Oura said Tuesday it has agreed to acquire Counsel Health, an AI-native primary care startup whose chatbot already sits inside the ring maker’s app, for $625 million in cash and stock. The deal, disclosed alongside Oura’s quarterly results, would fold a team of roughly 70 clinicians and engineers into the wearable company and hand its chief executive a newly created clinical AI post.
Counsel Health describes itself as an AI-native primary care company. Its platform answers health questions using biometric data pulled from wearables, then routes users to in-house physicians when a conversation with a doctor is warranted. Oura integrated the service into its app in June, and the two companies now intend to build out preventive care, acute care for one-off health concerns, and specialty and chronic care covering areas such as reproductive and cardiometabolic health.
“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 statement. Hale told Bloomberg the purchase fits a strategy of linking wearables, clinical AI and physician access so that biometric readings can answer questions or track ongoing conditions.
Counsel Health CEO Muthu Alagappan said the two sides found common ground early. “At Counsel, we’ve built medical AI around trust, safety and responsibility, keeping physicians in the loop for clinical decisions,” he said. “Oura’s data gives clinicians objective context, trended biometrics, and member engagement to deliver more informed care.” Alagappan will become Oura’s chief clinical AI officer, and the startup’s staff will join Oura.
Oura said Counsel will keep serving enterprise customers outside its own membership, including health plans, health systems, consumer health organizations and employers. Alagappan told Bloomberg the company also plans to expand its network of on-demand physicians, which currently numbers about 50.
The purchase price is modest next to Oura’s latest private valuation. The company was valued at $11 billion after a $900 million late-stage round in October 2025, and it has spent years as the dominant player in smart rings, though challengers such as RingConn and Ultrahuman are pressing in.
| Oura financial snapshot | Figure |
|---|---|
| Quarterly revenue (ended Sept. 30) | $533 million |
| Quarterly revenue growth, year over year | 153% |
| Fiscal 2026 revenue | About $1.75 billion |
| Fiscal 2026 revenue growth, year over year | 92% |
| Latest valuation | $11 billion |
| Counsel Health purchase price | $625 million |
Note: Revenue figures are for the quarter ended Sept. 30 and for fiscal year 2026, as announced by Oura.
The acquisition follows a strategic retreat on public markets. Weeks earlier, Oura indefinitely postponed an initial public offering that could have raised as much as $2.2 billion, pointing to uncertainty in the IPO market. Counsel Health had raised a $25 million Series A round a year ago led by Andreessen Horowitz and GV, and PitchBook estimates its total funding at about $36 million.
The two announcements conflict on timing: one source says Oura expects the transaction to close before the end of this year, while another puts completion before the end of 2027. Oura’s push into clinical services also carries execution risk, since medical advice delivered through an app faces regulatory scrutiny and demands that physicians remain involved in decisions. For investors watching the wearable sector, the deal signals that hardware makers see paid health services, rather than device sales alone, as the next source of growth.
