Oura, a smart ring maker, recently announced a significant partnership with Dexcom, a glucose device maker. This partnership involves a $75 million investment from Dexcom, marking Oura’s Series D funding round and increasing the company’s valuation to over $5 billion. The collaboration between the two companies will allow for the integration of their devices and apps, enabling users to monitor their blood sugar using Oura rings.
According to Oura CEO Tom Hale, 97% of Oura Members are interested in understanding how their diet affects their health. The partnership with Dexcom will provide members with the tools to make informed decisions and adjust their behaviors to positively impact their biometrics and long-term health. The first app integration resulting from this partnership is expected to launch in the first half of 2025.
Dexcom, founded in 1999, specializes in selling continuous glucose monitoring devices to help individuals understand the impact of their daily lifestyle choices on their glucose levels. Matt Dolan, executive vice president of strategy and corporate development at Dexcom, expressed excitement about the collaboration with Oura, stating that it will redefine the category by combining data from Dexcom glucose biosensors with the insights and metrics measured by Oura Ring. This combination will attract new customers interested in understanding the connection between activity, sleep, nutrition, and glucose levels.
As part of the partnership, both companies will engage in co-marketing and cross-selling each other’s products. Earlier this year, Oura announced that it had sold 2.5 million rings and projected a doubling of annual sales to approximately $500 million by 2024, with the company being profitable.
The partnership between Oura and Dexcom comes at a time when Apple has been exploring noninvasive glucose monitoring technology. While Apple is reportedly testing an app to help individuals with prediabetes manage their health, the company has not confirmed plans for its release. However, there is speculation that Apple may integrate this technology into future products like a noninvasive glucose monitor.
The collaboration between Oura and Dexcom represents a significant step towards providing individuals with innovative solutions for monitoring their health and making informed decisions about their well-being. With the integration of their devices and apps, users will have access to comprehensive data that can help them better understand and improve their overall health.
