Smart Ring Maker Oura Acquires AI-Native Primary Care Startup Counsel Health for $625M After Postponing IPO
Oura acquired AI-native primary care startup Counsel Health for $625M weeks after postponing its IPO, disclosing FY2026 revenue of ~$1.75B (+92% YoY) and signaling a strategic pivot toward integrated AI healthcare services.
US-based smart ring manufacturer Oura Health announced on November 10, 2026, that it will acquire AI-native primary care startup Counsel Health for $625 million. The deal comes just a few weeks after Oura indefinitely postponed its up to $2.2 billion IPO, citing "uncertainty in the IPO market."
Counsel Health is an AI-powered healthcare platform that combines a chat-based medical experience with access to licensed physicians. Its service was integrated into the Oura app in June, allowing users to get personalized medical advice via AI and chat with doctors when needed. The acquisition aims to expand their partnership across preventative, acute, specialty, and chronic care.
"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," said Oura CEO Tom Hale. According to Bloomberg, Counsel Health CEO Muthu Alagappan will join Oura as chief clinical AI officer, along with the company's 70 employees.
Financial disclosures reveal that Oura's revenue grew 153% year-over-year to $533 million for the quarter ended September 30. For fiscal year 2026, Oura generated approximately $1.75 billion in revenue, marking 92% year-over-year growth. The company reached an $11 billion valuation following a $900 million late-stage funding round in October 2025. Counsel Health had raised a $25 million Series A led by Andreessen Horowitz (a16z) and GV last year, with Pitchbook estimating total fundraising at around $36 million.
The deal is expected to close before the end of 2027. Oura stated that Counsel will continue serving existing and new enterprise partners post-acquisition, aiming to expand its AI-native care model beyond Oura's membership base.