Medical device maker Dexcom said Tuesday it will invest $75 million in Oura’s latest funding round, valuing the smart ring maker at more than $5 billion.
Oura, founded in Finland in 2013, makes a smart ring that helps customers track their sleep, activity, stress and heart health, among other things.
Dexcom makes continuous glucose monitoring devices, including a non-prescription device called Stelo.
The two companies plan to integrate glucose monitoring data from Dexcom’s devices and app with data from the Oura ring. They plan to make the initial integration available to users in the first half of 2025.
“Working together, Oura and Dexcom will help members decide what and when to eat by highlighting correlations between activities such as sleep and exercise and members’ glucose levels,” said Tom Hale, CEO of ‘Oura.
As part of the deal, the two companies will also jointly market their respective devices and cross-sell.
Customers using both apps will be able to track their glucose levels and understand how their behaviors and biology impact their metabolic health, the two companies said.
Earlier this year, Oura said it had sold 2.5 million rings, expected to see annual sales double in 2024 to around $500 million and be profitable.
