Medical device maker Dexcom said Tuesday it will invest $75 million in Ōura's latest funding round, valuing the smart ring maker at over $5 billion.

Ōura, founded in Finland in 2013, makes a smart ring that helps customers track sleep, activity, stress and heart health among other features.

Dexcom makes continuous glucose monitoring devices, including a prescription-free device named Stelo.

The two companies plan to integrate glucose monitoring data from Dexcom's machines and app with the data on Ōura's ring. They expect to make the initial integration available for users in first half of 2025.

"Working together, Ōura and Dexcom will help members decide what and when to eat by surfacing correlations between activities like sleep and exercise and members' glucose levels," said Ōura CEO Tom Hale.

The companies will also co-market and cross-sell each other's devices as part of the deal.

Customers using both apps will be able to track their glucose levels and understand the impact of behaviors and biology on their metabolic health, the companies said.

Earlier this year, Ōura had said it sold 2.5 million rings, expects to see annual sales double in 2024 to roughly $500 million and is profitable.