Key facts
- Ultrahuman, an Indian startup known for smart rings, has secured $70 million in funding.
- Qualcomm Ventures participated in the round, signaling a strategic partnership.
- The funding values Ultrahuman at $365 million.
- The startup aims to develop smart rings that function as personal computers, running AI and software directly on the device.
- Ultrahuman is working with Qualcomm to integrate the company's silicon into future ring models.
- Existing Ultrahuman rings will receive software updates to enable AI interaction and game controller functionalities by September.
Ultrahuman, an Indian startup known for its smart rings, has successfully raised $70 million in a new funding round, with significant participation from Qualcomm Ventures. The investment values the company at $365 million, a substantial increase from its previous valuation.
The startup's ambition extends beyond current health and sleep tracking capabilities. Ultrahuman aims to transform its smart rings into personal computing devices, capable of running software, AI interactions, and games directly on the ring. This vision is supported by a collaboration with Qualcomm to develop future ring models utilizing Qualcomm's silicon, replacing the current Nordic Semiconductor chips.
CEO Mohit Kumar stated that while current rings are primarily trackers, Ultrahuman's goal is to make them more like computers. This shift could enable new use cases, such as the ring functioning as a pointer, mouse, game controller, or car key. Quinn Li of Qualcomm Ventures highlighted Ultrahuman's role in building a new generation of "personal AI devices."
Ultrahuman is not waiting for new hardware to test these concepts. Software updates for its existing Ring Air and Ring Pro models are planned for September, which will introduce AI interaction capabilities and allow the rings to function as game controllers. The company believes the ring's position on the finger offers unique interaction potential, combining physiological data with user input.
Meanwhile, Ultrahuman's existing business is showing strong growth, with an annual revenue run rate of $140 million, a 45% increase from the previous year. The company has sold approximately 800,000 rings to date. Ultrahuman is also exploring deeper integration with Labcorp, aiming to combine wearable data with blood-test results to identify health risks.
The company plans to use the new capital to expand its presence in markets like India and the UAE, and invest in clinical research and product development. While profitability is not expected this year due to these investments, Ultrahuman is focused on building its business before considering a public listing, which CEO Kumar anticipates could be as early as 2028.