Smart ring maker Oura announced on Tuesday that it has received a $75 million investment from glucose device maker Dexcom. The investment marks Oura’s Series D funding round and brings the company’s valuation to more than $5 billion.
The partnership paves the way for the two companies’ devices and apps to be used together, which means Oura rings will eventually help users monitor their blood sugar.
“Ninety-seven percent of Oura Members have expressed interest in understanding how the food they eat impacts their health,” said Oura CEO Tom Hale in a press release. “This partnership with Dexcom will enable us to empower our members to make informed decisions and adjust behaviors to positively impact their biometrics and long-term health.”
The first app integration resulting from the partnership is expected to launch in the first half of 2025.
Founded in 1999, Dexcom sells continuous glucose monitoring devices to help people understand the impact of daily lifestyle choices on glucose levels.
“Partnering with ŌURA gives us the opportunity to redefine the category again, integrating data from Dexcom glucose biosensors with the continuous insights and metrics measured by Oura Ring,” said Matt Dolan, executive vice president of strategy and corporate development at Dexcom, in a statement. “This powerful combination will attract new shared customers who want to better understand the link between activity, sleep, nutrition and their glucose.”
As part of the partnership, the two companies will co-market and cross-sell each other’s products.
Earlier this year, Oura announced that it had sold 2.5 million rings. The company also revealed that it expects to see annual sales double in 2024 to roughly $500 million and it’s profitable.
The partnership comes as Apple has been working on noninvasive glucose monitoring for many years. A recent Bloomberg report indicates that the company is testing an app that helps people with prediabetes to manage their health. The report states that although Apple doesn’t plan to release the app, it could integrate the technology into future products, such as a noninvasive glucose monitor.