Wearables startup Ultrahuman raises $35 million to accelerate growth

New Delhi, March 20: Homegrown wearables startup Ultrahuman on Wednesday announced that it raised $35 million in a series B funding round to accelerate growth and research in the health monitoring space.

The round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal.

"This funding round marks a pivotal step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader," Mohit Kumar, co-founder of Ultrahuman, said in a statement.

The Ultrahuman product suite includes a continuous glucose monitoring wearable called M1 Live, a smart ring called Ring Air, a home health device called Ultrahuman Home and a preventive blood testing product called Blood Vision.

Their platform integrates glucose, sleep, movement, blood markers, and HRV, offering a comprehensive approach to health monitoring.

The company said that Ultrahuman has seen remarkable growth over the past 12 months, becoming the second-largest player in the smart ring market while maintaining profitability.

"Our vision of being the top player in terms of both active devices and geographic presence is within reach, thanks to our rapid expansion and the love we've received from our users," said Kumar.

The company expanded into over 150 retail outlets worldwide, including locations like -- London’s Selfridges on Oxford Street, Changi Airport in Singapore, and the Virgin megastore in Dubai.

Moreover, the company mentioned that it is on track to surpass $100 million in annualised revenue run rate (ARR) by the end of 2024.

"Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market," the co-founder noted.