Qualcomm backs Ultrahuman in $70M round on bet to turn smart rings into computers

Ultrahuman, an Indian startup specializing in smart rings, has secured $70 million in new funding led by Qualcomm Ventures. The round values the Bengaluru-based company at $365 million, nearly three times its valuation of $120 million in 2023. Qualcomm Ventures joined forces with Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital in the financing.

The additional investment will enable Ultrahuman to transform its rings into mini-computers capable of running software directly, potentially expanding their use cases beyond traditional health and sleep tracking. Quartz founder and CEO Mohit Kumar stated that the added computing power will allow more software and algorithms to operate on the device itself, reducing its dependence on a phone or the cloud.

Ultrahuman aims to turn the ring into a versatile tool, such as a game controller, AI interface, or car key. The startup currently utilizes Nordic Semiconductor chips in its rings but plans to incorporate Qualcomm's silicon in the new device. Some advanced features, such as game controller functionality and AI interaction, will be available through a software update by the end of September for existing Ring Air and Ring Pro models.

Ultrahuman's existing revenue run rate stands at $140 million, with plans to reach $200 million by January 2027. The company has sold approximately 800,000 rings, with about 12% of users paying for subscription-based PowerPlugs. Ultrahuman is primarily based in the U.S., but demand for its new Ring Pro device exceeds supply by 18 to 20 times in the domestic market.

The startup aims to expand its presence in India and the UAE, utilizing offline touchpoints to drive sales. While not profitable this year due to increased investments, Ultrahuman aims to demonstrate profitability over eight quarters before considering a public listing, expected in 2028.