The $350 Oura Ring 4 looks sleek and cool, and it may be useful for data-hungry health enthusiasts. But it failed this sleep-deprived parent.

How much would you pay for a good night’s sleep?

That’s a question consumers will face when confronted with the growing number of tech products that claim they can track sleep and offer bespoke advice on getting quality rest.

The latest sleep-tracking gadget, the fourth-generation Oura Ring, which was released this week, is a $350 miniature computer worn around the finger like a piece of jewelry. The inside of the ring comes embedded with tiny sensors that collect data on vitals like heart rate, body temperature and movement, in an effort to track a wearer’s sleep patterns and pinpoint issues that may cause poor rest.

The new Oura Ring is releasing at a time when Americans are increasingly prioritizing sleep, fueling a multibillion-dollar industry dedicated to quality slumber, including snore-detecting mattresses, sunrise-simulating alarm clocks and cool-air fans for beds.

The Oura Ring also doubles as a fitness tracker that counts footsteps and activities like rock climbing, boxing and soccer, putting it in direct competition with exercise gadgets from companies like Apple, Fitbit and Garmin.

Two years ago, I tested the previous Oura Ring 3 and panned it because I found some of its health data to be dubious. Yet the ring has since amassed a cult following, surpassing 2.5 million in sales, according to Oura Health, the Finnish start-up behind the ring. The new version has been redesigned to look slimmer, and its sensors have been improved for more accurate sleep tracking. So I decided to give the Oura Ring 4 a try.

Oura Labs not only wants you to buy a ring, which can cost up to $500 depending on the color you choose, it also wants you to pay $6 a month for detailed sleep analysis and other services. Over time, the ring will become a fairly exorbitant purchase.

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