Ultrahuman has raised $70 million in new funding at a reported $365 million valuation, according to TechCrunch, as the smart ring company looks to expand beyond health tracking and turn its wearable devices into programmable computing platforms.
The financing includes $65 million in primary equity and $5 million in debt. Qualcomm Ventures participated alongside Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital.
The reported $365 million valuation is approximately three times Ultrahuman’s roughly $120 million valuation in 2023.
Bengaluru-based Ultrahuman is also working with Qualcomm on a new smart ring that will incorporate Qualcomm silicon, providing additional computing power so more software and algorithms can run directly on the wearable rather than relying primarily on a smartphone or the cloud.
Ultrahuman currently uses chips from Nordic Semiconductor and plans to continue using that technology alongside Qualcomm’s silicon.
The additional on-device computing capabilities are intended to move the company’s rings beyond their traditional role as health and sleep trackers.
Ultrahuman is exploring applications that could allow its rings to function as a pointer or mouse, game controller, car key, and interface for interacting with AI applications.
The company also plans to make the platform more accessible to third-party developers, potentially allowing developers to create their own applications and functionality for Ultrahuman devices.
Some of these capabilities are expected to arrive before the Qualcomm-powered ring. Ultrahuman plans a software update for its existing Ring Air and Ring Pro by the end of September 2026 that is expected to introduce features enabling the devices to interact with AI applications and function as game controllers.
The update is also expected to open additional functionality to third-party developers.
Ultrahuman believes the location of a ring on a user’s finger could make it particularly useful as an interaction device because it combines precise movement information with physiological data such as heart rate, temperature and motion.
That could allow applications such as games to respond not only to a user’s physical movements but also to physiological signals collected by the ring.
The financing comes as Ultrahuman’s core wearable business continues to grow.
The company has reached an approximately $140 million annual revenue run rate, representing growth of roughly 45% from a year earlier, and expects that figure to reach $200 million by January 2027.
Ultrahuman has sold approximately 800,000 rings to date, up from about 700,000 in February. Roughly 12% of users also subscribe to PowerPlugs, the company’s paid software features.
Ultrahuman was founded in 2019 by Mohit Kumar and Vatsal Singhal. The company initially focused on continuous glucose monitoring before expanding into smart rings, which have become its primary business.
It has since added blood testing and environmental sensing products as it develops a broader health and wellness technology platform.
The U.S. remains Ultrahuman’s largest market. The company recently returned to the market with its redesigned Ring Pro after a patent dispute with Oura disrupted sales of the Ring Air for much of the previous year.
Demand for the Ring Pro in the U.S. is currently running at approximately 18 to 20 times available supply, according to the company.
Ultrahuman expects to return to its previous U.S. sales volumes as soon as the next quarter and plans to triple those volumes over the following four quarters as production increases.
The U.S. currently represents approximately 45% of Ultrahuman’s quarterly revenue, while India accounts for around 11%.
Part of the new funding will support deeper expansion in markets including India and the UAE, along with investments in clinical research, product development, physical retail locations and brand development.
Ultrahuman is also exploring a deeper partnership with Labcorp combining physiological signals captured by its rings with blood testing data. Potential areas of research include cardiovascular health, fertility and aging.
A public listing is not currently an immediate priority. Ultrahuman wants to establish approximately eight quarters of profitability before pursuing an IPO, with 2028 viewed as the earliest potential window.
