Ultrahuman, the Indian startup known for its health-tracking smart rings, has raised $70 million in its latest funding round as it aims to build rings that function more like autonomous computers rather than mere sensors. The financing values the Bengaluru-based company at $365 million, a significant jump from its $120 million valuation in 2023.
Shifting to On-Device Compute
Backed by Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital, Ultrahuman’s new round consists of $65 million in equity and $5 million in debt. The company is planning a new ring powered by Qualcomm silicon, replacing its current Nordic Semiconductor chip. This hardware shift is aimed at enabling runs of software and algorithms directly on the device—reducing dependence on a smartphone or cloud infrastructure.
These upgrades would expand the ring’s capabilities beyond heart-rate, movement, and sleep tracking. Ultrahuman intends for developers to build apps for the ring, possibly using it as a game controller, car key, or AI interface. New software features, including interaction with AI and games, will be delivered via update to existing models like the Ring Air and Ring Pro later this month.
Growing Business, Market Reach & Challenges
Ultrahuman’s business is on an upward trajectory. The company reports a current annual revenue run-rate of $140 million, up about 45 percent year over year, with expectations to hit $200 million by January 2027. It has sold approximately 800,000 rings to date, up from around 700,000 earlier in the year, and about 12 percent of users subscribe to its PowerPlugs software features.
The U.S. remains Ultrahuman’s biggest market despite a temporary pullback in sales of the Ring Air there due to a patent dispute with rival Oura. A redesigned Ring Pro has since reentered U.S. markets; demand for that device is currently 18-20X its available supply. U.S. revenue makes up about 45 percent this quarter, with India accounting for roughly 11 percent.
Ultrahuman is deploying new funding toward boosting product development, expanding clinical research, and scaling its physical retail presence—especially in India and the UAE. However, those investments mean it might not reach profitability this year. Co-founder and CEO Mohit Kumar indicates the company plans to demonstrate consistent profitability over eight quarters before pursuing an IPO, which is likely no earlier than 2028.
Beyond fitness and wellness, Ultrahuman is intensifying its collaboration with Labcorp to explore whether blood-flow data gathered by the ring, coupled with traditional blood tests, can help detect risk factors in cardiovascular health, fertility, and aging. Details on future integrations remain under wraps.
Bringing the intelligence onto the ring and treating the wearable as a mini-computer marks a strategic inflection point. If Ultrahuman succeeds, it could redefine wearables. What to watch next: whether the Qualcomm-powered hardware delivers true edge-compute capabilities, whether developers adopt the platform, and how users respond when wearables start looking—and acting—more like pocket computers for the body.
