ŌURA, a Finnish wearable technology developer and creator of the Oura Ring, has completed a $200m Series D funding round.

Fidelity Management & Research Company and San Diego-based Dexcom, a glucose biosensing major, joined the investment round.

This funding boosts ŌURA’s valuation to $5.2bn. It will support ŌURA’s momentum in the smart ring market.

The new capital will help the biotechnology firm expand its product range, invest in innovation across product development, science, healthcare, and artificial intelligence (AI), and support global expansion.

Additionally, the funding will drive potential acquisitions to accelerate growth.

ŌURA CEO Tom Hale said: “As we continue to drive momentum and growth, we are bolstered by the additional support of these investors.

“We’ve made significant progress in advancing our mission to make health a daily practice and will use this funding to unlock new opportunities, with AI development at the centre of our strategy.

“We know that ŌURA has the potential to change lives at scale, and we’re excited to continue leading the market in innovation while pursuing opportunities that extend beyond the ring.”

ŌURA’s funding milestone follows a period of growth. The company says it has recently sold more than 2.5 million rings and doubled its member base and revenue in the past year.

The Finnish firm expanded its global retail presence with new partnerships, including Amazon and Target.

It also grew its commercial business through expanded military collaborations with the Naval Health Research Center (NHRC), the Air Force, and the Defense Innovation Unit.

Additionally, ŌURA announced the acquisitions of Sparta Science and Veri and a partnership with Medicare Advantage provider Essence Healthcare.

Last month, the company announced an investment and metabolic-health monitoring partnership with Dexcom. The continuous glucose monitor maker also invested around $75m in ŌURA.

Since its founding in 2013, the wearable technology developer has been working on the future of health wearables.

The company recently launched the next-generation Oura Ring 4, offering more accuracy, comfort, and personalisation with its Smart Sensing technology.

ŌURA has expanded its product capabilities beyond Sleep and Activity to include Heart Health, Stress & Resilience, and Women’s Health.