Ultrahuman bags $35M from Blume Ventures, Steadview Capital and others

Wearable healthtech company Ultrahuman raised $35 million in a Series B funding round from Blume Ventures, Steadview Capital,  Nexus Venture Partners, Alpha Wave Incubation, and Zomato Founder Deepinder Goyal.

The startup plans to allocate the funds to enhance manufacturing capacity and conduct extensive research in the health tracking field.

"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. Our vision of being the top player in terms of both active devices and geographic presence is within reach," Mohit Kumar, Co-founder of Ultrahuman, said in a statement.

Bengaluru-based Ultrahuman, founded in 2021 by Kumar and Vatsal Singhal, produces various health tracking and monitoring devices, including fitness rings. Its product suite includes Ring Air, M1 Live, Ultrahuman Home, and Blood Vision.

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These devices integrate glucose, sleep, movement, blood markers, and heart rate variability, providing a comprehensive approach to health monitoring. It has completed a clinical trial with 105 participants to validate the 'Metabolic Score' generated on its platform.

"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," he added.

Ultrahuman has expanded to over 150 retail locations around the world, including locations such as Selfridges in London, Changi Airport in Singapore, and Virgin Megastore in Dubai.

With its new manufacturing facility, UltraFactory, it expects to clock an annual turnover of $200 million.

In a statement, Ultrahuman said 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," Kumar said.