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Oura Health

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Oura Health Ltd
Native name
Oura Health Oy
Company typePrivate – Oy
IndustryHealth technology
Consumer electronics
Founded2013; 11 years ago (2013)
FoundersPetteri Lahtela
Kari Kivelä
Markku Koskela
Headquarters
Oulu
,
Finland
Area served
Worldwide
Key people
Eurie Kim (Chairman)
Tom Hale (CEO)
Products
    • Wearable technology
    • Sleep monitoring
    • Software development
Websiteouraring.com

Oura Health Ltd (natively Oura Health Oy)[1][2] is a Finnish health technology company, known for the Oura Ring (stylized Ōura), a smart ring used to track sleep and physical activity. The company was founded in 2013 by Petteri Lahtela, Kari Kivelä, and Markku Koskela. Harpreet Singh Rai was the CEO from 2018 until 2021, when he was replaced on an interim basis by Michael Chapp.[3] In 2022, Tom Hale was appointed CEO.[4] The company is headquartered in Oulu, Finland, with other locations in Helsinki, Finland, and San Francisco, United States.[5] The company raised its initial US$2.3 million seed funding in 2015 led by Lifeline Ventures,[6] introduced the first-generation ring via Kickstarter in 2016[7] and launched the ring at the Slush tech conference in 2017.[8]

In 2020, Oura Health received the 'Best Consumer Wellness Company' award from the UCSF Digital Health Awards and Time magazine's "100 Best Inventions of 2020" mentioning especially its COVID-19-related partnership with NBA.[9] Oura announced Series C funding of US$100 million from The Chernin Group, Elysian Park, Temasek, JAZZ Venture Partners and Eisai in May 2021; funding in earlier rounds came from Forerunner Ventures, Square Ventures, MSD Capital (Michael Dell), Marc Benioff, Lifeline Ventures, Metaplanet Holdings, Next Ventures, and private investors.[10][11] In May 2023, Oura Health Oy acquired tech startup, Proxy Inc., which makes digital identification tools.[12]

Products

A third-generation Oura Ring, with pulse detection sensors visible at the bottom

The company's main product is the Oura Ring, which collects health data from the wearer's finger like a regular activity bracelet or heart rate monitor. The activity, heart rate, body temperature, respiratory rate and sleep data collected by the ring are transmitted wirelessly via Bluetooth to a smartphone app. Oura launched in 2015 with a Kickstarter campaign for the first-generation ring (which was bulkier than the newer versions). The second and third-generation rings came out in 2018 and 2021, respectively.[13] The Oura ring is intended to be comfortable and not disrupt sleep or exercise. The operation of the Oura Ring is based on infrared LEDs. The light from the LEDs is reflected through the skin and the changes in the reflection are analysed by an algorithm developed by the company. This allows the heart rate and heart rate variability (as measured by RMSSD) to be determined. Oura's sensors capture the wearer's biometric data at significantly higher frequency than wearable products from competitors such as Apple Inc. and Fitbit.[14] The device can also measure body temperature and menstrual cycle. The battery is said to last for a week on a single charge.[15] The ring weighs 4 to 6 grams (0.14 to 0.21 oz), depending on ring size.[13]

Oura Health announced the third-generation Oura Ring on 26 October 2021,[16][17][18] with new features including 24/7 heart rate monitoring, blood oxygen monitoring, and period prediction.[19][20]

In March 2022, Oura announced that it has sold more than one million rings.[21] By September 2024, Oura had sold more than 2.5 million rings.[22]

In October 2024, Oura signed a deal worth 96 million USD to supply smart rings to U.S. military personnel. The agreement includes Oura's data analytics services for use by the Pentagon's health department. Oura previously worked with the U.S. Department of Defense, including during the COVID-19 pandemic and in past collaborations with the U.S. Air Force and Navy for fatigue and health monitoring.[23]

In October 2024, Oura launched Oura Ring 4.[24]

Partnerships

In May 2022, Oura and fashion brand Gucci launched a ring with details in 18-karat yellow gold.[25] It comes with Oura's Gen3 technology.[26]

