Oura has completed a $200 million Series D funding round, raising the smart ring maker’s valuation to $5.2 billion.

The round saw participation from Fidelity Management & Research Company and Dexcom, which will fuel Oura’s plans to expand its product offerings, explore additional acquisitions and invest further in AI.

Dexcom — a leader in the medical device space with its advanced glucose biosensing systems — partnered with Oura last month, where smart ring users will be able to integrate Dexcom’s glucose data with vital signs, sleep, stress, heart health and activity metrics from the Oura Ring. The first integration between Oura and Dexcom will launch in the first half of 2025. 

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

The Series D caps off a stellar year for the wearable leader, with its member base and revenue more than doubling. In November, Oura announced it would acquire Sparta Science, a move that will improve and expand its Oura Teams B2B offering. The deal follows Oura’s acquisition of metabolic health company Veri earlier this fall.

As for what’s ahead “beyond the ring,” Oura appears well-equipped for whatever is next, having onboarded former Apple exec Miklu Silvanto as its new chief design officer this summer. Silvanto was influential in designing several generations of Apple products, including MacBooks, iPad Pro and the Apple Pencil.

“Wearable tech is for anyone who wants to better understand the state of their health and live more optimally, for longer,” Hale said. “We’re committed to continuing our relentless pace of innovation and delivering exceptional value to Oura members, and this new round of funding will enable us to do just that.”

Wearables have rapidly evolved from simple step trackers to constant health monitors. Like Oura, Garmin is optimistic about the space, envisioning a future where wearables become the cornerstone of global healthcare systems, providing doctors with valuable sleep and heart rate data to inform treatment plans. The tech company highlighted the benefits of its devices at its annual health summit in September, emphasizing their long battery life and high-quality biometric sensors.

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Wearable health tech is reaching new heights.

Medical device leader Dexcom has made a $75 million strategic investment in wearable ring maker Oura, pushing the wearable ring maker’s valuation to over $5 billion.

The two companies have also partnered to integrate Dexcom’s glucose data with vital signs, sleep, stress, heart health, and activity metrics from the Oura Ring, providing wearers with a more comprehensive view of their health. The sides say the data will flow between both Oura and Dexcom and their associated apps, with the first integration slated to launch in the first half of 2025.

“Dexcom offers the most accurate glucose biosensing systems on the market that help reveal the impact of daily lifestyle choices on glucose levels and enable our users to make informed decisions about their health and overall well-being,” Dexcom executive vice president of strategy and corporate development Matt Dolan said. “Partnering with Oura gives us the opportunity to redefine the category again, integrating data from Dexcom glucose biosensors with the continuous insights and metrics measured by Oura Ring. This powerful combination will attract new shared customers who want to better understand the link between activity, sleep, nutrition, and their glucose.”

As Oura CEO Tom Hale points out, the majority of Oura members (97%) have expressed interest in understanding how food choices impact their health. 

“This partnership with Dexcom will enable us to empower our members to make informed decisions and adjust behaviors to positively impact their biometrics and long-term health,” Hale says. “Working together, Oura and Dexcom will help members decide what and when to eat by surfacing correlations between activities like sleep and exercise and members’ glucose levels. And because we know that people are affected differently by the same foods and activities, guidance and insights will be personalized.”

The partnership also sees both Dexcom and Oura cross-promoting each other’s products. This year, the Food and Drug Administration cleared Dexcom to launch the Stelo Glucose Biosensor System, the first over-the-counter CGM.

Earlier this fall, Oura acquired Veri, a Finnish personalized health company, to accelerate its advancements in the health data and CGM space. The company also onboard former Apple executives Miklu Silvanto as its new chief design officer and Jason Oberfest as its VP of healthcare.

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The United States Food and Drug Administration (FDA) has given Abbott clearance for two new over-the-counter continuous glucose monitoring (CGM) systems, including one that can be used by non-diabetics without a prescription.

Both wearables are based on the medical device and healthcare company’s FreeStyle Libre CGM technology, which roughly six million people use.

Abbott’s two CGM systems — Lingo and Libre Rio — are intended for two separate consumers. Lingo is designed for wellness seekers who want to understand how lifestyle choices can impact their health, whereas Libre Rio is for adults with Type 2 diabetes who don’t use insulin and manage their condition through lifestyle modifications.

“People living with diabetes need certain features like tracking medications or sharing data with a healthcare provider,” explained Lisa Earnhardt, executive vice president and group president of Abbott’s medical devices division. “People without diabetes need different features to manage their metabolic health, including personalized coaching to promote actionable lifestyle changes.”

The Lingo system, worn on the upper arm for 14 days, tracks glucose and sends data to a coaching app, so the biowearable user can see what part food, exercise and daily stress can play in their health. The system also offers personalized insights and coaching to help users create healthy habits and “retrain” their metabolism. A waitlist has been created for interested users.

“Research has shown that overall lower glucose exposure in the general population is associated with reduced long-term risk (of) developing cardiovascular disease, diabetes, Alzheimer’s and certain cancers,” said cardiologist and medical director of El Camino Health Heart and Vascular Institute Fred St. Goar. “Making continuous glucose monitors widely available will undoubtedly have a dramatic effect on the overall health and well-being of the broader population.”

The Libre Rio, for adults with Type 2 diabetes who don’t require insulin, is placed on the back of the arm and measures extremely low or high glucose events, with a measurement range of 40-400 mg/dL.

CGM Space Attracts Investors

The stage has been set for CGMs to become the next wearable.

