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BFD Expert Voices - Health Tech Deals

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Health wearable players Oura and Whoop are riding the longevity tailwind.

Their next challenges will be going public in an environment with few comps, while also leaning into medical-grade care.

Driving the news: Whoop on Tuesday announced a $575 million fundraise at a $10.1 billion post-money valuation led by Collaborative Fund.

It expects to pursue an IPO in 18 to 24 months, the company tells Axios Pro.

The news comes on the heels of reports that smart ring maker Oura — currently valued at $11 billion — is interviewing bankers for a near-term IPO.

Between the lines: Going public too early would erode trust from public market investors, which could explain why both opted for later-stage funding rounds, Jitesh Ubrani, research manager at IDC says.

"I think what they need to do is really continue to scale and prove that, this business can carry on without continued investment," Ubrani says.

The big picture: Oura and Whoop are consumer-focused businesses, but both have demonstrated aspirations to become more integrated into health care systems.

Oura has leaned into marketing its devices to broader consumer segments, evidenced by its women's health focus and recent acquisition of gesture company Doublepoint Technologies.

Whoop, on the other hand, has prioritized marketing to health-conscious users and athletes by partnering directly with sports teams and leagues like the PGA Tour.

Friction point: Whoop had a public skirmish with the FDA last year about its blood pressure insights feature, which the agency contended should be regulated as a medical device. 

Regulators aren't the only potential barricade — winning over clinicians and payors will likely be more difficult than building technology, says Silicon Valley Bank senior researcher Alex Lennox-Miller.

"Having the function itself is one thing," he says. "Having a function that a doctor is going to accept is something else entirely."

The bottom line: Winners will link to action, whether within the walls of traditional health care systems or through other means, says Neal Batra, head of Deloitte's Future of Health practice. 

Whoop rides the wearable wave

Wearable makers' next challenges will be going public in an environment with few comps, while also leaning into medical-grade care.

Illustration of an EKG line coming out of a heart shape.

<p>Health wearable players Oura and Whoop are riding the longevity tailwind.</p><ul><li>Their next challenges will be going public in an environment with few comps, while also leaning into medical-grade care.</li></ul>

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Whoop rides the wearable wave

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