Oura just launched its latest smart ring. Apple and Samsung are coming for it

Ōura launched its latest smart ring Thursday and gave its mobile app a complete overhaul — as the company faces increasing competition from tech giants such as Samsung and Apple (AAPL).

The Oura Ring 4 promises to be more comfortable and provide more accurate health data than the company’s previous rings, with slimmer sensors and an updated algorithm.

The new smart ring is available now for preorder at $349 and will start shipping on Oct. 15. Customers will also need to sign up for a monthly ($5.99) or yearly ($69.99) membership with the company; purchase of the new ring comes with a free month.

“Oura Ring is designed to be a personal health companion, giving our members a holistic view of their health by pairing personal data with meaningful, actionable insights to facilitate long-term changes,” said Ōura CEO Tom Hale in a press release.

The Oura Ring 4 is set to provide more accurate tracking of sleep, exercise, stress, heart health, and other metrics via “Smart Sensing.” The company says the new tech is powered through an “algorithm that works alongside the research-grade sensors” and is able to “respond to each member’s unique finger physiology.”

The data collected by the ring will then be presented on a redesigned mobile app that helps customers “navigate the bigger picture of their health while also making it easy to dive into the details when they’re ready.”

The Finland-based company is a pioneer in the smart ring market and has sold over 2.5 million rings since its 2013 founding. Oura, the smart ring market leader, currently holds 52% of the market.

Ōura’s newest ring launches as the company is facing growing competition from tech giants Samsung and Apple, which are getting into the medical device market.

In July, Samsung launched a direct competitor to the Oura Ring: theGalaxy Ring.

And more recently, in August, Apple announced its newest AirPods Pro 2 will include a scientifically validated hearing test and a clinical-grade hearing aid feature.

Additionally, Apple said its smartwatch devices will now be able to notify users if they are showing signs of moderate to severe sleep apnea via a new algorithm that analyzes breathing disturbance data.

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