In November 2023, Oura and the gym brand Equinox launched Rest & Recovery Kit, which includes the third-generation Oura Ring.[27]

Reception

Innovation

As a start-up, Oura Health has been praised for its innovation in the field of wearable electronics. The smart ring was listed as one of the Time's "100 Best Inventions of 2020" after gaining media attention from it being used by players in the NBA.[28][29]

Endorsements

The Oura Ring has been adopted by a number of celebrities such as Jennifer Aniston,[30] Prince Harry[31] and Kim Kardashian, referring to her high sleep scores.[32] It has been reviewed by multiple health technology analysts.[33]

Criticism

Accuracy

Oura initially received some criticism for the accuracy of their products while being also credited for it.[34] A test on the second-generation ring found that on average their sleep tracking feature was only 58.9% accurate.[35] However, their third-generation ring has shown significantly better accuracy in sleep tracking, making it one of the most accurate wearables.[36][37]

Oura's workout heart rate measurement during exercise does not (as of summer 2022) match the measurement accuracy of wearable heart rate sensors like the Polar H10.[38] The ring must be very tight on the finger for the Oura Ring to measure workout heart rate.[38][39] Otherwise, Oura might not show the heart rate information for the exercise, or the results may be incorrect.

Membership fees

After the release of the third-generation ring, Oura released a US$5.99 monthly membership (with a one-month free trial) for their products that put certain aspects of user data behind a paywall. The release of this membership program received much criticism and anger from Oura users and reviewers who highlighted the expensive cost of the membership on top of the US$299 price of the Oura Ring.[40]

