Oura Health, the Finnish health technology startup behind the Oura ring, raised additional €5 million, which moved its total private funding to €12.5 million. The funding round was led by US-based Bold Capital Partners and Finland’s Tesi. The fresh capital will be used to scale US market operations and push the Oura platform forward.
Oura Health was founded in 2013 and is based in Oulu. The Oura app and ring, which was launched in 2015, guides wearers towards better sleep, recovery and readiness to perform by analyzing the body’s sleep, activity levels, daily rhythms and physiological responses.
Former Oura Health CEO Petteri Lahtela will focus on developing new products and services in his new roles as Oura Health President and Chief Innovation Officer while continuing his position on the Oura Health board. Former Ouraring Inc. President Harpreet Rai has been appointed as the new Oura Health CEO, with US industry specialists Stephen Friend and Kevin Lin also joining the Oura Health board.
Harpreet Rai, the new CEO of Oura Heath, stated: “The successful launch of the new Oura ring shows the level of innovation and craftsmanship that Oura Health is capable of. Moving forward, our main goal is to drive awareness and sales in our largest market, while doubling down on the very innovation that brought us here in the first place.”
Oura Health CIO Petteri Lahtela commented: “I have great respect for Harpreet. He knows the US market and can lead us towards growth and greater market penetration. I’m excited for this next phase for Oura, and am looking forward to focusing on new innovative products and services which I am most passionate about.”
Oura Health CEO Harpreet Rai previously led investments in technology, media and telecom at New York-based Hedge Fund Eminence Capital. He is joined on Oura’s board by Twitch Co-founder and former COO Kevin Lin, and M.D., Ph.D. Stephen H. Friend, Chairman of the Board and Past-President of Sage Bionetworks.
Approximately 60% of active Oura users and pre-orders for the new Oura ring originate from the US. The Oura team combines science, technology and design with ultimate wearing comfort. This leads to the fact that their users are very committed and Oura’s retention rates are higher compared to wearables in general.
“Oura has built an extremely capable team that combines and harnesses technological, commercial and design expertise. There has been strong demand for the new ring. Meanwhile, both operative and governance changes within the company will boost Oura’s growth and development. Finland is home to a number of international brands famous for products and services based on biometric measuring. Oura has all the resources needed to join this elite band,” says Jussi Sainiemi, Investment Director at Tesi.