Key facts
- Oura filed for an IPO on September 3.
- Oura's revenue reached $1.21 billion for the nine months ended June 30.
- Oura has approximately 5 million paid members.
- Rival smart rings are introducing features like tap-to-pay, haptic feedback, and on-device processing.
- Ultrahuman raised $70 million to develop advanced smart ring capabilities.
- Samsung launched its Galaxy Ring for $399.
Oura, a dominant player in the smart ring market, has officially filed for an initial public offering (IPO) on September 3. The Finnish company reported a significant revenue increase, nearly doubling to $1.21 billion for the nine months ending June 30, and has sold 3.6 million rings over the past year, with approximately 5 million paid members. This move follows the launch of its latest Oura Ring 5.
However, Oura faces increasing competition from various companies introducing innovative features. French company Circular announced its upcoming ring will include tap-to-pay functionality via an NFC chip and on-finger vibrations for alerts. Chinese firm RingConn has already launched a ring with haptic vibrations for health alerts and sedentary reminders. Indian company Ultrahuman secured $70 million in funding, backed by Qualcomm's venture arm, to develop a ring capable of running software directly on the device, potentially powering AI interactions and games.
Ultrahuman's Ring Pro, priced at $479, features an improved heart-rate sensing system and a dual-core processor for more accurate data collection and on-device processing. The company's U.S. business faced import restrictions due to a patent dispute with Oura, leading to the development of a redesigned form factor for the Ring Pro.
Samsung has entered the market with its $399 Galaxy Ring, positioning it as a strong contender for users within its existing device ecosystem. While offering basic health and sleep tracking, it reportedly lacks some advanced features like sleep apnea detection found in competitors' rings. Dreame, another new entrant, has unveiled a ring with haptic alerts and a touchpad for controlling phone functions, alongside health monitoring features, though pricing and availability are not yet announced.