Qualcomm backs Ultrahuman in $70M round on bet to turn smart rings into computers
Indian smart ring startup Ultrahuman has raised $70 million in a new funding round backed by Qualcomm, aiming to evolve smart rings into edge-computing devices capable of running AI and software.
Stock photo for illustration only, not from the actual event
- Ultrahuman secures $70 million in a new funding round, valuing the Bengaluru startup at $365 million.
- Partners with Qualcomm to adopt new silicon chips, reducing reliance on smartphones and the cloud.
- Plans software updates for existing Ring Air and Ring Pro models by September to support AI and game control.
- Targets $200 million in annual revenue run rate by January 2027 and eyes a potential IPO by 2028.
Ultrahuman, a Bengaluru-based smart ring startup, has successfully raised $70 million in a fresh funding round that brings its total valuation to $365 million—roughly three times its $120 million valuation in 2023. The investment is headlined by chip giant Qualcomm through its venture capital arm, marking a significant step toward expanding the hardware capabilities of wearable rings.
The financing round consists of $65 million in primary equity and $5 million in debt, according to Ultrahuman founder and CEO Mohit Kumar. Alongside Qualcomm Ventures, the round saw participation from U.S. diagnostics leader Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. This influx of capital will fund both international market expansion and advanced technological development.
As part of the strategic alliance, Ultrahuman is collaborating with Qualcomm to build a next-generation ring utilizing the U.S. chipmaker's silicon instead of the Nordic Semiconductor chips currently deployed. The upgraded computing power will enable software and complex algorithms to run locally on the device, cutting down reliance on connected smartphones or cloud infrastructure.
This technological leap could push smart rings far beyond traditional sleep and health tracking. Kumar noted that third-party developers could eventually write native applications for the device, while the company explores use cases such as using the ring as a computer mouse pointer, a game controller, a car key, and an interactive interface for AI systems.
Transitioning smart rings from passive health monitors into independent edge-computing devices represents a major milestone in wearable tech. By executing software tasks directly on local silicon rather than offloading everything to a smartphone or cloud server, manufacturers can significantly reduce latency and power overhead, unlocking responsive real-time applications like AI interaction.
While the custom Qualcomm-powered hardware is slated for a future release, Ultrahuman is bringing several software-based capabilities to its existing Ring Air and Ring Pro devices via an update scheduled for late September. These features will introduce third-party developer support, game control, and AI application interactions ahead of the new hardware rollout.
Stock photo for illustration only, not from the actual event
On the business front, Ultrahuman is experiencing rapid growth. The startup's annual revenue run rate has reached $140 million—a 45% increase year-over-year—and is projected to hit $200 million by January 2027. Cumulative sales have climbed to approximately 800,000 rings, up from 700,000 in February, with roughly 12% of its user base paying for subscription-based PowerPlugs software features.
The United States remains Ultrahuman's largest market, despite facing an extended sales hiatus in the region last year due to a patent dispute with rival Oura. Following the recent rollout of its redesigned Ring Pro, U.S. demand has surged to 18 to 20 times available supply. The company aims to restore and eventually triple its previous sales volumes across the U.S. over the next four quarters.
"By combining longitudinal wearable data with deeper biological signals, Ultrahuman is creating new opportunities in personalized health."
Megann Vaughn Watters, Vice President and Head of Labcorp Venture Fund and Strategic Alliances
Addressing future public listing plans, Kumar stated that an IPO is not immediate. The startup intends to establish a solid financial track record of roughly eight consecutive quarters of profitability before going public, eyeing 2028 as the earliest window for a public offering.
Source: TechCrunch
Found something wrong in this article? Report an issue with this article
Comments
Leave a Comment