The news: Smart ring maker Oura recently reported significant company growth over the past year.

• Oura Ring sales have surpassed 5.5 million since first being offered in 2015, with over half of those sales coming since June 2024.
• The company reported revenues over $500 million in 2024, over double from the year prior.
• Oura is raising $875 million in a new Series E financing round, valuing the company at nearly $11 billion, per Bloomberg.

Why it matters: The Oura Ring is best known for its advanced sleep-tracking capabilities, which have helped it gain control of the smart ring category. An added edge for Oura in the sleep tech space is that consumers likely find rings to be more comfortable than wrist-worn devices while sleeping.

• The Oura Ring was deemed more accurate in estimating periods of wake, light sleep, deep sleep, and REM sleep than other wearables that track sleep, such as the Fitbit Sense and Apple Watch, according to a study published last year in the journal Sensors.
• Oura had about an 80% share of the smart ring market in 2023 (the last full year of available data), per a 2024 IDC report.

Our take: The Oura Ring has found its niche in a health wearables market that has previously been dominated by smartwatches and fitness bands. Reviews indicate that consumers like smart rings’ sleek design as well as screenless health tracking.

However, Oura wants consumers to know that the smart ring is not just a sleep-tracking device. The company’s CEO recently told CNBC that Oura’s vision is to be a continuous health tracker, acting like a “doctor in your pocket,” with features that offer insights into a person’s nutrition, fitness, stress, and more.