Ultrahuman, an Indian startup known for its smart rings, has raised $70 million in a recent funding round that includes investment from Qualcomm’s venture arm, as well as other investors. The funding values the Bengaluru-based company at $365 million, a significant jump from its $120 million valuation in 2023. According to the founder and CEO, Mohit Kumar, the round includes $65 million in primary equity and $5 million in debt. Investors in the round include Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. This funding is expected to help the company expand its product capabilities and global reach. Ultrahuman is collaborating with Qualcomm on a new ring that will use the U.S. chipmaker’s silicon technology. Currently, the company uses chips from Nordic Semiconductor, but it plans to integrate Qualcomm’s technology alongside existing components. This upgrade will provide more computing power, allowing more software and algorithms to run directly on the ring, reducing the need for a smartphone or cloud connection. Kumar explained that current smart rings are essentially trackers, measuring things like heart rate and sleep, but Ultrahuman aims to transform the ring into a more powerful device, capable of running programs and algorithms on its own. This could open up new use cases beyond health tracking, such as using the ring as a pointer, game controller, car key, or AI interface. Some of these new features will be available through a software update for Ultrahuman’s existing Ring Air and Ring Pro models by the end of September. These updates will include capabilities like using the ring as a game controller and interacting with AI applications. The company is also exploring ways for third-party developers to create new features for the ring. Kumar noted that the ring’s position on the finger gives it an advantage over smartwatches, which he compared to “a phone on the wrist.” A ring can offer more precise interaction and carry physiological data like heart rate, temperature, and movement. Ultrahuman’s business is growing rapidly, with an annual revenue run rate of $140 million, up 45% from a year earlier. The company expects this number to reach $200 million by January 2027. It has sold around 800,000 rings so far, up from about 700,000 in February. Around 12% of its users also pay for PowerPlugs, a subscription-based service offering advanced features. Founded in 2019 by Kumar and Vatsal Singhal, Ultrahuman initially focused on continuous glucose monitors for metabolic health tracking before shifting to smart rings, which have now become its core product. The company has also expanded into blood testing and environmental sensing to build a broader health platform. The U.S. remains Ultrahuman’s largest market, although the company had to halt sales of its Ring Air in the U.S. for much of the past year due to a patent dispute with rival Oura. The startup has since returned with a redesigned Ring Pro, and demand for the new device is currently 18 to 20 times higher than its available supply. Kumar expects U.S. sales to return to previous levels by next quarter and aims to triple those volumes over the next four quarters as production increases. The U.S. accounts for about 45% of Ultrahuman’s revenue this quarter, while India contributes around 11%. Ultrahuman plans to use part of the new capital to expand its presence in markets like India and the UAE, where physical stores and other offline interactions can boost sales. However, this expansion, along with investments in clinical research and product development, has increased costs. Kumar said the company may not be profitable this year due to these investments. Unlike rival Oura, which is reportedly preparing for an IPO in September, Ultrahuman is not planning a public listing anytime soon. Kumar said the startup wants to demonstrate eight quarters of profitability before going public, a goal he estimates could take eight to 10 quarters to achieve. He sees 2028 as the earliest possible window for an IPO. In the meantime, Ultrahuman is deepening its partnership with Labcorp to explore new health and diagnostic applications for its rings. The companies are researching whether blood-flow signals captured by the ring, when combined with blood-test data, could help identify health risks in areas like cardiovascular health, fertility, and aging. “By combining wearable data with deeper biological signals, Ultrahuman is creating new opportunities in personalized health,” said Megann Vaughn Watters of Labcorp. While details of any product integrations are not yet available, the collaboration could lead to significant advancements in health monitoring and diagnostics.