Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, July 12 2018 - 16:00
AsiaNet
Oura Health Strengthens Its Position in the US Market
OULU, Finland, July 12, 2018 /PRNewswire-AsiaNet/ --

Company moves to 12.5M EUROS in total private funding and appoints new board 
members with US industry expertise for latest growth phase  

Oura Health (https://ouraring.com), the Finnish health technology company 
behind the Oura ring, has moved its total private funding to 12.5M EUROS after 
the closure of a round led by US-based Bold Capital Partners 
(http://www.boldcapitalpartners.com) and Finland's Tesi. The funding will be 
used to scale US market operations and push the Oura platform forward.

To view the Multimedia News Release, please click: 
https://www.multivu.com/players/uk/8362451-oura-health-strengthens-position-us-market/ 


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 
(http://www.eminencecapital.com). He is joined on Oura's board by Twitch 
(https://www.twitch.tv) 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 
(http://sagebionetworks.org), 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.

About Tesi 

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 EUROS 1.2 billion and we have altogether 700 
companies in portfolio. http://www.tesi.fi and @TesiFII

For additional information

Media kit with pictures

John Cozzi
press@ouraring.com

Photo: https://mma.prnewswire.com/media/715850/Oura_Health.jpg 

Video: https://mma.prnewswire.com/media/717286/Oura_Health_Sleep.mp4

Source: Oura Health Ltd.