Finnish healthtech startup Oura Health has secured a €5 million funding round led by US-based Bold Capital Partners and Finland’s Tesi. The round brings the total amount raised by the startup to €12.5 million. Oura Health intends to use the capital injection to promote its sleep improving device, the Oura ring, on the US market.
The sleep-tracking ring created by Oura Health is connected to a smartphone app and can track the wearer's sleeping patterns together with heart rate and body temperature. The data is subsequently analysed, and the user is presented with guidance as to how to align with their circadian rhythms.
Founded in Finland, Oura Health is looking to expand its operation on the US market. In order to facilitate this, the company has appointed a new CEO, Harpreet Rai, who used to be the president of its American-registered entity, Ouraring Inc. The former CEO Petteri Lahtela will “will focus on developing new products and services in his new roles as Oura Health President and Chief Innovation Officer while continuing his position on the Oura Health board,” the company stated in a press release.
“I have great respect for Harpreet,” Lahtela said. “He knows the US market and can lead us towards growth and greater market penetration. I’m excited for this next phase for Oura, and am looking forward to focusing on new innovative products and services which I am most passionate about.”