NEW YORK (AP) — Smart ring maker Oura Inc. says it is postponing a planned initial public offering due to market “uncertainty.”

In a Tuesday press release, Oura said it's delaying the IPO “despite strong demand.”

The IPO market had a solid start to the year but tailed off in the third quarter, according to research firm Renaissance Capital. Concerns about a possible slowdown in spending on artificial intelligence, the Federal Reserve’s resumption of rate hikes and a surge in bond yields — making borrowing more expensive — all played a factor, Renaissance said.

Oura customers use the ring to monitor their health, including sleep patterns and fitness activity. The company gets the bulk of its revenue from ring sales, with the rest coming from subscriptions.

Oura approached the IPO with momentum: The introduction of the Oura Ring 5 helped boost the number of paid members to 5.7 million and the company expects revenue for the fiscal year ending Wednesday to have grown by 90%.