Ring of power: Oura will soon be worth $11b

Oura Health Oy, the Finnish maker of the Oura ring that tracks sleep quality, heart rate, and menstrual cycles (which it says are not being shared with the government), is poised to become an $11 billion company after its latest round of funding, Bloomberg reported.

Oura is reportedly farming $875 million in Series E funding, which would more than double its $5 billion valuation as of last November. CEO Tom Hale said the company has sold a total of 5.5 million rings and is on track to reach $1 billion in revenue this year, up from $500 million in 2024.

But the success has come with questions about its data handling:

• Oura’s biggest client is the Department of Defense War, with the rings being used to track the vitals of military personnel. The company also partners with Palantir, a data analytics firm that works with ICE and other law enforcement agencies. Palantir received a $30 million government contract in April to help ICE identify, track, and deport suspected non-citizens.
• Hale said Oura has not made customer data available to any government agency or Palantir and played down the company’s relationship with Palantir.

Put a ring on it: Smart rings account for 75% of US fitness tracker revenue in 2025, up from 46% last year, with Gen Z and millennials driving the surge, according to Circana. But data privacy laws for wearables in the US continue to lag behind those in Europe.