Company moves to 12.5M€ in total private funding and appoints new board members with US industry expertise for latest growth phase
OULU, Finland, July 12, 2018 /CNW/ - Oura Health, the Finnish health technology company behind the Oura ring, has moved its total private funding to 12.5M€ after the closure of a round led by US-based Bold Capital Partners and Finland's Tesi. The funding will be used to scale US market operations and push the Oura platform forward.
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The Oura ring and app guides wearers towards better sleep, recovery and readiness to perform by analyzing the body's sleep, activity levels, daily rhythms and physiological responses.
Former Oura Health CEO Petteri Lahtela 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. Former Ouraring Inc. President Harpreet Rai has been appointed as the new Oura Health CEO, with US industry specialists Stephen Friend and Kevin Lin also joining the Oura Health board.
"The successful launch of the new Oura ring shows the level of innovation and craftsmanship that Oura Health is capable of. Moving forward, our main goal is to drive awareness and sales in our largest market, while doubling down on the very innovation that brought us here in the first place," says Harpreet Rai, CEO of Oura Heath.
"I have great respect for Harpreet. 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," says Oura Health CIO Petteri Lahtela.
Oura Health CEO Harpreet Rai previously led investments in technology, media and telecom at New York-based Hedge Fund Eminence Capital. He is joined on Oura's board by Twitch Co-founder and former COO Kevin Lin, and M.D., Ph.D. Stephen H. Friend, Chairman of the Board and Past-President of Sage Bionetworks, a non-profit organization that provides the tools and environment to conduct dynamic, large-scale collaborative biomedical research. Approximately 60% of active Oura users and pre-orders for the new Oura ring originate from the US.
"Oura has built an extremely capable team that combines and harnesses technological, commercial and design expertise. There has been strong demand for the new ring. Meanwhile, both operative and governance changes within the company will boost Oura's growth and development. Finland is home to a number of international brands famous for products and services based on biometric measuring. Oura has all the resources needed to join this elite band," says Jussi Sainiemi, Investment Director at Tesi.
"We have succeeded in creating a new category within wearables. We combined science, technology and design with ultimate wearing comfort. Bringing sleep and recovery from daily mental and physical strain into the core of the user experience with the first generation Oura ring was the right choice. Our users are very committed and our retention rates are much higher compared to wearables in general. We need to continue innovating in all areas to maintain our pioneering position," concludes Lahtela.
Mr. Kevin Lin, the co-founder and former COO of Twitch, has been appointed chairman of the board. He brings along his vast experience in scaling teams, building communities, growing sales and developing monetization strategies based on his experience at Twitch. He also notably raised multiple rounds of funding and delivered significant shareholder value with Twitch's exit to Amazon.
M.D., Ph.D. Stephen H. Friend is the Chairman of the Board and Past-President of Sage Bionetworks, a non-profit organization that provides the tools and environment to conduct dynamic, large-scale collaborative biomedical research. Dr. Friend was most recently at Apple Inc. where he worked on ways to impact people's lives in health and disease. Currently he's designing a virtual institute to explore fundamental issues around how to make individual symptom predictions and how to return agency to individuals so they might navigate their own paths between health and disease.
Harpreet Rai is based in San Francisco and has a long background in finance. He was previously at Eminence Capital for 9 years, a multi-billion dollar hedge fund in New York City, where he led investments in technology, media and telecom. Prior to Eminence, Harpreet was at Morgan Stanley in their M&A group. Harpreet Rai joined Ouraring Inc., Oura Health's US subsidiary, as President in 2017 and succeeds Petteri Lahtela as the new CEO, effective June 1st, 2018.
About Oura Health Ltd.
Oura Health Ltd. is a Finnish health technology company founded in 2013. Oura is the world's first wellness ring and app that shows how your body responds to your lifestyle by analyzing your sleep, activity levels, daily rhythms and the physiological responses in your body. Personalized for you, Oura guides you towards better sleep, recovery and readiness to perform. Oura has users in over 60 countries, and several top universities, research organizations, sleep clinics, and companies are utilizing the data and insights Oura provides.
In addition to the CES 2016 Best of Innovation Award, Oura Health has received among others the Fitness Award of the American Women's Health Magazine in May 2016. In 2017, Oura Health was selected as the Best Health/Lifestyle Startup in Finland at the Nordic Startup Awards. Oura Health Ltd.'s HQ and major manufacturing facilities are located in Oulu, Finland. Other locations include Helsinki and San Francisco. For more information, visit http://www.ouraring.com.
About BOLD Capital Partners
BOLD Capital Partners ("BOLD"), is a venture capital firm targeting investments in early stage and growth technology companies. BOLD is particularly interested in entrepreneurial leaders that leverage exponential technologies to transform the world and create innovative solutions to humanities' grand challenges. The investment platform leverages the resources of Singularity University and the Peter Diamandis ecosystem to actively seek and support world-class entrepreneurs. BOLD has offices in Santa Monica and Palo Alto, California.
Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies' success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total €1.2 billion and we have altogether 700 companies in portfolio. http://www.tesi.fi and @TesiFII
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SOURCE Oura Health Ltd.
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