Ultrahuman, an Indian startup specializing in smart rings, has secured $70 million in a recent funding round led by Qualcomm Ventures, alongside investors such as Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. This investment values the Bengaluru-based company at $365 million, a significant increase from its $120 million valuation in 2023. Part of the funding includes $65 million in primary equity and $5 million in debt. Ultrahuman is collaborating with Qualcomm to develop a new smart ring powered by Qualcomm’s silicon, which will enable the device to run software and algorithms directly, reducing reliance on phones or the cloud.

Ultrahuman’s vision is to evolve smart rings from simple health trackers into fully functional computers capable of executing diverse applications, including AI interactions, gaming controls, and even functioning as car keys. Current rings primarily track sleep, heart rate, and movement, but the company plans to introduce developer tools allowing third-party software creation and enhancements. Some of these new functionalities, such as game controller capabilities and AI interaction, will be available through software updates on existing models like the Ring Air and Ring Pro by the end of September.

The company is experiencing robust business growth, with an annual revenue run rate climbing to $140 million and projected to reach $200 million by January 2027. Ultrahuman has sold approximately 800,000 rings to date and maintains a subscription-based service, PowerPlugs, used by around 12% of customers. Despite legal challenges and supply limitations in the U.S., which is its largest market, the startup expects to resolve these issues soon and substantially increase sales. It is also expanding its physical retail presence in India and the UAE to drive growth further.

Ultrahuman is focused on long-term development and profitability before considering an IPO, eyeing 2028 for a potential public offering. The startup is deepening collaboration with Labcorp to integrate blood-flow and diagnostic data with wearable signals for health risk detection, aiming to enhance personal health monitoring through a combination of wearable technology and laboratory testing. While Ultrahuman invests heavily in clinical research and offline expansion, it continues to position its smart rings as next-generation personal computing devices built around ambient AI experiences.