Earlier this year, the FDA also gave the green light to Dexcom, providing clearance for its over-the-counter CGM, Stelo Glucose Biosensor, which will be available to purchase online without a prescription this summer. Dexcom’s device is suited for those who don’t use insulin and either treat diabetes with oral medications or are just interested in seeing how diet and exercise impact their blood sugar levels.

Samsung executive Hon Pak told Bloomberg earlier this year that the company is also entering the glucose and continuous blood pressure monitoring game and is making a “significant investment” in health monitoring. While Pak didn’t provide a timeline, he indicated to the publication that he hopes noninvasive glucose monitoring could come to fruition within five years.

Last month, California-based Allez Health raised $60 million to expand manufacturing operations and prepare for tails and regulatory approval filings for a CGM biosensor platform that’s designed to be affordable.

Biolinq, another California-based company, has recently closed a $58 million financing round for its upper-arm wearable with tiny sensors that measure glucose just beneath the skin’s surface. The company plans to seek FDA approval for its device, which uses a color-changing interface (as opposed to an app) so users can quickly glance at the sensor and glean insight into their glucose levels.

Are Wearables the Future of Healthcare?

According to Future of Health webinar participant Neal Batra of Deloitte Consulting, who participated alongside an investment banking leader and the CEO of a medical device manufacturer, the cost of healthcare in the U.S. is “unsustainable” and is “generating worse outcomes” than other countries.

Batra also referenced the consumer-focused tech firms that are investing in health-supporting devices, which could steer consumers toward better health behaviors. 

“We all agreed that transformation in healthcare is an inevitability,” he said. “Timing is the only real question. Device manufacturers, healthcare organizations, clinicians and investors may not want to take a wait-and-see approach. The Future of Health is coming, and it appears to be coming faster than we originally predicted.”

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The U.S. Food and Drug Administration has cleared the Dexcom Stelo Glucose Biosensor System, the first over-the-counter continuous glucose monitor (CGM), as awareness of metabolic health continues to gain steam. 

The system will become available to purchase online without a prescription this summer. 

The wearable Stelo Glucose Biosensor System is designed for those 18 years and older who don’t use insulin and either treat diabetes with oral medications or don’t have a diabetes diagnosis but are interested in seeing firsthand how diet and exercise impact their blood sugar levels.

Using a small sensor worn on the back of the upper arm, Stelo continuously measures, records, analyzes and displays glucose values every 15 minutes when connected to an app. Users can wear each sensor for up to 15 days before replacement.

Stelo isn’t designed for those with “problematic hypoglycemia” since it won’t provide the necessary alerts. 

Although Dexcom notes that Stelo users shouldn’t take medical action based on the device’s findings without consulting with a healthcare professional, the health tech company says the glucose biosensor system can help users understand how modifications such as diet and exercise can impact glucose excursion. 

Considering that approximately one in three American adults have prediabetes — a staggering 80% of whom don’t know they have it —  Stelo can serve as an invaluable tool, underscored by its ease of accessibility. It’s a stance that appears to be shared by the FDA.

“CGMs can be a powerful tool to help monitor blood glucose,” said Jeff Shuren, M.D., J.D., director of the FDA’s Center for Devices and Radiological Health. “Today’s clearance expands access to these devices by allowing individuals to purchase a CGM without the involvement of a healthcare provider.

“Giving more individuals valuable information about their health, regardless of their access to a doctor or health insurance, is an important step forward in advancing health equity for U.S. patients,” Shuren continued.

While a price hasn’t been mentioned yet, one William Blair analyst estimates Stelo may cost around $90 a month and that consumers could use their healthcare savings accounts to offset the expense.

Consumers Embrace Wearables for Health

By all accounts, consumers are entering a new era of health and wellness. The pandemic may have inspired health and wellness, but it also led to skyrocketing sales of pulse oximeters, perhaps a testament to how much consumers have come to rely on monitoring devices beyond fitness and activity trackers.

Instead of simple trackers, companies such as Whoop bill their technology as ‘human performance,’ leaning into AI and providing biometric data points across sleep, recovery, stress and strain.

Smart ring maker Oura is also invested in the glucose realm, having partnered with CGM platforms Veri, Supersapiens and January AI to offer insights into sleep and glucose biomarkers.

One wearable tech startup, Signos, raised $20 million last year as it looks to disrupt the medicated weight loss and metabolic space by using Dexcom CGMs to provide real-time diet and workout recommendations based on the readings with its app.  

The CGM Market Heats Up

Although Stelo may be the first CGM cleared for over-the-counter purchase, the CGM space is expected to become increasingly competitive. Abbott’s first consumer biowearable, Lingo, is currently being rolled out across the U.K. with ambitions of receiving a green light for the U.S. market. Similar to Stelo, it tracks glucose levels and provides personalized insights in response.

“Our mood, weight, energy levels and ability to focus are all connected to our individual glucose levels, which rise and fall in response to the food we eat, hours of sleep, regular exercise, and even life’s daily stresses,” said Lily Soutter, a nutritionist in Abbott’s Lingo division. “Improving your metabolic health by tracking your glucose levels over a meaningful period of time can motivate you to implement changes to better manage those spikes and dips, ultimately benefiting your health and well-being.”

Meanwhile, companies like Roche are forging a new frontier in diabetes management and the CGM space using predictive AI for its Accu-Chek SmartGuide device. Using a CGM sensor, Roche’s system displays current glucose levels, predictions for the following two hours and provides a risk prediction for nocturnal hypoglycemia.

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