Indian startup Ultrahuman has raised $70 million in a new funding round led with participation from Qualcomm Ventures, in a bet that goes beyond using smart rings to track sleep and health toward turning them into devices capable of running software and interacting with artificial intelligence and gaming applications. The Bengaluru-based company is valued at $365 million, roughly three times its $120 million valuation in 2023, according to a person familiar with the deal cited by TechCrunch.
The round includes $65 million in new equity and $5 million in debt, with participation from Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital, alongside Qualcomm Ventures. Founder and CEO Mohit Kumar said the company is working in parallel with Qualcomm on a new ring that uses its chips, while Ultrahuman continues to use Nordic Semiconductor chips in its current and upcoming products.
From Tracking Device to Computing Platform
Ultrahuman is betting that greater computing power will allow more software and algorithms to run directly on the ring, reducing its reliance on a phone or cloud services. In Kumar’s vision, the ring would not be limited to measuring heart rate, movement, and sleep, but could become a platform for which developers create specialized software.
The company is exploring the use of the ring as a pointer or mouse, a game controller, a car key, and an interface for interacting with artificial intelligence applications. It also believes that having the sensor on the finger could enable precise interactions that combine movement with physiological data, such as heart rate and body temperature. This remains a future vision; the Qualcomm-powered ring will arrive later, and the company did not provide a specific launch date in the material.
Updates for Existing Products and Business Growth
Ultrahuman will not wait for the new hardware to arrive before testing the idea. Kumar said some of the new capabilities will reach the Ring Air and Ring Pro through a software update before the end of September, including functions that turn them into game controllers and enable interaction with artificial intelligence applications, in addition to support for building features from third-party developers.
The company says it has sold about 800,000 rings, compared with about 700,000 in February, and currently generates an annualized revenue run rate of $140 million, up nearly 45% year over year. It is targeting $200 million in annual revenue by January 2027, while about 12% of users pay for subscription-based PowerPlugs software features.
What Matters in Practice?
The deal combines expansion funding with a hardware partnership that could change the ring’s position within the wearable-device ecosystem: from a sensor that sends data to a phone to a device that performs some of the logic and interaction itself. But the practical benefit will depend on what the updates actually deliver and on Ultrahuman’s ability to attract developers and build use cases that go beyond health tracking.
The company faces clear commercial and operational constraints. The United States, its largest market, accounted for about 45% of current-quarter revenue, but it stopped selling the Ring Air there for most of last year because of a patent dispute with Oura, before returning through the redesigned Ring Pro. According to Kumar, demand for the new product is 18 to 20 times greater than available supply in the U.S. market.
Ultrahuman plans to use part of the funding to strengthen its presence in India and the United Arab Emirates and increase spending on clinical research and product development, but it may not be profitable this year as a result of investment in stores, branding, and clinical studies. Together with Labcorp, it is also exploring linking blood-flow signals from the ring with blood-test data to study risks related to cardiovascular health, fertility, and aging, without announcing details or final integrations so far.
The company does not expect an imminent public offering; Kumar said it wants to demonstrate profitability for about eight quarters before listing, with 2028 considered the earliest potential window for that.