Ultrahuman, an Indian startup known for its smart rings, has raised $70 million in a new funding round. Qualcomm Ventures, the venture arm of U.S. chipmaker Qualcomm, participated in the financing alongside Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.
The funding round, which includes $65 million in primary equity and $5 million in debt, values Bengaluru-based Ultrahuman at $365 million. This represents approximately three times its $120 million valuation in 2023.
Ultrahuman is collaborating with Qualcomm on a new ring that will incorporate the U.S. chipmaker's silicon, replacing the Nordic Semiconductor chip currently in use. This move is intended to increase the device's computing power, allowing more software and algorithms to run directly on the ring and reducing its reliance on a phone or cloud.
Mohit Kumar, Ultrahuman founder and CEO, stated that the goal is to evolve the ring into a device akin to a computer, capable of running programs and algorithms on the device itself. This could expand its uses beyond health and sleep tracking to include functions such as a game controller, car key, and an interface for AI interactions.
Some new capabilities, including features for game control and AI application interaction, are planned to arrive on Ultrahuman's existing Ring Air and Ring Pro via a software update by the end of September. The company also aims to allow third-party developers to build new features for the device.
Ultrahuman's existing business is growing, with an annual revenue run rate of $140 million, up about 45% from a year earlier. The company projects this run rate to reach $200 million by January 2027. It has sold approximately 800,000 rings to date.
The U.S. remains Ultrahuman's largest market, accounting for about 45% of its revenue this quarter, while India contributes approximately 11%. The startup plans to use some of the new capital to strengthen its presence in markets including India and the UAE.