Ultrahuman, an Indian smart ring startup, has raised $70 million in a new funding round backed by Qualcomm Ventures (NASDAQ: QCOM), aiming to build rings that run software independently rather than simply track health metrics.
The Bengaluru-based company is now valued at $365 million, roughly three times its $120 million valuation from 2023, according to a person familiar with the matter.
Qualcomm Ventures joined the round alongside U.S. diagnostics giant Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital in the financing.
The round comprises $65 million in primary equity and $5 million in debt, according to Ultrahuman founder and CEO Mohit Kumar.
Ultrahuman is also working with Qualcomm to develop a new ring using the chipmaker’s silicon, which will allow more software and algorithms to run directly on the device, reducing dependence on a phone or cloud connection.
“All ring devices today are like trackers,” Kumar said, noting that the goal is to make the ring function more like a computer capable of running programs and algorithms on the device itself.
Quinn Li, global head of Qualcomm Ventures, said “the future of AI is personal, ambient, and always on,” adding that Ultrahuman is building a new generation of “personal AI devices.”
Potential applications include using the ring as a game controller, a car key, a pointer or mouse, and an interface for AI interactions, with developers eventually able to write their own programs for the device.
Kumar highlighted a key advantage over competing wearables, noting that “a game controller never reads your heart rate and your temperature, but this one does,” opening the door to physiologically responsive gaming experiences.
Some new capabilities, including game controller functionality and AI application interaction, are set to arrive on the existing Ring Air and Ring Pro through a software update by the end of September, Kumar said.
Ultrahuman’s business fundamentals are also strengthening, with the startup currently running at an annual revenue run rate of $140 million, up roughly 45% from a year earlier, and targeting $200 million by January 2027.
The company has sold around 800,000 rings to date, up from approximately 700,000 in February, with about 12% of users paying for PowerPlugs, its subscription-based software feature tier.
Co-founded by Kumar and Vatsal Singhal in 2019, Ultrahuman originally launched with continuous glucose monitors before pivoting to smart rings, which have since become the core of its business.
The U.S. remains Ultrahuman’s largest market, contributing about 45% of revenue this quarter, though the company was forced to pause Ring Air sales there for much of the past year following a patent dispute with rival Oura.
The company returned to the U.S. market with its redesigned Ring Pro, and Kumar said demand is currently running at 18x to 20x the startup’s available supply in the country.
Ultrahuman expects to restore previous U.S. sales volumes as soon as next quarter and aims to triple those volumes over the following four quarters as supply ramps up.
The company is also deepening ties with Labcorp, exploring whether blood-flow signals from the ring, combined with blood-test data, could help identify cardiovascular, fertility, and aging-related health risks.
“By combining longitudinal wearable data with deeper biological signals, Ultrahuman is creating new opportunities in personalized health,” said Megann Vaughn Watters, vice president and head of Labcorp Venture Fund and Strategic Alliances.
Unlike rival Oura, which is reportedly eyeing a near-term IPO, Kumar said Ultrahuman wants to demonstrate roughly eight quarters of profitability before going public, with 2028 representing the earliest realistic window for a listing.
