Technology
Ultrahuman secures $70 million from Qualcomm and other investors to build on-device computing rings
The funding values the smart ring maker at $365 million as it partners with Qualcomm to run AI and apps directly on its wearables.
The short version
- Smart ring startup Ultrahuman raised $70 million in equity and debt, valuing the company at $365 million.
- The startup is collaborating with Qualcomm to build smart rings powered by Qualcomm silicon, shifting computing from smartphones and the cloud onto the device itself.
- Existing Ring Air and Ring Pro models will receive an update by late September enabling third-party developer tools, gaming controls, and AI interactions.
- Ultrahuman aims to ramp up U.S. supply and expand in India and the UAE, though leadership notes profitability may be delayed this year due to higher spending.
Key facts
- Ultrahuman secured $70 million in a funding round comprising $65 million in primary equity and $5 million in debt, valuing the Bengaluru-based startup at $365 million.[TechCrunch]
- Participants in the funding round include Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.[TechCrunch]
- Ultrahuman is developing a future ring using Qualcomm chips to run software and algorithms directly on the device, replacing its current Nordic Semiconductor processors.[TechCrunch]
- Existing Ring Air and Ring Pro devices are scheduled to receive a software update by the end of September to support AI features, gaming controls, and third-party software.[TechCrunch]
- CEO Mohit Kumar stated the company has an annual revenue run rate of $140 million, has sold roughly 800,000 rings, and generates about 45% of its quarterly revenue in the U.S.[TechCrunch]
- Ultrahuman is exploring a collaboration with investor Labcorp to pair wearable sensor data with blood diagnostics to evaluate health risks.[TechCrunch]
What remains uncertain
- Whether Ultrahuman will achieve profitability this year remains uncertain as it increases spending on retail presence, marketing, and clinical research.[TechCrunch]
- The timeline and specific integrations for the Labcorp partnership and the Qualcomm-silicon ring have not been finalized or fully disclosed.[TechCrunch]