Ultrahuman raises $35 mn to accelerate growth, research in health space

Wearable tech company Ultrahuman has raised a $35 million equity and debt investment round. The Series B funding round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal. Ultrahuman will deploy the funds towards building further manufacturing capacity and deeper research in the health tracking space.

‘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,’ said Mohit Kumar, co-founder of Ultrahuman.

Ultrahuman said it has the world’s largest and only multi-device health ecosystem. In addition to their smart ring called Ring Air, the Ultrahuman product suite includes a continuous glucose monitoring wearable called M1 Live, a home health device called Ultrahuman Home, and a preventive blood testing product called Blood Vision. The platform integrates glucose, sleep, movement, blood markers, and HRV (heart rate variability), offering a comprehensive approach to health monitoring.

‘The future of health is integrated, and at Ultrahuman, we’re making that future a reality today by seamlessly combining various health data streams to empower preventative health and wellness,’ said Kumar.

Ultrahuman said that it has seen strong 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.

A key driver of Ultrahuman’s strong growth has been its expansion into over 150 retail outlets worldwide, including iconic locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin Megastore in Dubai. This retail footprint expansion has been instrumental in introducing Ultrahuman’s technology to a global audience.

‘Our relentless focus on improving user experience through continuous firmware and software updates is what sets us apart,’ said Kumar. ‘Shipping a new firmware version every two weeks and weekly app improvements reflect our commitment to excellence and our speed of execution, our biggest competitive advantage. We’ve also iterated in hardware at the speed of software by designing novel devices like Ultrahuman Home, a home health monitor.’

Looking ahead, Ultrahuman is on track to surpass $100 million in annualized revenue run rate (ARR) by the end of 2024, a milestone that will be achieved profitably. ‘Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market,’ said Kumar.

UltraFactory, a recent addition of a new manufacturing facility, is capable of supporting $200 million in annual revenue. This is an indication of Ultrahuman’s readiness for its next phase of growth.

Ultrahuman’s dedication to scientific validation and innovation is further evidenced by the completion of a clinical trial involving 105 participants, aimed at validating the ‘Metabolic Score’ generated on the Ultrahuman platform. ‘Our long-term investment in R&D and intellectual property is a cornerstone of our strategy, ensuring that our products not only meet but exceed the highest standards of efficacy and reliability,’ Kumar concluded.

Ultrahuman was started by Mohit Kumar and Vatsal Singhal, who were also co-founders at Runnr, which later merged with India’s largest food delivery service, Zomato. Kumar is an avid cyclist and a Brazilian Jiu-Jitsu enthusiast. Singhal is a cross-fit enthusiast. Kumar was training at one of the largest MMA camps in the world (Tiger Muay Thai in Thailand). During his training, he observed athletes train smartly via the usage of data, recovery tools, and protocols.

First Published: Mar 21 2024 | 12:48 AM IST