Hale is keen to position Oura as a "health company and a science company from the get-go," with the aim of its product being "clinical grade." Oura is seeking approval from the U.S. Food and Drug Administration (FDA) for its ring to be used for diagnostics, although Hale declined to provide too many further details.

He did say that Oura's focus on health and science is what sets it apart from competitors.

"If you're actually thinking [of] yourself as a healthcare company, it is very different in many ways and different postures you might take towards data privacy. ... So instead of being like a tech company where data is some sort of oil to be extracted and then used to create some kind of advantage of network effects, we're really a healthcare company where your data is sacrosanct," Hale said.