(Reuters) -Oura Health, the maker of the Oura Ring, is raising nearly $875 million in a funding round that will value it at nearly $10.9 billion, Bloomberg News reported on Monday.

The potential financing doubles the Finnish company’s valuation from the December figure of $5.2 billion, when it raised $200 million in a Series D funding round.

The new round is expected to close by the end of this month and could still exceed $900 million, the report said, citing people familiar with the matter. Oura plans to use the funds to scale production, invest in development and expand internationally.

Oura did not immediately respond to a Reuters request for comment.

Founded in Finland in 2013, Oura makes a smart ring that tracks health data such as heart rate, sleep stages and physical activity.

See Full Page