Finnish Oura, the world’s largest manufacturer of smart rings, did not see a threat to itself in the release of the Samsung Galaxy Ring. The company intends to expand the range of both devices and software products, as well as launch full-scale international expansion. Its CEO Tom Hale spoke about this in an interview with CNBC.
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Today, the company’s flagship product is the Oura Ring 4 smart ring – it is equipped with a set of sensors that help monitor the owner’s health. By opening the mobile app paired with the device, he can learn about the quality of his sleep and how prepared he is for the day. Oura, founded in Finland in 2013, has become a pioneer in the smart ring space – it has sold 2.5 million devices to date and is projected to have a 49% market share by the end of this year. Competition is rising in this market segment – this year, electronics giant Samsung released its first smart ring, the Galaxy Ring, which, according to analysts, will contribute to the growing popularity of these devices among a wide audience.
Oura, its CEO said, positions itself as a company that specializes in health care and scientific development, and this sets it apart from competitors. The manufacturer is now seeking permission from the US Food and Drug Administration (FDA) to use its products in medical diagnostics. The status of a medical company obliges it to ensure the integrity of user data, and technology companies perceive it as an additional source of income. Oura makes money from device sales and a $5.99 monthly subscription to a service that processes data from smart rings—it now has nearly 2 million subscribers.
The company is currently testing healthy eating solutions where users can take photos of their food and upload them to the Oura app. Work in this direction will be facilitated by the company’s recent acquisition of startup Veri, which specializes in technology for continuous blood glucose monitoring. In addition to smart rings, Oura intends to launch production of other devices, but the head of the company has not yet specified which ones; Following Apple and Samsung, it plans to use artificial intelligence in data processing – it will help provide users with personalized information. The Oura Advisor AI system is being tested – Mr. Hale described it as “a doctor in your pocket who has all your data.”
Finnish brand Oura has managed to gain fame in the United States, and now the company is setting its sights on international expansion. She plans to begin conquering the Western European market: Great Britain, Germany, France and Italy. Going public is not yet being considered – the status of a private company, according to the general director, gives it more freedom.