Oura to acquire Counsel Health for $625M

Oura said Tuesday it is acquiring AI-native primary care company Counsel Health for $625 million, coming just weeks after Oura indefinitely postponed an IPO that could have valued the company at up to $2.2 billion, citing uncertainty in the IPO market. Counsel Health runs an AI-powered healthcare platform combining a chat-based medical experience with access to licensed physicians, and its service has already been integrated into the Oura app since June, letting users get personalized advice from Counsel’s medical AI and chat with a physician when needed. The companies now plan to expand that partnership into preventative, acute, specialty and chronic care.

Oura has dominated the smart-ring market for years, but rivals including RingConn and Ultrahuman are emerging, pressuring the company to keep innovating. “Oura helps members understand their physiology and, with Counsel, they can take action on their health across a range of needs, from quick questions and prescriptions to lab results, chronic care, and referrals,” Oura CEO Tom Hale said in a press release.

A year ago, Counsel Health closed a $25 million Series A with Andreessen Horowitz and GV leading, and PitchBook estimates its total funding at $36 million. Counsel CEO Muthu Alagappan will join Oura as chief clinical AI officer, along with the company’s 70 employees, according to Bloomberg. Oura expects the transaction to close before 2027 ends.

Oura also said Tuesday that revenue climbed 153% from a year earlier to $533 million in the quarter that ended September 30, and that fiscal 2026 revenue reached roughly $1.75 billion, up 92% from the prior year. The company reached an $11 billion valuation after a $900 million late-stage round in October 2025.

Why it matters

Buying its way into physician-backed care lets Oura widen its business well beyond selling rings just as closer rivals narrow the gap, even as the company’s shelved IPO shows investors remain cautious about richly valued health-tech listings.