If you're somebody who looks after your health and well being, chances are, you've considered wearing some kind of wearable fitness device.
And in 2024, consumers are spoiled for choice.
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The most prolific wearable fitness device is Apple's (AAPL) Watch. The Watch has seen multiple iterations since it was first introduced in 2015, with Apple typically releasing a new version – or two –each year.
The most recent iteration, the Ultra 2, boasts a laundry list of bells and whistles, including:
- Precise altitude and depth measurements
- Water resistance up to 100 meters
- Precise GPS tracking capabilities
- Titanium case
- Biggest and brightest Apple Watch display
- Longer battery life (up to 36 hours with regular use)
- Sleep estimates and measurements
- Heart rate
- Medication reminders
- Mindfulness reminders
- Cycle tracking
- Step count
- Calories burned
- Email, iMessage, and phone call capabilities
It's no surprise that Apple has sold over 229 million watches since mid-2023. It's one of the most popular wearable devices since it seamlessly tracks fitness, scheduling, and networking all in one device for a starting price of $799 for Ultra 2.
But one of Apple's biggest competitors, the Oura Ring, is not far behind. Oura is a much smaller company compared to Apple, with just one core product – its wearable ring – making up the lion's share of its revenue. Though customers who prefer a sleeker look and prolonged battery life may opt for Oura instead of the Apple Watch.
The ring, which uses red and green LED light sensors to pick up measurements through a wearer's skin, measures the following:
- Heart rate variation (HRV)
- Respiratory rate
- Blood oxygen levels
- Sleep quality
- Body temperature
- Recovery and stress
- Activity
Oura also requires a monthly $5.99 subscription to access all of its features and measurements, on top of the initial $300+ price tag.
New Oura, Apple competitor enters the ring
There are plenty of other options on the market for fitness data junkies, including devices made by Garmin, FitBit, WHOOP, and soon, Samsung (SSNLF) .
But soon one new entrant will make a more mainstream debut. Just as Samsung plans the release of a new Galaxy ring later in 2024, Ultrahuman has been working tirelessly to scale up its own ring, the Air ring, to a broader audience. It claims its the second largest fitness tracking ring behind Oura. And in March, it announced it had closed $35 million in Series B funding.
“Oura is the number one right now, globally,” founder Mohit Kumar said. “With the number of units in the last 12 months we have got into being the second largest globally. But at the current run date we feel that we should be able to cross them in the next 12 to 15 months. So to ensure that we actually cross them … we are raising a little bit of growth capital.”
Ultrahuman, a company out of India, is already profitable, and though much smaller than Oura, it says its strategic partnerships and capabilities have it poised for global takeover. It has agreements with brick and mortar retailers like Selfridges, Hong Kong's Changi Airport, and Dubai's Virgin megastore to sell the Air ring. It also offers a tier that doesn't require a subscription to access some core metrics, including sleep, recovery and activity tracking.
Ultrahuman is also actively working to add new software to its ring that will measure other key data points, like glucose levels. Oura, for its part, has included Ultrahuman in a recently filed ITC patent infringement suit, whereby Oura alleges it infringed on several of its patents relating to its sensors and data collection.
"We support and welcome innovation that moves the category forward. Unfortunately, when we see companies take shortcuts that imitate and ride the coattails of our innovation, we have no choice but to take action," Oura said in a statement.
