Ultrahuman, the smart ring startup from India, is preparing for significant growth as it announces the close of $35 million in Series B funding, consisting of $25 million in equity and $10 million in debt. Founded by Mohit Kumar, Ultrahuman aims to challenge the market leader Oura and seize the number one position in the smart ring category in the next 12 to 15 months. With profitable operations at a company level, Ultrahuman is investing in its manufacturing facilities to support long-term growth, with plans to surpass $100 million in annual revenue run rate by the end of 2024.
Ultrahuman’s strategy includes partnerships with physical retailers like Selfridges and the Virgin Megastore to drive sales of its smart ring, as well as offering a subscription-free hardware model to attract consumers with its sleep, recovery, and activity tracking features. The company’s emphasis on product development, geographical expansion, and the launch of new products like the Ring Air has helped it gain traction in the market.
In addition to its smart ring offerings, Ultrahuman has launched a home health tracker and a blood testing service called BloodVision. The company’s approach to health tracking involves integrating multiple data streams to provide users with valuable insights and personalized recommendations for better health and well-being.
While Ultrahuman faces competition in the wearable space, especially from companies like Oura and Withings, its unique approach to multi-device health tracking sets it apart. The company’s long-term vision is to build a comprehensive health ecosystem that leverages data to improve users’ understanding of their health and lifestyle choices.
Investors in Ultrahuman’s Series B round include Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal.
*Ultrahuman clarifies that the $17.5 million raised in August 2021, previously labeled as a Series B round, is now recognized as an A/A+ round.
