Smart ring maker Oura announced Tuesday that it has received a $75 million investment from glucose equipment maker Dexcom. The investment marks Oura’s Series D funding round and brings the company’s valuation to more than $5 billion.
The partnership lays the foundation for devices and apps from both companies to work together, meaning the Oura ring will ultimately help users monitor their blood sugar levels.
“Ninety-seven percent of Oura members have expressed interest in understanding how the food they eat affects their health,” Oura CEO Tom Hale said in a press release. “This partnership with Dexcom allows us to empower our members to make informed decisions and adjust their behavior to positively impact their biometrics and long-term health.”
The first app integrations under the partnership are expected to launch in the first half of 2025.
Founded in 1999, Dexcom sells continuous glucose monitoring devices to help people understand how their daily lifestyle choices affect their glucose levels.
“Our partnership with ŌURA gives us the opportunity to redefine the category by integrating data from Dexcom glucose biosensors with ongoing insights and metrics measured by Oura Ring,” said Matt Dolan, senior vice president of strategy and corporate development at Dexcom, in a statement. “I got it,” he said. . “This powerful combination will attract new shared audiences looking to better understand the connection between activity, sleep, nutrition and glucose.”
As part of the partnership, the two companies will co-market and cross-sell each other’s products.
Earlier this year, Oura announced that it had sold 2.5 million rings. The company also said it expects annual revenue to double to about $500 million in 2024, making it profitable.
This partnership comes as Apple has been working on non-invasive blood sugar monitoring for several years. According to a recent Bloomberg report, the company is testing an app to help people with pre-diabetes manage their health. According to the report, Apple has no plans to release an app, but may integrate the technology into future products, such as non-invasive blood glucose meters.
