Oura, the company that largely pioneered the consumer smart ring category, officially filed to go public on September 3. This move follows a period of significant financial growth for the Finnish company, which reported that its revenue nearly doubled to $1.21 billion for the nine months ending June 30. While Oura currently maintains a dominant position in the market, a wave of rivals is emerging with new features ranging from contactless payments to haptic feedback, signaling a shift in the competitive landscape of wearable technology.
The company's decision to enter the public market comes at a time of peak performance. Oura reported selling 3.6 million rings over the past year and currently maintains a base of approximately 5 million paid members. This momentum is supported by the recent launch of the Oura Ring 5, which the company describes as its slimmest and lightest model to date. However, the filing also arrives as the industry transitions from simple health tracking to more interactive, smartphone-like capabilities.
The shift toward active features
For years, the primary appeal of the smart ring was its passive nature. Unlike smartwatches, which often demand attention through screens and frequent notifications, rings were marketed as a way to track health and sleep data without the intrusiveness of a traditional screen.
That philosophy is beginning to change. Competitors are now betting on features that move the smart ring closer to the functionality of a smartphone. This includes the integration of haptic vibrations for notifications, NFC chips for payments, and even small touchpads for device control. The industry is moving toward a reality where these two-gram titanium bands are expected to perform complex tasks that were once reserved for much larger devices.
Ultrahuman and the push for on-device processing
One of the most aggressive challengers is the Indian company Ultrahuman. The company recently announced a $70 million funding round backed by Qualcomm’s venture arm. Ultrahuman intends to use this capital to transform the smart ring into a more capable computing device. The company claims its future hardware will be able to run software directly on the device, potentially powering everything from artificial intelligence interactions to games.
This week, Ultrahuman unveiled its third-generation wearable, the Ring Pro, which is priced at $479. The device is scheduled to begin shipping in the United States in mid-September. The Ring Pro represents a strategic pivot for the company following a legal dispute with Oura. In October 2025, the U.S. International Trade Commission ruled in Oura’s favor regarding a patent dispute, which temporarily blocked Ultrahuman from importing inventory. The Ring Pro features a redesigned form factor intended to circumvent those patents while introducing a dual-core processor for more accurate data collection.
Circular and the arrival of contactless payments
French manufacturer Circular is taking a different approach by focusing on utility and medical-grade insights. Its upcoming Ring 3 series, which includes both Pro and Slim models, is expected to launch early next year.
A standout feature of the Circular Ring 3 is the integration of an NFC chip, allowing users to make contactless payments with a tap of their finger. The device also includes on-finger vibrations for silent alarms, vital health alerts, and reminders. From a health perspective, the Ring 3 Pro includes an FDA-cleared ECG for AFib detection, along with tracking for blood pressure trends and glucose levels.
RingConn and Samsung’s ecosystem play
RingConn has also updated its lineup with the Gen 3 ring, which launched in May starting at $349. Its primary differentiator is its focus on vascular health. The device uses sensor data to assess changes in vascular strain over time, which it calibrates against externally measured blood pressure values. While it uses vibration, it primarily utilizes the feature for health alerts and sedentary reminders rather than general notifications.
Samsung remains the most significant traditional tech giant in the space. The Galaxy Ring, priced at $399, represents a major threat to Oura because of its deep integration with the broader Samsung ecosystem. While the Galaxy Ring currently lacks some of the specialized medical features found in its rivals, such as sleep apnea or AFib detection, its appeal lies in its seamless connection for users already using Samsung smartphones and watches.
The emergence of interactive controls
Newer entrants are experimenting with even more direct ways to interact with technology. Dreame recently unveiled a smart ring that features a small touchpad. This allows users to perform actions on their connected smartphones, such as skipping a song or triggering the camera shutter, without touching the phone itself. Like other modern contenders, it also includes haptic alerts for calls and messages.
The trend toward more features is even reaching the hardware design itself. Some manufacturers, such as those behind the Pebble Halo, are experimenting with rings that include small built-in displays. This represents a complete departure from the original "screen-free" value proposition that defined the early days of the smart ring market.
What the numbers show
Oura’s financial disclosures reveal a company that has successfully transitioned from a niche hardware startup to a major player in the wellness industry. The leap to $1.21 billion in revenue over a nine-month period suggests that the subscription-based model, where users pay for deep data insights, is resonating with consumers.
However, the rapid influx of venture capital into competitors like Ultrahuman and the entry of giants like Samsung suggest that the period of Oura's uncontested dominance is ending. The market is bifurcating: some companies are focusing on high-end medical certifications and FDA clearances, while others are focusing on making the ring a remote control for a digital life.
What happens next
As Oura prepares for its public debut, the industry will be watching to see if the company can maintain its lead through its established member base and refined hardware. The upcoming months will be defined by the launch of the Ultrahuman Ring Pro in the U.S. and the eventual release of the Circular Ring 3.
For consumers, the "smart ring" is no longer a single type of device. The choice is becoming increasingly complex. Buyers must now decide if they want a passive health tracker, a medical-grade diagnostic tool, or a miniature controller for their digital ecosystem. As these devices gain more features, the industry faces a new challenge: maintaining the comfort and battery life that made rings attractive in the first place, while adding the processing power required for the next generation of wearable AI.
The central question for the industry is whether users actually want their rings to do more, or if the simplicity of the original smart ring was its greatest strength.
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