Oura, the smart ring company, secured $900 million in new funding and entered the health testing market with an 80% market share.

Finnish healthtech company Oura recently announced the completion of a $900 million funding round led by Fidelity Management & Research Company, with participation from new investor ICONIQ and existing investors Whale Rock and Atreides.

The company revealed that this round brings its valuation to approximately $11 billion, more than double its previous round of funding in December.

“This new funding is a testament to the strength of Oura’s business and the trust our millions of members place in us every day,” Oura CEO Tom Hale said in a statement. “We’re proud not only to be building products, but also to be driving a global movement toward proactive health—helping people understand their bodies, make better lifestyle decisions, and connect more effectively with their healthcare providers.”

Oura told TechCrunch that the new funds will be primarily used for AI and product innovation, the development of new health features, and the optimization of its global distribution network.

Since its launch, Oura has sold over 5.5 million smart rings. Sales have been particularly strong over the past year, accounting for more than half of its total. The company aims to double its revenue to $500 million by 2024, and sales are expected to exceed $1 billion this year.

According to an IDC report released last year, Oura holds over 80% of the smart ring market. Meanwhile, the company's user base is diversifying. Oura's Chief Business Officer, Dorothy Kilroy, recently revealed at the Elevate conference in Toronto that women in their early twenties are becoming its core user base.

In terms of products, Oura launched its latest generation, the Oura Ring 4, last October and released a ceramic version of the ring and an optional new charging dock earlier this month.

In addition to hardware, Oura is also actively expanding its health testing services.

This month, the company launched a new feature in its app called "Health Dashboard," which allows users to schedule blood tests at 2,000 Quest Diagnostics laboratories in the United States for $99. While Oura doesn't directly provide medical advice, users can view test reports in the app and receive general health advice through an AI chatbot.

The new feature puts Oura in more direct competition with smart ring makers like Whoop, Ultrahuman, and Samsung. Whoop also launched a similar lab testing service this month, a sign that the market is heating up.