Indian wearable startup Ultrahuman has secured $70 million in fresh funding, with participation from Qualcomm Ventures, as it pushes smart rings beyond fitness tracking and toward on-device computing.
The Bengaluru-based company is now valued at $365 million, nearly three times its 2023 level. The round combines $65 million in equity and $5 million in debt, and also includes support from Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital.
Ultrahuman founder and CEO Mohit Kumar says the company is developing a new ring powered by Qualcomm silicon, replacing its current Nordic Semiconductor chip. The upgrade is designed to bring more processing power directly to the device, reducing dependence on a phone or cloud services.
That shift could make the ring far more versatile. Beyond monitoring sleep, movement and heart rate, the company is exploring features such as AI interaction, gaming controls, mouse-like pointing, car access and tools for third-party developers.
Some of those capabilities are expected to arrive first on the existing Ring Air and Ring Pro models through a software update by the end of September. Ultrahuman says this will let developers build new functions while users test the ring as a game controller and AI interface.
The company's broader business is also expanding. Ultrahuman reports an annual revenue run rate of $140 million, with more than 800,000 rings sold so far. About 12% of users subscribe to its PowerPlugs software features. The startup plans to use part of the new capital to strengthen its presence in India and the UAE, while continuing product development and clinical research.
Ultrahuman is also deepening its work with Labcorp to explore how wearable data and blood-test insights could support more personalized health understanding. If successful, the next generation of smart rings could become a bridge between everyday wearables and ambient computing, shaping a more intuitive digital future.
