Qualcomm backs Ultrahuman’s $70M push to make smart rings more like computers

Ultrahuman raised $70 million in a new round that includes Qualcomm Ventures, along with Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. Founder and CEO Mohit Kumar told TechCrunch the financing includes $65 million in primary equity and $5 million in debt.

The round values Bengaluru-based Ultrahuman at $365 million, according to a person familiar with the matter cited by TechCrunch. The backing gives the company more capital as it tries to move smart rings beyond sleep and health tracking.

Ultrahuman is working with Qualcomm on a new ring using the U.S. chipmaker’s silicon, while continuing to use Nordic Semiconductor chips alongside Qualcomm’s technology. Kumar said the added computing power is meant to let more software and algorithms run directly on the ring, reducing reliance on a phone or the cloud.

The company is exploring uses such as a pointer or mouse, a game controller, a car key, and an interface for AI interactions. Ultrahuman also plans software updates by the end of September for existing Ring Air and Ring Pro devices, including game-controller and AI-app interaction features, plus support for third-party developers to build new features.

Kumar said Ultrahuman is at a $140 million annual revenue run rate, up roughly 45% from a year earlier, and expects to reach $200 million by January 2027. The company has sold around 800,000 rings to date, and about 12% of users pay for PowerPlugs, its subscription-based software features.

The U.S. remains Ultrahuman’s largest market, though the company stopped selling Ring Air there for much of the past year after a patent dispute with Oura and returned with the redesigned Ring Pro. Kumar said U.S. demand for the new device is currently running at 18x to 20x available supply, with the U.S. accounting for about 45% of revenue this quarter and India about 11%.

Ultrahuman plans to use some of the new capital to deepen its presence in markets including India and the UAE, where physical stores and offline touchpoints can help drive sales. Kumar said heavier investment in physical locations, brand-building, clinical studies, and product development may mean the startup is not profitable this year.

A public listing is not immediate: Kumar said Ultrahuman wants to show about eight quarters of profitability before going public and sees 2028 as the earliest IPO window. The company is also looking to work more closely with Labcorp on whether ring-based blood-flow signals, combined with blood-test data, could help identify health risks in areas such as cardiovascular health, fertility, and aging.