Smart ring manufacturer Oura has submitted a listing application to the U.S. Securities and Exchange Commission. The company disclosed that in the most recent nine months ending June 30 of this year, revenue rose to $1.2 billion, higher than $697 million in the same period last year. The document also listed physiological data and the capabilities of the AI model as key areas for future expansion.

Revenues and membership continue to grow.

The company disclosed that in the past year, Oura sold a total of 3.6 million smart rings, and currently has about 5 million paid members. Paid members refer to users who subscribe to their health services to obtain more comprehensive health indicators.

The file shows that the 12-month weighted average member retention rate for Oura is approximately 85%. This means that about 85% of the newly subscribed users in any given month will remain paid subscribers after one year.

IPO Valuation target has been exposed ahead of schedule

Oura was established in 2013, with its headquarters initially located in Finland. Currently, it has offices in places such as San Francisco. Last month, the media reported that Oura plans to raise approximately $3 billion through this public offering.

Bloomberg previously reported that Oura was seeking a valuation of around $16 billion. Last October, the company's valuation was approximately $11 billion. Oura submitted a secret listing application in May this year, and this time it has disclosed more operational data publicly.

AI and health data are the focus of expansion

In the application documents, the company stated that its future goals are not limited to the sports and fitness tracking scenarios of traditional wearable devices; it also hopes to expand cooperation with health insurance plans, employers, and healthcare service providers.

According to Oura, the company has accumulated a large-scale and high-quality long-term physiological dataset in the field of consumer health, covering more than 50 health and psychophysical indicators, with a total of nearly 42 billion hours of physiological data. This data is being used to support its AI and machine learning models in order to improve the accuracy, personalization capabilities, and predictive abilities of identifying complex physiological patterns.

Sleep monitoring capabilities face litigation disputes

However, as it moves forward with its listing process, Oura also faces legal risks. The company has recently encountered a proposed class action lawsuit, in which plaintiffs accuse it of misleading users regarding the accuracy of its sleep tracking capabilities.

The complaint alleges that the Oura ring is not capable of directly detecting and determining the physiological signals required to identify sleep stages; instead, it relies on the estimation results generated by the AI, which is not accurate enough. Oura has denied these allegations and stated that it will respond to the lawsuit through appropriate legal procedures.