This week, Oura introduced the Ring 5, its latest iteration of the device that pioneered an entire category to begin with and is also the world’s smallest smart ring. Chic smart ring brand Finnish-American, the darling of the wearable industry, Oura is worn by athletes and celebrities, but the company is not taking its success for granted as it prepares for an IPO later this year.
The Ring 5 by Oura is 40% smaller with a longer battery life than the Ring 4 that is widely used. It also promises to bring the health-tracking features of a wristwatch to a less complex piece of jewelry that is only 2.28 mm thick and is focused on heart health, stress, sleep and readiness.
Oura’s chief product officer, Holly Shelton, said:
“The [Ring 5] is the most capable wearable we’ve ever made – small enough to fit seamlessly into everyday life, and significant enough to set a new standard”.
Oura believes the fifth-generation ring, available to buy for £399 (€399/$399/$A649) when it launches June 4 and requiring a £5.99 (€5.99/$5.99/A$9.99) monthly subscription, won’t just solidify its position at the top of the fast-growing smart ring market, but also bring in many new users who have been turned off by bulkier editions or the look of other wearables.
FDM CCS Insight analysts say Oura Health Oy, established in Oulu, Finland in 2013, has been a key player in the smart ring market, which saw 4 million devices sold in 2025 after more than doubling in the previous two years.
According to data from FDM CSS Insight consumer research, the smart ring is a minnow compared to the 175 million smartwatches deployed in 2025. But the rings are attractive to smartwatch wearers, regular watch wearers and people who don’t wear watches at all and the gender split is almost even.
The niche Finnish startup was founded by former Nokia and Polar engineers Petteri Lahtela, Markku Koskela and Kari Kivela, and has sold 5.5 million rings in four generations across 150 countries since its first-generation ring was introduced on crowdfunding platform Kickstarter in 2015, raising over $650,000 (£480,000). This makes it more visible on the fingers of famous and common customers alike.
Ahead of its expected IPO later this year, Oura is now valued at $11 billion, with over 5 million paying users and a fourfold increase in revenue over the last two years, hitting $1 billion in 2025. The company has expanded far beyond Finland, with an American CEO and more than 1,200 employees in offices in Helsinki, London, Los Angeles, San Diego, and twin headquarters in San Francisco and Oulu, where it still does the bulk of its research and development.
More than 1,200 partnerships including the Football Association, the Finnish Olympic team, US Soccer, the US Open and many other sports organizations. Oura has found its way into the health, wellness and business industries.
The ring form was less intrusive and more comfortable than many other wearables, and a big part of the ring’s early popularity was because of its emphasis on sleep as the basis of health tracking. Since then, its superior experience has helped it stand out and take advantage of market gaps left by bigger firms like Apple. High-profile followers like Kim Kardashian, Gwyneth Paltrow, Jennifer Aniston, and Prince Harry have adopted it, giving it some celebrity legitimacy.
FDM CCS Insight’s chief marketing officer, Ben Wood, stated:
“I think the secret to Oura’s success is a great product with broad appeal and a great experience in the app. Despite the quite significant subscription costs, it feels like you’re getting value with its constant enhancements, and useful and intelligible messages about sleep, your metrics and health.”
According to Wood, Oura’s statistics show a “insane amount of engagement,” with 80% of members renewing after the first year and the rings being worn on average for 23.5 hours each day.
Wood further stated:
“It’s also one of the few wearables, other than very niche companies, where I feel there is a genuine attempt to reflect the needs of women. Whether it is core body temperature, menopause, cycle tracking or the fit, I think there is a kind of female-first mentality there”.
With new software features for both new and old rings, such as a health radar that alerts users to possible issues before they arise, such as blood pressure and breathing disruptions during sleep, and new GLP-1 weight loss jab insights to monitor dosage and effects over time, Oura is now branching out into proactive health care.
