Oura (company)

Ōura Health Ltd. is a Finnish health technology company, best known for the Oura Ring (stylized Ōura), a smart ring used to track sleep and physical activity. The company was founded in 2013 by Petteri Lahtela, Kari Kivelä, and Markku Koskela. Harpreet Singh Rai was the CEO from 2018 until 2021, when he was replaced on an interim basis by Michael Chapp.[1] In 2022, Tom Hale was appointed CEO.[2] The company is headquartered in Oulu, Finland, with other locations in Helsinki, Finland and San Francisco, United States.[3]

Ōura Health Ltd.
TypePrivate
IndustryHealth technology
Consumer electronics
Founded2013 (2013)
FoundersPetteri Lahtela
Kari Kivelä
Markku Koskela
Headquarters
Oulu
,
Finland
Area served
Worldwide
Key people
Eurie Kim (Chair of the Board)
Michael Chapp (interim CEO)
Products
    • Wearable technology
    • Sleep monitoring
    • Software development
Websiteouraring.com

In 2020, Oura Health Ltd. received the 'Best Consumer Wellness Company' award from the UCSF Digital Health Awards. Oura announced Series C funding of US$100 million from The Chernin Group, Elysian Park, Temasek, JAZZ Venture Partners and Eisai in May 2021; funding in earlier rounds came from Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings and Next Ventures.[4]

Products

The company's main product is the Oura Ring, which collects health data from the wearer's finger like a regular activity bracelet or heart rate monitor. The activity, heart rate, body temperature, respiratory rate and sleep data collected by the ring are transmitted wirelessly via Bluetooth to a smartphone app. Oura's sensors capture the wearer's biometric data at significantly higher frequency than wearable products from competitors such as Apple Inc. and Fitbit.[5] The ring weighs 2–3 grams.

The Oura Ring is based on LEDs. The light from the LEDs is reflected through the skin and the changes in the reflection are analysed by an algorithm developed by the company. This allows the heart rate and heart rate variation to be determined. The device can also measure body temperature and menstrual cycle. The battery is said to last for a week on a single charge.[6]

Oura Health announced the third-generation Oura Ring on 26 October 2021,[7][8][9] with new features to include 24/7 heart rate monitoring, blood oxygen monitoring, and period prediction.[10][11]

Reception

Innovation

As a start-up, Oura has been praised for its innovation in the field of wearable electronics. The smart ring was listed as one of the TIME 100 Best Inventions of 2020 after gaining media attention from it being used by players in the NBA.[12][13]

Membership fees

After the release of the third-generation ring, Oura released a US$5.99 membership for their products that put certain aspects of user data behind a paywall. The release of this membership received much criticism and anger from Oura users and reviewers who highlighted the expensive cost of the membership on top of the US$299 price of the Oura ring.[14]

Accuracy

Oura has received some criticism for the accuracy of their products. A test on the second-generation ring found that on average their sleep tracking feature was only 58.9% accurate.[15] However, their third-generation ring has shown significantly better accuracy in sleep tracking, making it one of the most accurate wearables.[16]

References
  1. "Gratitude and Next Chapter". Oura. 2021-12-01. Archived from the original on 2021-12-01.
  2. "ŌURA Names Tom Hale as New Chief Executive Officer".
  3. "Oura Health Strengthens Its Position in the US Market". newswire.ca. 2018-07-12. Archived from the original on 2018-07-12.
  4. Heater, Brian (2021-05-04). "Fitness ring maker Oura raises $100M". ca.news.yahoo.com. Archived from the original on 2021-06-24. Retrieved 2021-06-24.
  5. Diamandis, Peter H.; Kotler, Steven (2020). The Future Is Faster Than You Think (1st ed.). New York, NY: Simon and Schuster. p. 42. ISBN 978-1-9821-0966-0. OCLC 1126347047.
  6. "Oura julkaisi älysormuksensa kolmannen version. Kuukausimaksu, lisää antureita ja sykkeenmittausta myös päivisin". Helsingin Sanomat (in Finnish). 2021-10-26. Retrieved 2022-04-26.
  7. "The Most Personalized Ring on the Planet: Welcome to Generation 3". The Pulse Blog. Oura. 2021-10-26.
  8. "Introducing the New Oura Ring Generation 3". The Pulse Blog. Oura. 2021-10-26.
  9. Heater, Brian (2021-10-26). "Oura's gen-3 fitness ring arrives with improved sensors, custom content". TechCrunch.
  10. Wetsman, Nicole (2021-10-26). "Oura adds period prediction and heart rate to its next-gen smart ring". The Verge.
  11. Miller, Matthew (2021-10-26). "Oura Ring 3 announced: Expanded HR monitoring, women's health and advanced features in 2022". ZDNet.
  12. "Oura Ring: The 100 Best Inventions of 2020". Time. Retrieved 2021-10-28.
  13. Sprung, Shlomo. "Oura CEO Explains Why NBA Bought 2,000 Of Its $300 Smart Rings". Forbes. Retrieved 2021-10-28.
  14. "Oura is lying to you". YouTube. Archived from the original on 2021-11-02. Retrieved 2021-11-26.
  15. Oura Ring Scientific Sleep Test (Review), retrieved 2021-10-27
  16. Oura Ring 3 Sleep Tracking: The Science (Why it needed to improve!), retrieved 2021-11-26
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