References

  1. ^ "YTJ - Yritys- ja yhteisötietojärjestelmä - Yrityshaku". tietopalvelu.ytj.fi. Retrieved 11 September 2024.
  2. ^ "Oura Health Oy". Kauppalehti (in Finnish). Retrieved 11 September 2024.
  3. ^ "Gratitude and Next Chapter". Oura. 2021-12-01. Archived from the original on 2021-12-01.
  4. ^ "ŌURA Names Tom Hale as New Chief Executive Officer" (Press release). 25 April 2022.
  5. ^ "Oura Health Strengthens Its Position in the US Market". newswire.ca. 2018-07-12. Archived from the original on 2018-07-12.
  6. ^ "ŌURA Secures $2.3M In Seed Funding". The Guy Corner NYC. 2015-11-12. Retrieved 2022-05-18.
  7. ^ Paris, Martine. "How sleep-tracking ring Oura went from a Kickstarter campaign to becoming one of Silicon Valley and the NBA bubble's favorite gadgets". Business Insider. Retrieved 2022-05-18.
  8. ^ Product Launch: Oura - the Future of Restorative Sleep, retrieved 2022-05-18
  9. ^ "Oura Ring: The 100 Best Inventions of 2020". Time. Retrieved 2022-05-18.
  10. ^ Heater, Brian (2021-05-04). "Fitness ring maker Oura raises $100M". ca.news.yahoo.com. Archived from the original on 2021-06-24. Retrieved 2021-06-24.
  11. ^ "Michael Dell on Twitter". Twitter. 2018-10-30. Retrieved 2022-05-18.
  12. ^ "Oura Ring Maker to Buy Digital Identification Startup Proxy". Bloomberg.com. 2023-05-09. Retrieved 2023-05-09.
  13. ^ a b "The Oura Ring Is a $300 Sleep Tracker That Provides Tons of Data. But Is It Worth It?". The New York Times. 2021-07-27. Retrieved 2022-05-14.
  14. ^ Diamandis, Peter H.; Kotler, Steven (2020). The Future Is Faster Than You Think (1st ed.). New York, NY: Simon and Schuster. p. 42. ISBN 978-1-9821-0966-0. OCLC 1126347047.
  15. ^ "Oura julkaisi älysormuksensa kolmannen version. Kuukausimaksu, lisää antureita ja sykkeenmittausta myös päivisin". Helsingin Sanomat (in Finnish). 2021-10-26. Retrieved 2022-04-26.
  16. ^ "The Most Personalized Ring on the Planet: Welcome to Generation 3". The Pulse Blog. Oura. 2021-10-26.
  17. ^ "Introducing the New Oura Ring Generation 3". The Pulse Blog. Oura. 2021-10-26.
  18. ^ Heater, Brian (2021-10-26). "Oura's gen-3 fitness ring arrives with improved sensors, custom content". TechCrunch.
  19. ^ Wetsman, Nicole (2021-10-26). "Oura adds period prediction and heart rate to its next-gen smart ring". The Verge.
  20. ^ Miller, Matthew (2021-10-26). "Oura Ring 3 announced: Expanded HR monitoring, women's health and advanced features in 2022". ZDNet.
  21. ^ Sheth, Samir (2022-03-24). "One Million Thank Yous From Oura". The Pulse Blog. Retrieved 2022-07-06.
  22. ^ Gurman, Mark; Gorelick, Evan (30 September 2024). "Oura Nears $500 Million in Annual Revenue and Readies New Ring". Bloomberg. Retrieved 13 October 2024.
  23. ^ Kavander, Anni (3 October 2024). "Suomalainen Oura toimittaa älysormuksia Yhdysvaltain armeijalle lähes sadan miljoonan dollarin edestä". Yle (in Finnish). Retrieved 13 October 2024.
  24. ^ Laine, Petrus (4 October 2024). "Oura Health julkaisi uuden sukupolven Oura Ring 4 -älysormuksen". io-tech [fi] (in Finnish). Retrieved 13 October 2024.
  25. ^ "Gucci x Oura launch a $950 smart ring". TechCrunch. 26 May 2022. Retrieved 2022-06-01.
  26. ^ "Oura collaborated with Gucci to make an 18 carat gold smart ring". Engadget. Retrieved 2022-06-01.
  27. ^ Ostertag, Elizabeth (25 October 2023). "Equinox, Oura Team Up on Co-Branded Rest & Recovery Kit". Athletech News. Retrieved 14 October 2024.
  28. ^ "Oura Ring: The 100 Best Inventions of 2020". Time. Retrieved 2021-10-28.
  29. ^ Sprung, Shlomo. "Oura CEO Explains Why NBA Bought 2,000 Of Its $300 Smart Rings". Forbes. Retrieved 2021-10-28.
  30. ^ "Jennifer Aniston Reveals What Jimmy Kimmel Got Her 'Addicted' to That's Ruining Her Life (Video)". 2021-09-14. Retrieved 2022-05-18.
  31. ^ Wischhover, Cheryl (2018-10-19). "How Prince Harry's mysterious new ring caused a global commotion". Vox. Retrieved 2022-05-18.
  32. ^ "Kim Kardashian Is Getting Nine Hours Of Sleep A Night And Wow". Grazia. Retrieved 2022-05-18.
  33. ^ "Is the Oura Ring Worth the Hype? Admittedly, Yeah". Wired. Retrieved 2022-05-18.
  34. ^ "Is the Oura Ring Worth the Hype? Admittedly, Yeah". Wired. Retrieved 2022-05-18.
  35. ^ Oura Ring Scientific Sleep Test (Review), retrieved 2021-10-27
  36. ^ Oura Ring 3 Sleep Tracking: The Science (Why it needed to improve!), retrieved 2021-11-26
  37. ^ Cao, Rui; Azimi, Iman; Sarhaddi, Fatemeh; Niela-Vilen, Hannakaisa; Axelin, Anna; Liljeberg, Pasi; Rahmani, Amir M. (2022-01-18). "Accuracy Assessment of Oura Ring Nocturnal Heart Rate and Heart Rate Variability in Comparison With Electrocardiography in Time and Frequency Domains: Comprehensive Analysis". Journal of Medical Internet Research. 24 (1): e27487. doi:10.2196/27487. ISSN 1438-8871. PMC 8808342. PMID 35040799.
  38. ^ a b Oura Ring 3 Workout Heart Rate: Scientific Review, retrieved 2022-07-06
  39. ^ "Oura Workout HR tracking - How to achieve the most accurate results?". Retrieved 2022-07-06.
  40. ^ "Oura is lying to you". YouTube. Archived from the original on 2021-11-02. Retrieved 2021-11-26.
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