Finland’s Smart Ring Champion Oura Goes American—and Takes Its Billions With It

Oura, the Oulu-born company behind the world’s leading smart ring, announced this week that it is moving its parent entity from Finland to Delaware, USA.

Oura’s parent company will now be Oura Inc., incorporated in Delaware, rather than the Finnish entity Oura Health Oy.

The company said Finland will retain its European headquarters and research center, and that roughly half of its global workforce continues to operate from Finland in research and development roles, numbers that have actually grown in recent months.

Still, the symbolic weight of the move is hard to dismiss. Oura was founded in 2013 by five entrepreneurs from the Oulu region in northern Finland. All five founders have since departed the company, and today only one Finnish representative sits on the board.

The relocation follows a familiar pattern for Finland’s most successful tech companies. Gaming giant Supercell, AI firm Silo AI, and space technology company Iceye have all taken similar paths: turning to foreign capital and, eventually, foreign corporate structures as they scaled beyond what the domestic market and investor ecosystem could support.

Oura’s move follows a strong fiscal year ending September 2025, where the company reported EUR 840.6 million in revenue. This figure more than doubles the EUR 367.4 million posted the previous year.

The company’s operating profit surged to EUR 113.5 million, up from just EUR 12.1 million the year before, pushing its operating margin to 13.5%, a figure that would be impressive for any mature consumer tech firm, let alone one still in hypergrowth mode.

CEO Tom Hale, an American who gave the interview to Finnish business daily Kauppalehti in Helsinki, said he was satisfied with the numbers. “They could always be better, but I think it’s a pretty good showing,” he said. “Perhaps more importantly, this was the third year in a row we essentially doubled our revenue. That means we’re sustaining this kind of growth—it’s not levelling off.”

Petteri Lahtela, one of Oura’s original founders, flagged the structural issues publicly last August in a Finnish business magazine, criticising the way state business subsidies repeatedly flow to large, established industrial companies, particularly in the forestry sector, while high-growth tech startups are left to seek capital abroad.

The company expects to sell its ten-millionth ring sometime this year, cementing its dominance in the smart ring category globally.

Delaware is the preferred incorporation state for roughly 68% of Fortune 500 companies due to its flexible corporate law, efficient court system, and favorable tax treatment for holding companies.

Finland, despite ranking among the world’s top nations for innovation and education, has long struggled to retain corporate headquarters of scaling tech firms, a challenge shared across the Nordic region.