The chief executive of Finland’s Oura told CNBC on Tuesday that he expects the wearable tech company to generate close to $2 billion in sales next year.

The smart ring maker has upped its forecast as it invests in artificial intelligence and international expansion, hot on the heels of a $900 million funding round in October. 

Oura is on track to secure $1 billion in sales in 2025, doubling its 2024 revenue, CEO Tom Hale told CNBC’s Arjun Kharpal from Web Summit in Lisbon, Portugal.  

Next year is “certainly going to be a lot more,” Hale said in an exclusive interview. “I don’t know if we know exactly how much but, it’ll be north, maybe close to $2 billion.” 

It represents a sharp increase from a previously reported sales forecast of over $1.5 billion, setting Oura up to nearly double sales for a second year running.  

“I think a big part of that is just that we’ve really hit the market well with health features for women, we’ve expanded internationally, all these things are driving our growth,” Hale said.  

The Finnish company, which is valued at $11 billion, sold over 5.5 million Oura Rings since the product’s launch in 2015 up until September. Oura says it has sold more than 2.5 million rings since June 2024.

Oura has been an “AI-forward company from the get-go,” Hale said, but he is even more bullish on the company’s adoption of AI going forward as the company eyes a range of preventative healthcare features.  

“One of the things that Oura does particularly well is it generates insights — basically text — for you that helps you understand your metrics,” he said. The company uses AI to translate those data points into advice and coaching. It has also its own chatbot, the Oura Advisor, which is like a “doctor in your pocket” that can be asked questions, Hale added.

In 2022, Oura struck a partnership with Natural Cycles, an FDA-cleared birth control app, to add fertility features to its offering. It introduced glucose monitoring earlier this year, via a partnership with Dexcom, and in October announced blood pressure research. 

“One the things that we really believe is that we can become like this sort of guardian angel, right, that’s with you all the time and is starting to give you these predictions about your longer-term health,” Hale said.  

Despite Oura’s ambitions, there is “no news on an IPO,” he added. 

— CNBC’s Arjun Kharpal contributed to this report