Oura, the Finnish company renowned for its innovative smart ring technology, has officially taken the first steps toward becoming a publicly traded entity. The firm confirmed on Thursday that it has submitted a confidential Form S-1 filing to the U.S. Securities and Exchange Commission, signaling its intent to launch an initial public offering.

Since its inception in 2015, Oura has carved out a distinct niche in the competitive wearable health market. By focusing on a minimalist, ring-based form factor, the company has successfully differentiated itself from traditional wrist-worn devices offered by major competitors like Apple, Garmin, and Fitbit. The Oura ring provides users with comprehensive insights into sleep patterns, physical activity, and overall physiological readiness.

The company has seen significant commercial momentum, reporting a total of 5.5 million units sold as of last September—a substantial increase from the 2.5 million units recorded just one year prior. This growth was underscored by a successful Series E funding round that valued the business at $11 billion, effectively doubling its valuation from earlier in 2024.

Looking ahead, Oura is continuing to expand its technological capabilities. The company recently integrated a proprietary artificial intelligence model specifically designed to enhance health tracking features for women, reflecting its commitment to diversifying its product utility for a global user base.