Oura Files for IPO as New Smart Ring Competitors Emerge

Oura, a leading smart ring manufacturer from Finland, has officially filed for an initial public offering as of September 3. The company reported nearly doubling its revenue to $1.21 billion for the first nine months of the year ending June 30, driven by sales of 3.6 million rings and a subscriber base of around 5 million paid members. This move comes shortly after the launch of the Oura Ring 5, its lightest and slimmest model to date. While Oura has maintained a dominant position in the smart ring market, several competitors are introducing new devices with distinct features to challenge its lead. French startup Circular plans to release the Ring 3 series early next year, which will include NFC-enabled contactless payments and on-finger vibration alerts for alarms and health notifications. The Ring 3 Pro will also offer FDA-cleared ECG for atrial fibrillation detection, blood pressure trend tracking, glucose monitoring, and advanced sleep analysis. Chinese company RingConn launched its Gen 3 ring in May, priced from $349, offering vascular health insights by assessing vascular strain, alongside heart rate, blood oxygen, sleep, activity, and stress tracking. It uses vibration alerts primarily for health notifications. Indian firm Ultrahuman recently raised $70 million to develop smart rings capable of running software directly on the device, aiming to expand beyond health tracking into AI interactions and gaming. Its redesigned Ring Pro, priced at $479, is set to ship in the U.S. soon, featuring improved heart rate sensors and a dual-core processor for enhanced data processing. This follows a patent dispute with Oura that temporarily restricted Ultrahuman’s imports into the U.S. Samsung entered the market in 2024 with the Galaxy Ring, priced at $399, targeting users within its device ecosystem. However, it offers more basic health tracking features compared to competitors, lacking advanced functions like sleep apnea and atrial fibrillation detection. Another newcomer, Dreame, introduced a smart ring with haptic alerts and a touchpad for controlling phone functions such as music playback and photography. It also supports heart rate and blood oxygen monitoring, but pricing and availability remain undisclosed. The smart ring industry is evolving rapidly, moving beyond simple health tracking toward integrating more smartphone-like capabilities. This shift raises questions about whether these devices will maintain their original appeal as discreet health monitors or become miniaturized smart devices worn on the finger. As competition intensifies, consumers can expect a wider range of choices with diverse features in the near future.