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Technology

Ultrahuman Secures $70 Million to Turn Smart Rings Into On-Device Computing Platforms

Bengaluru-based health-tech startup Ultrahuman has raised $70 million in a new funding round to expand its smart ring technology beyond typical sleep and fitness tracking into on-device computing platforms capable of powering games and artificial intelligence interfaces.

What Happened

Ultrahuman secured $70 million comprising $65 million in primary equity and $5 million in debt, founder and chief executive Mohit Kumar confirmed in an interview with TechCrunch. The round included participation from Qualcomm Ventures, U.S. diagnostics company Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. A person familiar with the matter stated that the financing values the startup at $365 million, up from $120 million in 2023.

As part of its product roadmap, Ultrahuman is collaborating with Qualcomm to develop a future ring that replaces its current Nordic Semiconductor chip with Qualcomm silicon. Kumar noted that adding processing power directly to the wearable will enable software and algorithms to run locally, reducing the hardware’s dependency on companion smartphones or cloud servers.

Key Highlights

  • Total Capital Raised: $70 million, split into $65 million primary equity and $5 million debt.
  • Valuation Growth: A person familiar with the transaction pegged the startup’s current valuation at $365 million, roughly triple its 2023 valuation of $120 million.
  • Participating Investors: Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.
  • Hardware Transition: Ultrahuman is shifting from Nordic Semiconductor processors to Qualcomm silicon for upcoming hardware.
  • Near-Term Software Rollout: Existing Ring Air and Ring Pro users are scheduled to receive an update by the end of September, introducing third-party developer support, game controller functions, and AI application interactions.
  • Business Performance: Ultrahuman reports an annual revenue run rate of $140 million, roughly 45% higher than a year earlier, with approximately 800,000 rings sold to date.
  • Revenue Breakdown: The United States accounts for approximately 45% of revenue this quarter, while India represents about 11%.

Why This Matters

Today’s smart rings primarily function as passive sensors, recording physiological metrics such as movement, temperature, and heart rate before offloading data to external apps. Ultrahuman aims to reposition the ring as a self-contained computer. By integrating on-device processing, the startup is developing capabilities for the ring to act as a computer pointer, game controller, automotive key, and ambient interface for artificial intelligence.

Because rings rest on fingers rather than wrists, Kumar pointed out that they can track fine interaction while concurrently providing biometric context, allowing interactive software and games to respond directly to heart rates and body temperatures. Quinn Li, global head of Qualcomm Ventures, stated that Ultrahuman is developing a new class of personal AI devices built for ambient, continuous interaction.

Alongside consumer computing, Ultrahuman is advancing health diagnostics through its collaboration with Labcorp. The two organizations are evaluating how blood-flow metrics captured by the ring can be evaluated together with laboratory blood-test results to detect risks related to fertility, aging, and cardiovascular health.

What to Watch Next

Ultrahuman plans to release a software update for its current Ring Air and Ring Pro models by the end of September to begin testing gaming and AI features ahead of the Qualcomm-powered hardware launch. In the United States, where demand for the Ring Pro is outpacing supply by 18 to 20 times following an earlier patent dispute regarding Ring Air, the startup plans to scale up inventory to return to previous volume levels next quarter and triple them over the subsequent four quarters.

Geographically, capital will go toward physical retail locations and offline touchpoints across India and the United Arab Emirates. While competitor Oura reportedly explores a near-term public listing, Kumar stated that Ultrahuman may not achieve profitability this year due to investments in physical locations, clinical studies, and branding. The company intends to demonstrate eight to ten quarters of profitability before considering an initial public offering, identifying 2028 as its earliest IPO window.

Frequently Asked Questions

Who led or participated in Ultrahuman’s latest funding round?

The round included investment from Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.

What is Ultrahuman’s current valuation and revenue status?

A source familiar with the round reported Ultrahuman’s valuation at $365 million. CEO Mohit Kumar reported an annual revenue run rate of $140 million, targeting $200 million by January 2027.

When will the new software capabilities be available to existing users?

Features supporting third-party developer integration, gaming controls, and AI interactions are scheduled to roll out via software updates to Ring Air and Ring Pro devices by the end of September.

Source: Based on reporting originally published by TechCrunch.