Dexcom Inc., a company leading in continuous glucose monitoring (CGM) technology, has unveiled an investment of $75 million in Oura, the producer of smart rings that measure numerous health statistics. The funding- the first of its kind- is announced to make Oura hit a valuation over $5 billion. It has been made as part of Oura’s ongoing funding round but additional investors remain undisclosed.
The smart rings are meant to track sleep, physical activity, stress, heart health, and other key wellness indicators for consumers. In March, the company released new hardware and an updated app, incorporating integration with Dexcom’s glucose biosensors. This agreement will complement data from Dexcom’s CGMs, which track blood glucose values directly from the bloodstream in real time, with Oura’s platform. This will bring a much deeper understanding of overall health to users, combining glucose data with sleep and exercise metrics. The first combined app between the two companies should be available in the first half of 2025.
In addition to the joint development of their technologies, Dexcom and Oura will engage in cross-selling and co-marketing initiatives to enhance mutual visibility within each other’s customer bases. A business that has traditionally focused on providing CGMs for individuals with diabetes, Dexcom is opening itself up to the general consumer health market. In August, the company launched Stelo, an over-the-counter CGM designed for adults who do not take insulin, allowing a new demographic, including Oura users, to access Dexcom’s technology for the first time.
Matt Dolan, Executive Vice President of Strategy and Corporate Development at Dexcom, emphasized the potential of the partnership to attract a new wave of customers. He stated, “This powerful combination will attract new shared customers who want to better understand the link between activity, sleep, nutrition, and their glucose.”
The partnership with Dexcom builds upon Oura’s increasing focus on metabolic health. In September, Oura announced its acquisition of Veri, a company that uses CGM data to support healthier eating and weight loss. With the completion of this acquisition, Oura is well-positioned to deepen its exploration into the metabolic health space, which CEO Tom Hale described as the “natural next dimension” of Oura Ring’s capabilities.
