Ouraring closes €5M Series A Oulu, Finland • San Francisco, CA • November 30, 2016 – Ouraring, the developer of the world’s first wellness ring and corresponding app, ŌURA, announced that it has closed €5M ($5,3M) in a Series A funding round. Over 75% of the capital came from US investors.
“We are passionate about helping ŌURA users learn how their body responds to their lifestyle and what they can do to improve their sleep, health, and performance,” said Petteri Lahtela, CEO & Co-Founder of Ouraring. “We live in a world where we’re constantly asked to push harder and stretch our boundaries. ŌURA wants to change that. Your mental and physical readiness to perform varies significantly from day to day. Some days are perfect for challenging your body and mind whereas on other days your focus should be more on recovery. When you balance your daily load with this essential data you can ensure optimal performance, stay healthy and even increase your capacity – like top athletes do.”
ŌURA currently has users located in over 50 countries. About two-thirds of its users are in the US. In addition to individual users, several top universities, research organizations, sleep clinics, and companies are already utilizing the rich data the ŌURA provides.
“ŌURA has a very visible product at an interesting intersection between health, technology and fashion. The company is riding several growth trends that make its success almost inevitable, specifically miniaturisation, battery improvements, and Moore’s Law. ŌURA has a highly capable engineering team, led by effective management, they have created a product that is best in class for wearables.” said Jaan Tallinn, a founding engineer of Skype and Kazaa, a co-founder of the Cambridge Centre for the Study of Existential Risk (cser.org) and the Future of Life Institute (futureoflife.org), and active investor.
There are only a few places on the body where people are likely to wear a wearable, smart device. The finger is better positioned when compared to the wrist for collecting physiological data. The arteries on the finger have a stronger signal strength than veins on the wrist, thus providing more accurate data, and enabling a longer battery life. ŌURA uses the data it collects alongside established science and technological innovation to help people understand how their body responds to their daily choices. Based on each user’s physiological responses, ŌURA will provide meaningful, personalized, and actionable guidance.
Ouraring is a health technology company founded in 2013. The company’s HQ and major manufacturing facilities are located in Oulu, Finland. Other locations include Helsinki, San Francisco (CA), Boulder (CO) and New York City. The company’s first product, ŌURA wellness ring and app, was launched in 2015. In addition to the CES 2016 Best of Innovation award, the product has received among others the Fitness Award of the American Women’s Health Magazine in May 2016.
Media contact – Virpi Tuomivaara: firstname.lastname@example.org
Product images, lifestyle images and logotypes available at – www.ouraring.com/press-releases (Press Kit)
Once you’ve selected your ring color and placed your order, we’ll send you an ŌURA Ring sizing kit. This sizing kit contains eight plastic sample rings in sizes 6 – 13. This will allow you to determine which finger will be the most comfortable for you to wear your ŌURA Ring.
We suggest you wear the sample ring for a full 24-hours to make sure it doesn’t interfere with your daily activities.
Once you’ve determined which finger works best, please email email@example.com and let us know which size ring you’d like and your order number and we’ll pack and ship your ring.
Once you are done with the ŌURA Ring sizing kit, we encourage you to share it with friends or colleagues and tell them to do the same. We’d like to think these sizing rings will make their way around the world, helping people sleep and perform better.
When you buy an item on the internet from a country other than where you live, the item must be “imported” to you from that country. When you buy an item online there is a shipping fee – sometimes this is free – but usually for international shipping there is a fee. The shipping fee charged by the retailer only covers the shipping and handling of your order from the retailer’s warehouse to your address. Then, the customs service, a government agency of your country, may charge you additional customs fee for the item you are buying. The seller has no control over this and is very difficult to anticipate.
The fees can vary greatly and are usually a percentage of the products value. These percentages vary by country but here are some estimates:
These fees will have to be paid by you when the item is delivered or received at your local post office. The local customs office will not release your order until you settle these custom fees with them. The seller cannot pay these fees in advance or on your behalf.
This is done to ensure that your country receives money for taxation. Most countries have a minimum limit whereby items with a value under that limit are are not taxed. Then custom duties are based on the items category and whether or not your country produces the same products.
For example, if your country has a strong leather industry, then the leather industry in your country forces the government to increase import duties to make other countries companies products competing in the same market more expensive. It’s a way that companies force their governments to protect local markets and inhibit foreign trade.
Customs duty – this is usually charged as a percentage of the value. The percentage varies depending on the type of goods and their country of origin. Duty is charged on the price paid for the goods including any local sales taxes plus postage, packing and insurance costs. However, postage is excluded from the calculation for duty on gifts sent by post except for Express Mail Service (EMS).
Under international postal agreements the sender must complete a customs declaration which in most cases should be affixed to the package. The declaration includes a description of the goods, the value and whether they are gifts or commercial items. Any Post Office abroad should be able to give advice to the sender.
Example: Markets in the EU are highly protected. As such, import duties are high.
Most goods arriving in the EU from outside the EU are liable to any or all of the following taxes:
and must be paid whether:
Most goods arriving in the UK from outside the EU are liable to any or all of the following taxes:
and must be paid whether:
Goods sent as a gift are not free of import duties and import VAT. However, customs duty will not be collected if the amount is less than £7, and import VAT is not chargeable if:
Fast Parcel Operators may charge you for processing your package through Customs. These charges are normally collected together with any duty/taxes on delivery but they are not Customs duties. If you need to know the exact cost of these extra charges in advance, you should contact the seller and ask which carrier they will be using to send your goods. You can then contact the carrier and ask what their charges will be.