Bengaluru-based health-tech company Ultrahuman has raised $70 million in a Series C funding round led by Qualcomm Ventures, valuing the smart-ring maker at roughly $365 million and pushing it beyond wearable health tracking into what founder and CEO Mohit Kumar calls a full-on "human-computer interface built around the body."
Qualcomm Ventures Leads A New Chapter For Smart Rings
The financing includes $65 million in primary equity and $5 million in debt, Kumar told TechCrunch. Qualcomm Ventures anchored the round alongside U.S. diagnostics giant Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. The $365 million post-money valuation is roughly 3x the $120 million mark Ultrahuman held in 2023, a person familiar with the terms said.
Beyond capital, Qualcomm is also becoming a silicon partner. Ultrahuman confirmed it is co-developing a next-generation Ring PRO that will use Qualcomm processors alongside its existing Nordic Semiconductor chips, unlocking enough on-device compute for machine-learning models, AI interactions, and third-party apps to run directly on the ring.
From Tracker To On-Body Computer
Current smart rings act mostly as passive sensors. Ultrahuman wants the Ring PRO to run software the way a smartphone or watch does. Kumar said upcoming firmware updates by end of September will already let the ring act as a game controller, a pointer, and an interface for AI agents, with a developer program letting outside teams build on top of the platform. A ring can uniquely pair those inputs with continuous physiological signals such as heart rate, temperature, and movement — a game or app can respond not just to a gesture but to how the wearer's body is reacting.
Growth, Labcorp Diagnostics, And A Long Road To IPO
Ultrahuman is at a $140 million annual revenue run rate, up around 45% year over year, and is targeting $200 million by January 2027. It has sold more than 800,000 rings, and about 12% of users pay for its PowerPlugs subscription features. The U.S. accounts for roughly 45% of quarterly revenue, and Ring PRO demand there is currently 18–20x supply after the company returned to the market following a patent dispute with Oura. Ultrahuman will also work with new investor Labcorp on studies combining ring blood-flow signals with blood-test data to spot early signals in cardiovascular health, fertility, and aging.
Kumar told TechCrunch the company will not chase a public listing until it has strung together roughly eight consecutive quarters of profitability, putting any IPO no earlier than 2028. In the meantime, the round adds to a busy summer for wearable and AI-hardware fundraising, following moves by AfterQuery, Cradlewise, and HubX.
Reporting based on coverage from TechCrunch, YourStory, and Business Standard.