Ultrahuman, an Indian startup known for its smart rings, has raised $70 million in a funding round that includes investment from Qualcomm Ventures. The funding round values Ultrahuman at $365 million, significantly higher than its previous valuation of $120 million in 2023, according to a source familiar with the matter.
Qualcomm Ventures participated alongside Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. The funding consists of $65 million in primary equity and $5 million in debt, as stated by Ultrahuman founder and CEO Mohit Kumar in an interview.
Ultrahuman is collaborating with Qualcomm to develop a new ring that will utilize Qualcomm's silicon technology. Currently, the startup's rings use chips from Nordic Semiconductor, but the integration of Qualcomm's technology is expected to enhance the device's computing capabilities, allowing more software to run directly on the ring.
Kumar explained that the goal is to evolve the ring from a simple tracker to a device capable of running programs and algorithms independently. This advancement could enable a wider range of applications beyond health and sleep tracking.
Developers may eventually create their own applications for the ring, which Ultrahuman envisions could function as a game controller, car key, and an interface for AI interactions.
Quinn Li, global head of Qualcomm Ventures, noted that Ultrahuman is working on a new generation of personal AI devices. Some new features are expected to be available on Ultrahuman's existing Ring Air and Ring Pro models through a software update by the end of September, including functionalities that allow the ring to operate as a game controller and interact with AI applications.
Ultrahuman is currently experiencing growth, with an annual revenue run rate of $140 million, a 45% increase from the previous year, and anticipates reaching $200 million by January 2027. The company has sold approximately 800,000 rings to date, up from 700,000 in February. About 12% of users subscribe to Ultrahuman's additional software features.
Founded in 2019 by Kumar and Vatsal Singhal, Ultrahuman initially focused on continuous glucose monitors before shifting to smart rings. The U.S. is its largest market, although Ultrahuman faced challenges selling its Ring Air due to a patent dispute with Oura. The redesigned Ring Pro has since re-entered the market, with demand significantly exceeding supply.
Kumar expects to return to previous U.S. sales volumes soon and aims to triple those volumes over the next year. Ultrahuman plans to use part of the new funding to expand its presence in markets such as India and the UAE, where physical stores have proven effective in driving sales. However, increased investment in physical locations and clinical research may impact profitability this year.
Unlike Oura, which is reportedly considering an IPO, Ultrahuman is not planning to go public in the near future. Kumar indicated that the startup aims to demonstrate profitability over eight quarters before pursuing an IPO, which he estimates could occur as early as 2028.
Ultrahuman is also looking to strengthen its partnership with Labcorp to integrate health diagnostics into its rings. The collaboration aims to leverage blood-flow signals captured by the ring in conjunction with blood-test data to identify health risks.
Megann Vaughn Watters, vice president and head of Labcorp Venture Fund and Strategic Alliances, stated that Ultrahuman is creating new opportunities in personalized health by combining wearable data with biological signals.