updated ring in November 2021, which added several new features as well as guided meditation and sleep content. It also launched a membership platform, where subscribers receive even more content and personalized recommendations.
That new product helped the company reach the milestone of 1 million rings sold in March 2022, up from 500,000 in May 2021.
Alongside that sales milestone, ŌURA also announced that it had raised capital at a valuation of $2.55 billion. Previous investors include The Cherin Group and Elysian Park, the investment arm of the Los Angeles Dodgers.
"There has been a massive shift in how people think about their general well-being. As opposed to addressing their health reactively, they're focusing on proactive, long-term ways to be healthier," ŌURA COO Michael Chapp said in the fundraising announcement. "We started with sleep because it's the foundation of health and a third of US adults report that they usually get less than the recommended amount. We're just scratching the surface on how the Oura Ring technology can help with other aspects of health, including illness detection, reproductive health, activity, recovery, and mental health."
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