Finnish Health Tech Startup Oura Sues Ultrahuman Over Copycat Ring Device
Finnish Health Tech Startup Oura Sues Ultrahuman Over Copycat Ring Device
In a dramatic turn of events, Finnish health tech startup Oura has filed a lawsuit against its rival Ultrahuman, accusing the Indian company of copying its ring device and accessing proprietary information. This legal battle between two leading health tech companies could potentially result in a lengthy court process.
Oura’s Allegations
Oura, known for its popular Oura Ring health tracking device, claims that Ultrahuman violated its patents and obtained confidential information through ex-Oura employees and investors. According to Oura, Ultrahuman’s competing smart ring product blatantly copied its technology, including features like titanium material, skin and PPG sensors, and batteries from the same suppliers. Oura also alleges that Ultrahuman imitated its social media content for promoting the device.
The Lawsuit
Oura filed the lawsuit in a Texas court in early September seeking damages from Ultrahuman. The Finnish startup asserts that Ultrahuman hired former Oura employees and engineers to assist in developing their ring device, which further strengthens their case against the Indian company.
The Stakes
This legal battle is significant for both companies as they have attracted substantial venture capital funding. Oura, valued at over €2 billion, has raised more than €140 million and boasts one million users of its ring device. Ultrahuman, backed by investors like Zomato CEO Deepinder Goyal, raised a $17.5 million Series B round and is emerging as a strong player in the wearable industry.
The Future
The outcome of this lawsuit could potentially shape the wearable industry’s landscape and set a precedent for intellectual property protection. With fitness trackers projected to be worth over $258 billion by 2032, companies like Oura and Ultrahuman are vying for a piece of this lucrative market.
As the legal battle unfolds, both companies will need to defend their positions and protect their intellectual property rights. It remains to be seen how this dispute will impact the future of health tech innovation and the development of smart ring devices.