Oura Agrees to Buy Counsel Health for $625 Million, Betting That a Smart Ring Plus a Medical AI and On-Call Doctors Is a Care Business

Oura has agreed to pay $625 million in cash to turn its health-tracking ring into a front door for medical care, with an AI model doing the first conversation and a physician on call behind it. The deal prices a small AI-native care company at a large multiple of what it raised, and it lands weeks after Oura shelved its own IPO.

The deal#

Oura said on November 10 it had agreed to acquire Counsel Health, an "AI-native primary care company," for $625 million in cash, subject to purchase-price adjustments. Closing is expected before the end of the calendar year, subject to customary conditions. Counsel CEO Muthu Alagappan will join Oura as chief clinical AI officer along with Counsel's 70 employees, TechCrunch reported, citing Bloomberg.

TechCrunch says Counsel raised a $25 million Series A a year ago led by Andreessen Horowitz and GV, and PitchBook estimates its total funding at $36 million. It also notes the deal comes a few weeks after Oura postponed its IPO of up to $2.2 billion indefinitely.

What Counsel's product does#

Counsel's service has been integrated into the Oura app since June, per TechCrunch. Members start with Counsel's medical AI, which the companies say draws on connected medical records, prior interactions, clinical guidelines and the ring's biometric data. At any point they can add a board-certified Counsel physician, who can diagnose, prescribe and refer. Times of AI has covered Health in ChatGPT's U.S. rollout and Anthropic's HIPAA-ready Claude for Healthcare. The press release describes a "clinical AI harness" that calls specialized agents for history-taking, guideline retrieval, records review and emergency detection, and a physician-facing interface that suggests clinical context.

Counsel will keep serving health plans, health systems and employers after the deal, the companies say.

Oura's numbers#

Oura reported fiscal fourth-quarter revenue of $533 million for the quarter ended September 30, up 153% year on year, with $87 million of adjusted EBITDA, and fiscal-year revenue of about $1.75 billion. The company says these results are preliminary and unaudited.

Limits#

• Oura's satisfaction figures for Counsel users (more than 90% said Oura data helped; 4.6 out of 5 ratings) come from its own surveys and are not used to judge clinical quality here.
• Neither company has published independent evaluations of Counsel's medical AI.
• TechCrunch gives the expected close as the end of 2027; the press release says before the end of the calendar year. We follow the press release.
• The deal was announced on November 10.

Sources#

• Counsel Health: Oura to acquire Counsel Health, advancing vision for more connected, personalized healthcare (November 10, 2026)
• TechCrunch: Oura to acquire AI-native primary care startup Counsel Health for $625M (November 10, 2026)