Whoop, the wearable health technology company, announced $575 million in new financing at a $10.1 billion valuation. The funding round was led by Collaborative Fund with participation from LeBron James, Cristiano Ronaldo, and the Qatar Investment Authority. The company has expanded beyond elite athletes to everyday health enthusiasts.

Founded in 2012 by Will Ahmed while at Harvard, Whoop now boasts over $1 billion in annual recurring revenue. The company doubled its total sales last year, with 60 percent of revenue coming from outside the United States. Whoop operates on a subscription model, charging $199 annually for its basic product.

Whoop plans to use the funding for research and development of medical-grade products like glucose monitors. The company will add 600 employees this year, an 80 percent increase. Amid competition from Oura Health, Apple Watch, and Garmin, Whoop is eyeing an IPO in the next two years. The company is navigating regulatory challenges as it expands into medical-grade monitoring features.