Oura announced on Tuesday that it’s acquiring AI-native primary care company Counsel Health for $625 million. The deal comes a few weeks after Oura postponed its up to $2.2 billion IPO indefinitely, 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.
Users can connect with Counsel’s medical AI to get personalized medical advice, and chat with a physician when needed, all within the Oura app. Now, the companies plan to expand on their existing partnership to build across preventative care, acute care, and specialty and chronic care.
While Oura has largely dominated the smart ring market for years, rivals like RingConn and Ultrahuman are emerging to dethrone it, putting pressure on the company to keep innovating. By acquiring Counsel Health, Oura is looking to expand its business and help users access medical 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 in a press release.
Counsel Health raised a $25 million Series A a year ago, led by Andreessen Horowitz (a16z) and GV.
