The chief executive of Finland's Oura told CNBC on Tuesday that he expects the wearable tech company to generate close to $2 billion in sales next year.

The smart ring maker has upped its forecast as it invests in artificial intelligence and international expansion, hot on the heels of a $900 million funding round in October.

Oura is on track to secure $1 billion in sales in 2025, doubling its 2024 revenue, CEO Tom Hale told CNBC's Arjun Kharpal from Web Summit in Lisbon, Portugal.

Next year is "certainly going to be a lot more," Hale said in an exclusive interview. "I don't know if we know exactly how much but, it'll be north, maybe close to $2 billion."

It represents a sharp increase from a previously reported sales forecast of over $1.5 billion , setting Oura up to nearly double

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