Ultrahuman, an Indian health tech company, announced a $35 million debt and equity funding round on Wednesday.
Venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal participated in the series B fundraising round, according to a statement from Ultrahuman.
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The statement claims that it will use the money to expand its manufacturing capabilities and conduct more in-depth study in the field of health tracking.
“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.
Looking ahead, it stated that the company will be able to profitably reach the $100 million annualized revenue run rate (ARR) mark 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 noted.
He added that integrated health is the way of the future, and at Ultrahuman, they are bringing that vision to life right now by fusing together several health data streams in a way that empowers wellness and preventative care. It is reported that Ultrahuman has grown astronomically over the last 12 months, staying profitable and rising to the position of second in the smart ring market.
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The statement claims that Ultrahuman’s rapid expansion into over 150 retail locations worldwide including recognizable sites like Singapore’s Changi airport, London’s Oxford Street Selfridges, and Dubai’s Virgin megastore—has been a major factor in the company’s phenomenal success. Ultrahuman’s advanced technology has been made widely known to a worldwide audience thanks in large part to this development of their retail base.
“Our growth is a testament to the user love for our products, highlighted by industry-leading NPS and engagement metrics since the launch of our latest model, the Ring Air,
“Our relentless focus on improving user experience through continuous firmware and software updates is what sets us apart,” Kumar emphasized. He claimed that the company’s largest competitive edge is its speed of execution and commitment to perfection, as seen by weekly app updates and the delivery of new firmware versions every two weeks.
“We’ve also iterated in hardware at the speed of software by designing novel devices like Ultrahuman Home, a home health monitor,” he added. The Ultrahuman product suite also includes a wearable diabetes monitor called M1 Live, a home health gadget called Ultrahuman Home, and a preventive blood test tool called Blood Vision, in addition to its smart ring known as Ring Air. The company’s technology combines blood indicators, movement, glucose, sleep, and HRV to provide a thorough method of health monitoring.
About Ultrahuman
The Ultrahuman is a continuous metabolism tracker that uses glucose levels and the interactions between food and exercise to provide you with more information about your body’s metabolic processes and overall metabolic health.
