It’s been a wild few years for Oura. The past year in particular has proven to be an important driver for the manufacturer of wearable fitness. With the pandemic that will bring professional sports to a standstill in 2020, a number of major leagues have taken over the ring, including the NBA, WNBA, UFC, and NASCAR.
Courtesy of UCSF, which has published peer-reviewed studies of the ring’s temperature monitor, the company has also taken an important step in health research. This trait, in particular, has made it a huge asset for the above leagues as temperature spikes could indicate bigger problems, including the early stages of COVID-19.
Today the company announces a Series C valued at $ 100 million. The round, led by The Chernin Group and Elysian Park (the Dodgers’ investment arm) brings the portable company’s total funding to $ 148.3 million. New investors include Temasek, JAZZ Venture Partners and Eisai, who join existing investors Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings and Next Ventures.
The company initially stood out for its form factor, joining a crowded field that revolved primarily around the wrist. However, it is clear that it has proven itself over the past few years. To date, more than 500,000 rings have been sold.
“The wearables industry is moving from activity trackers to health platforms that can improve people’s lives,” said CEO Harpreet Singh Rai in a press release tied to the news. “Oura focused on sleep first as it is a daily habit and sleep deprivation has been linked to worsening health conditions such as diabetes, heart disease, Alzheimer’s disease, cancer, poor mental health and many more.”
The company says the round will go towards R&D (both hardware and software development) and recruitment, including additional marketing and customer experience. A number of key roles will also be recruited in the round, including Head of Science Shyamal Patel; Site managers Tommi Heinonen and Daniel Welch, who was promoted to CFO.
“This year has put the spotlight on the gaps in our healthcare industry and the increasing need for each of us to take control of our own health,” Forerunner CEO Eurie Kim said in the press release. “Oura is emerging as a trusted leader and community in the field by equipping people with personalized data that provides actionable insights to improve health.”