The Oura smart ring is one of the rare products that has fundamentally reshaped the global tech landscape in recent years. What still appeared a niche curiosity when first unveiled at the Slush conference in Helsinki in 2015 has since evolved into a globally sought-after health device, with more than 5.5 million units sold. Speaking at Slush 2024, chief executive Tom Hale said Oura aimed to “sell our ten-millionth ring within the next 12 to 18 months”. Achieving that milestone would cement the company’s status not merely as a trendsetter, but as one of the most dynamic growth players in the global healthtech sector.
For Swiss scale-ups in the technology sphere, Oura therefore offers a remarkable case study, not because Switzerland should start building smart rings, but because the company demonstrates how a high-tech business can successfully navigate the critical transition from early-stage start-up to global growth enterprise. In a country that regularly ranks among the world leaders in research and innovation yet often struggles when it comes to scaling, Oura’s trajectory provides both inspiration and practical guidance.
From jewellery to health platform
Wearables (portable electronic devices that monitor and analyse physiological data) have long since moved beyond the realm of gadgets. While smartwatches and fitness trackers dominate the mass market, Oura has carved out an alternative form factor: a ring that resembles a piece of jewellery but houses sensors capable of capturing more than 50 biometric data points, from sleep quality and heart rate to temperature variations, menstrual cycle indicators and stress levels.
IDC, the US data provider for wearables and consumer electronics, supplied the press with exclusive figures showing that more than half of all smart rings sold worldwide currently come from Oura. In the third quarter of 2024 alone, the company shipped over half a million units. This is far more than specialist rivals such as Ultrahuman or the tech giants Samsung and Amazon, both of which entered the market relatively late despite vast financial resources.
Oura has leveraged the advantages of a first mover with notable discipline. The company releases new generations of its ring on a regular basis and invests heavily in software functions. Analysts attribute its lead to years of accumulated data and an unusually high degree of specialisation. They also emphasise that Oura must maintain a particularly high level of operational performance if it is to offer investors a profitable exit in the long run – a point that speaks less to valuation than to the high degree of professionalism a globally active wearables company now requires.
A subscription model as an engine of growth
The true core of the business lies not in the one-off sale of the ring, but in its subscription model. For roughly €70 per year, users gain access to detailed analytics and an AI-based coach offering tailored recommendations for sleep, training and stress management. “For us, the subscription is the product,” Hale told reporters. Although he declined to disclose churn rates, he insisted customer retention was “better than Netflix or Spotify”.
The subscription model creates stable and recurring revenue — an approach still adopted rather tentatively by many Swiss technology start-ups, where project work or hardware sales continue to dominate. Oura demonstrates how an ecosystem can be built that is not dependent on one-off device sales, but on long-term customer relationships and ongoing service provision.
The billion-dollar valuation and the logic of scaling
In September 2024, Oura completed one of the largest funding rounds in the European tech sector, raising around USD 900 million from international investors, led by the investment arm of US financial group Fidelity. The deal pushed the company’s valuation to USD 11 billion. For a wearables company, this is extraordinary, not least because Oura is neither a pure AI firm nor part of the booming defence-technology segment.
The valuation, however, brings added pressure. Many analysts have stressed that Oura will need to demonstrate that its revenue base is sustainable and its growth efficient should it ever seek to tap European or US public markets. Hale, for his part, dismissed speculation about an imminent listing, noting that the company is profitable and does not require additional capital.
Regulatory limits and medical reality
Oura’s ambition to incorporate blood pressure monitoring and other complex health parameters faces several regulatory and technical hurdles. Medical experts warn that today’s wearables lack the specificity and clinical robustness required for diagnostic use. The sector also grapples with fundamental issues such as the handling of sensitive health data, the potential classification of wearables as medical devices, and the distinction between wellness features and genuine clinical insights.
Despite these constraints, the market remains highly dynamic. Analysts expect annual growth rates of more than 25 per cent, signalling a shift in wearables from fitness accessories to digital health companions, even if true diagnostic relevance will require more stringent validation and clearer regulatory frameworks.
