Finland-based smart ring developer Oura received $28m on Tuesday in a series B round featuring digital payment services firm Square and internet technology provider Google.
Venture capital firm Forerunner Ventures also contributed to the round, and Google participated through its artificial intelligence investment vehicle, Gradient Ventures.
Oura has created a wearable ring that tracks the wearer’s sleep, monitoring pulse, movement and temperature. The ring connects to a mobile app and Oura uses artificial intelligence technology to extract data that can help users improve sleep quality.
The series B funding has been allocated to recruitment, the redesign of the company’s website, updated branding, marketing efforts and research partnerships with academic institutions.
Jesse Dorogusker, head of hardware at Square, is joining Oura’s board of directors along with Forerunner Ventures partner Eurie Kim. Anna Patterson, founder and managing partner of Gradient Ventures, is taking a board observer position.
Matthew Walker, professor of neuroscience and psychology at University of California, Berkeley, is also joining the company’s team, as its chief science adviser.
Oura had previously revealed more than $20m in funding as of December 2018, noting that its most recent round was led by MSD Capital and backed by dozens of angel investors. It did not disclose the round’s size but reports covering earlier funding suggest it would have been at least $8.6m.
The Finnish government-owned Tesi co-led a $5.8m funding round for the company in July 2018 with Bold Capital Partners. It had received $5.3m in series A funding from angel investors including Joi Ito and Jaan Tallinn two years earlier.
Image courtesy of Oura Health Oy.
