Oura Health Is in Talks for Funding at $800 Million Value
(Bloomberg) -- Oura Health Oy, a Finnish maker of devices that track sleep, physical activity and other measures of well-being, is in talks with investors to raise funds at a valuation of about $800 million, according to people with knowledge of the matter.
The discussions mark the second fundraising in as many years for Oura, which last year raised $28 million from Google’s Gradient Ventures, Square Inc. and Forerunner Ventures. Earlier investors include Michael Dell’s MSD Capital, actor Will Smith and former professional basketball center Shaquille O’Neal. Investors in the current round and the amount being raised couldn’t immediately be learned.
A representative of Oura, based in Oulu, Finland, declined to comment.
Under Chief Executive Officer Harpreet Singh Rai, Oura is aiming to tap into buoyant demand for wearable technology that can help users keep tabs on their health and, in some cases, assist in predicting illness.
As the coronavirus pandemic spread last year, researchers embarked on studies aimed at determining whether Oura rings worn on fingers, along with other gadgets such as Fitbit wristbands and Apple Inc. time pieces, could be used to signal the onset of Covid-19. Research released last year showed the devices could play a role in detecting the illness.
The global wearable technology market, valued at $37.1 billion last year, is projected to grow to $104.4 billion in 2027, according to Grand View Research. Some of that growth is attributable to concerns over the coronavirus.
“The outbreak of the Covid-19 crisis has expanded the role of wearable technologies in the health-care sector,” and has opened up new applications for early detection, according to a June report by the firm.
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