Lessons for Swiss growth-stage start-ups
Switzerland consistently ranks among the top two nations in the Global Innovation Index. Its research quality is world-class, and the talent base is deep. Yet the transition from research excellence to commercial scale remains fraught. Many Swiss start-ups grow too slowly, expand internationally too late or struggle to secure the larger funding rounds necessary for global reach. According to the Swiss Venture Capital Report, investment volumes declined in both 2023 and 2024, even as international markets began to recover.
The Oura case highlights four principles of growth that Swiss scale-ups can adopt without compromising their identity.
A product alone is not enough; value arises from an ecosystem that connects software, data and services. Oura has mastered this logic. Swiss tech firms that focus heavily on engineering risk missing market opportunities if monetisation and scalability are not built into their strategy from the outset.
Speed is critical. Oura launches new hardware and app features at an annual pace. Swiss start-ups often spend longer striving for perfection – a culturally ingrained reflex, but one that can prove costly in global markets.
International expansion is not a late-stage luxury but a precondition for growth. Oura targeted global markets from day one. Swiss firms tend to expand nationally first, yet for many technologies the domestic market is too small to generate meaningful scale.
Large funding rounds are rare but essential. Oura’s ability to attract major international investors shows what is required. Swiss scale-ups must engage early with global venture and growth funds if they wish to obtain the capital needed for genuine expansion.
Swiss scale-ups already applying Oura-like principles
Several Swiss firms demonstrate that this growth logic can indeed be implemented domestically.
Planted Foods, based in Zurich, has built one of Europe’s most dynamic foodtech ecosystems within only a few years. With more than CHF 200 million in funding and a clearly defined international brand strategy, Planted aims to establish its products across Europe. Its combination of technology, brand and scalability is reminiscent of Oura’s ecosystem approach.
Sophia Genetics in Lausanne shows how data-driven business models can achieve global reach. Its AI platform for genomic analysis is used in more than 180 countries, and the company has been listed on Nasdaq since 2021. Like Oura, Sophia blends software, data analysis and recurring revenue streams in a model optimised for scale.
Climeworks, headquartered in Zurich, illustrates how Swiss technology companies with global ambitions can grow into major players. The company develops direct air-capture systems and signs long-term carbon removal contracts with international industrial clients. Its recent funding round of more than CHF 600 million underscores that Swiss firms can access global capital if their technology and business model are compelling enough.
A small ring as a large blueprint
Oura is not a template for Swiss politics, labour law or regulatory culture. But it does exemplify the strategic clarity required to reach the growth phase: a precisely defined product, a scalable business model, a robust capital strategy, continuous innovation and a commitment to internationalisation.
For Swiss growth-stage start-ups, it offers a valuable benchmark. Switzerland has the innovation capacity, the talent and the research foundations. What is often missing is not technology, but speed, strategic ambition and the willingness to give the business model as much weight as the engineering. Oura shows what can happen when both sides align.
References (APA, translated)
- BusinessWire. (2024). Oura surpasses 5.5 million rings sold and doubles revenue year-over-year. BusinessWire :
- Forrester Research. (2024). Wearables and Preventive Health Technologies Report 2024. Forrester Research.
- Gartner. (2024). Forecast Analysis: Wearable Devices, Worldwide. Gartner Inc.
- IDC – International Data Corporation. (2024). Worldwide Quarterly Wearable Device Tracker, Q3 2024. IDC Research.
- Planted Foods. (2024). Press releases and investor communications 2021–2024. Zürich: Planted Foods AG.
- Sophia Genetics. (2021–2024). Company filings and investor relations reports. Lausanne / Boston: SOPHiA GENETICS SA.
- Climeworks. (2024). Finanzierungsrunde 2024 – Unternehmensmitteilung. Zürich: Climeworks AG.
- Swiss Venture Capital Report. (2024). Swiss Venture Capital Report 2024. SECA & investiere.ch.
- Swiss Startup Radar. (2023). Swiss Startup Radar 2023: Growth and Innovation Patterns. University of Basel & Swisscom.
