Ultrahuman has raised $70 million in new financing at a $365 million valuation as it works to turn its smart rings from health trackers into devices that can run software directly on the hardware. The Bengaluru-based startup is also working with Qualcomm on a new ring that will use the chipmaker’s silicon alongside technology from Nordic Semiconductor.
The round includes $65 million in primary equity and $5 million in debt. Investors include Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.
Ultrahuman Wants Its Ring to Work More Like a Computer
CEO Mohit Kumar said the additional computing power could allow more algorithms and software to run directly on the ring, reducing reliance on a phone or cloud services. Ultrahuman is considering uses including AI interactions, game controls, pointer or mouse functions, car-key access, and third-party applications.
Some of these capabilities are expected to reach the existing Ring Air and Ring Pro through a software update by the end of September. Kumar said the update will include AI interactions, game-controller functionality, and support for developers to build new features.
The company sees the ring’s position on a finger as useful for combining precise movement controls with physiological information such as heart rate, temperature, and motion. Kumar said this could allow software such as games to respond both to physical gestures and biometric signals.
Revenue Run Rate Reaches $140 Million
Ultrahuman says its annual revenue run rate has reached $140 million, about 45% higher than a year earlier, and is expected to reach $200 million by January 2027. The company has sold about 800,000 rings, while around 12% of users pay for its PowerPlugs software subscription.
The startup was founded in 2019 by Kumar and Vatsal Singhal and initially focused on continuous glucose monitoring before smart rings became its main business. It has since added blood testing and environmental sensing products.
The U.S. currently contributes about 45% of Ultrahuman’s revenue, while India accounts for around 11%. Kumar said demand for the redesigned Ring Pro in the U.S. is running at 18 to 20 times available supply following the company’s return to the market after a patent dispute with Oura.
Ultrahuman plans to use some of the funding to expand in markets including India and the UAE and to invest in clinical research, physical retail, and product development. Kumar said those investments could prevent the company from being profitable this year.
The company is also working with Labcorp to study whether wearable blood-flow data combined with blood tests could help identify risks related to cardiovascular health, fertility, and aging. Kumar said Ultrahuman wants to establish about eight quarters of profitability before pursuing a public listing, with 2028 currently viewed as the earliest possible IPO window.
Featured image credits: Crooze
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