Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation, and Deepinder Goyal, the founder of Zomato, all participated in the investment round.
Ultrahuman, a healthtech business that sells wearable gadgets and services for tracking metabolic health, announced a $35 million series B investment round that included a mix of equity and debt.
The cash will be used to expand production capacity and conduct further research in the health tracking field.
Mohit Kumar and Vatsal Singhal founded Ultrahuman in 2019 to market wearable gadgets and services that assist consumers track their metabolic health. The company’s product portfolio comprises the Ring Air smart ring, the Ultrahuman product suite, which includes the M1 Live continuous glucose monitoring wearable, the Ultrahuman Home home health device, and the Blood Vision preventive blood testing tool.
Venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation, and Zomato founder Deepinder Goyal also participated in the funding round.
“Our long-term investment in R&D and intellectual property is a cornerstone of our strategy, ensuring that our products not only meet but exceed the highest standards of efficacy and reliability,” Mohit Kumar, cofounder and chief executive officer of Ultrahuman, said
The Bengaluru-based firm has grown to become the second-largest player in the smart ring market while remaining profitable, according to a company statement. It has also expanded into over 150 retail shops worldwide.
“This retail footprint development has been critical in bringing Ultrahuman’s cutting-edge technology to a global audience. Looking ahead, Ultrahuman expects to exceed $100 million in annualized revenue run rate (ARR) by the end of 2024, a profitably achievable milestone, according to the firm.
According to the corporation, UltraFactory, a new production facility, has the potential to generate $200 million in revenue each year.
Late this year, Finnish health wearable startup Oura sued Ultrahuman, alleging that the business cloned its ring gadget and accessed sensitive information in violation of its patents, as well as recruited its workers.
Ultrahuman plans to use the new funds to expand manufacturing capacity and conduct additional research in health tracking, according to a news statement.
According to Ultrahuman, it has become the second-largest player in the smart ring industry while remaining profitable during the last twelve months. The company also expanded swiftly, opening over 150 retail sites worldwide, including London’s Selfridges on Oxford Street, Changi Airport in Singapore, and the Virgin megastore in Dubai.
