Smart ring maker Oura announced on Thursday that it has closed a $200 million Series D funding round, bringing the company’s valuation to $5.2 billion. The round included participation from Fidelity Management and glucose device maker Dexcom.

Oura says the new capital will allow it to expand its product offerings and further invest in product, science, AI, and more. The funding will also enable Oura to explore additional acquisitions, the company says.

The news comes a month after Oura announced that it was partnering with Decxom to pave the way for the two companies’ devices and apps to be used together. The partnership means Oura rings will eventually help users monitor their blood sugar, and that the two companies will co-market and cross-sell each other’s products. Oura said at the time that Dexcom would be investing $75 million in its Series D round.

“As we continue to drive momentum and growth, we are bolstered by the additional support of these investors,” said Oura CEO Tom Hale in a press release. “We’ve made significant progress in advancing our mission to make health a daily practice and will use this funding to unlock new opportunities, with AI development at the center of our strategy. We know that Oura has the potential to change lives at scale, and we’re excited to continue leading the market in innovation while pursuing opportunities that extend beyond the ring.”

Oura has sold more than 2.5 million rings, and the company’s member base and revenue has more than doubled over the past year.

In 2024, the company expanded its retail presence by bringing its products to Amazon and Target. It also partnered with Naval Health Research Center, the Air Force, and the Defense Innovation Unit to put its smart rings on the fingers of service members.

In October, Oura acquired Sparta Science, a Bay Area-based health tracking startup. In September, Oura acquired Veri, the Helsinki-based startup behind the metabolic health product of the same name.