Oura Goes Public as Smart Ring Rivals Challenge Its Lead
▼ Summary
– Oura has filed to go public following strong financial performance, including doubled revenue and significant sales of its smart rings.
– The company faces increasing competition from rivals like Circular, RingConn, and Ultrahuman who are introducing new features such as contactless payments and haptic feedback.
– Smart ring technology is evolving beyond health tracking to include smartphone-like capabilities, with some devices now featuring screens and on-device processing.
– Ultrahuman launched the Ring Pro in the U.S. after a patent dispute with Oura forced a redesign of their previous hardware to avoid infringement.
– The market is becoming fragmented and confusing as manufacturers race to add diverse functionalities to compact wearable devices.
Oura Ring, the pioneer of the wearable health category, has officially filed for an Initial Public Offering (IPO), signaling its intent to capitalize on a market that is rapidly expanding and intensifying in competition. The Finnish company’s financial performance underscores its current dominance, with revenue nearly doubling to $1.21 billion over the nine months ended June 30. During this period, Oura moved 3.6 million rings and boasts approximately 5 million paid members. This financial milestone coincides with the launch of the Oura Ring 5, described by the company as its thinnest and lightest device to date.
Despite its stronghold, Oura faces mounting pressure from a diverse array of global rivals. These competitors are not merely improving upon existing metrics but are attempting to redefine the utility of the form factor. For instance, French firm Circular recently announced plans to integrate contactless payment capabilities into its upcoming hardware. Meanwhile, Chinese manufacturer RingConn has introduced haptic vibration technology to enhance user interaction. Perhaps most aggressively, Indian startup Ultrahuman secured $70 million in funding led by Qualcomm Ventures. Their strategy involves developing rings capable of running software directly on the device, potentially enabling complex functions ranging from AI interactions to gaming.
The industry trajectory suggests a shift away from passive monitoring toward active, smartphone-like functionality. Manufacturers are racing to pack advanced features into a two-gram titanium band, with some devices already incorporating screens or touchpads. This evolution presents an ironic twist: the original appeal of smart rings was their ability to provide health insights without the distraction of a screen. As these devices become more interactive, they risk becoming mini-computers on fingers, potentially undermining the very disconnect from digital noise that attracted early adopters.
Ultrahuman’s Patent Strategy and Hardware Evolution
Ultrahuman has been navigating significant legal hurdles while pushing technological boundaries. Earlier this year, the company unveiled its third-generation device, the $479 Ring Pro, scheduled for U. S. shipping in mid-September. This release follows a disruption in October 2025 when the U. S. International Trade Commission ruled in favor of Oura in a patent dispute. The ruling blocked Ultrahuman from importing new inventory, forcing the company to redesign its product to circumvent the patent infringement.
The resulting Ring Pro features a completely redesigned heart-rate sensing system intended to improve signal quality during sleep. It also utilizes a new dual-core processor to enhance data accuracy and enable greater on-device processing. Ultrahuman’s long-term vision extends beyond standard health metrics, aiming to transform the ring into a platform for broader software applications.
Circular Integrates Payments and Biometric Monitoring
Circular is preparing to enter the fray with its Ring 3 series, which includes both a Pro model and a Slim option. Expected to launch early next year, these devices will feature integrated NFC chips for contactless payments. Additionally, they will offer on-finger vibrations for silent alarms, reminders, and vital health alerts.
The Ring 3 Pro distinguishes itself with a slimmer profile compared to previous iterations and includes FDA-cleared ECG technology for atrial fibrillation detection. It also supports blood pressure trend tracking, glucose monitoring, and comprehensive biometric analysis. Pricing details for the new lineup have not yet been disclosed.
RingConn Focuses on Vascular Health and Haptics
Launched in May, the RingConn Gen 3 starts at $349 and emphasizes vascular health insights. By correlating sensor data with externally measured blood pressure values, the device assesses changes in vascular strain over time. It continues to track standard metrics such as heart rate, blood oxygen saturation, sleep, activity, and stress levels.
Unlike Circular, which uses haptics for a variety of communications, RingConn primarily employs vibration as a mechanism for health alerts, sedentary reminders, and low battery notifications. This approach keeps the device focused on essential feedback rather than broad connectivity.
Samsung Enters the Ecosystem Race
Samsung became the first major tech conglomerate to release a smart ring in 2024 with the Galaxy Ring, priced at $399. For consumers deeply embedded in the Samsung ecosystem, this device offers seamless integration with other brand products. However, in terms of advanced health features, the Galaxy Ring is comparatively basic. It lacks specific capabilities such as sleep apnea detection, which is available on devices from RingConn, Oura, and Ultrahuman. Similarly, it does not offer AFib detection, a feature present in Circular and RingConn models.
Dreame Introduces Touchpad Controls
Dreame, a newer participant in the smart ring sector, has introduced a device featuring a small touchpad. This interface allows users to perform actions such as skipping songs or taking photos directly from their finger. The ring also provides haptic alerts for calls, messages, and alarms. Standard health tracking features include heart rate monitoring, blood oxygen measurement, heart rate variability insights, and sleep analysis. Specific pricing and availability details for the Dreame ring remain unannounced.
(Source: TechCrunch)
