Oura Files to Go Public Amid Growing Competition in Smart Ring Market

Oura, a Finnish company known for its smart rings focused on health and sleep tracking, has officially filed to go public as of September 3. The company reported nearly doubling its revenue to $1.21 billion for the nine months ending June 30 and has sold 3.6 million rings in the past year, with around 5 million paid members. This move follows the launch of the Oura Ring 5, the company’s slimmest and lightest model to date. Despite Oura’s dominant position, the smart ring market is becoming increasingly competitive. New entrants are introducing diverse features that extend beyond traditional health metrics. For instance, French startup Circular plans to release the Ring 3 series next year, which will include NFC for contactless payments and on-finger vibrations for alerts. Circular’s Pro model will also offer FDA-cleared ECG for atrial fibrillation detection, blood pressure trends, glucose tracking, and advanced sleep analysis. Chinese company RingConn launched its Gen 3 ring earlier this year, priced from $349. It provides vascular health insights by assessing vascular strain and tracks heart rate, blood oxygen, sleep, activity, and stress. RingConn uses vibration alerts to notify users of health changes and reminders. Indian firm Ultrahuman recently raised $70 million to develop smart rings capable of running software directly on the device, aiming to incorporate AI interactions and gaming. Its Ring Pro, priced at $479, will ship in the U.S. starting mid-September. The device features a redesigned heart-rate sensor and a dual-core processor for enhanced data accuracy and on-device processing. Ultrahuman had to redesign its ring to navigate a patent dispute with Oura that restricted imports into the U.S. Samsung entered the smart ring market in 2024 with the Galaxy Ring, priced at $399. While it integrates well with Samsung’s ecosystem, it offers more basic health tracking and lacks advanced features like sleep apnea or atrial fibrillation detection found in other rings. Another newcomer, Dreame, introduced a smart ring with haptic alerts and a touchpad for controlling phone functions such as music and camera. It also supports heart rate and blood oxygen monitoring along with sleep analysis. Pricing and availability have not yet been announced. The smart ring market is evolving rapidly, moving beyond simple health tracking to incorporate more smartphone-like capabilities. This shift raises questions about the future role of smart rings—whether they will remain subtle health devices or become miniaturized multifunctional gadgets worn on the finger. As competition intensifies, consumers can expect a wider range of options tailored to different needs and preferences.