Oura Health is preparing to raise approximately US $875 million in a new funding round that would push its valuation to about US $10.9 billion, according to a Bloomberg report.

The Finnish company behind the well-known Oura smart ring says the new funds will be used to ramp up production capacity, enhance product development, and expand into more international markets.

Oura Health’s latest valuation almost doubles the one recorded in December, when it raised about US $200 million in its Series D round and was valued at approximately US $5.2 billion. Since its founding in 2013, the company has made remarkable strides in the wearable technology space.

Over the past year, Oura has sold millions of its rings. Overall ring sales have surpassed 5.5 million units to date. the company generated

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