Ultrahuman, a Bengaluru-based startup known for making sleep and health-tracking smart rings, has raised $70 million at a $365 million valuation, about 3x its $120 million valuation in 2023, according to TechCrunch.
The round includes $65 million in primary equity and $5 million in debt, Ultrahuman founder and CEO Mohit Kumar said in an interview.
Qualcomm Ventures participated in the latest financing alongside U.S. diagnostics giant Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.
The business behind the bet
The startup is currently at an annual revenue run rate of $140 million, up roughly 45% from a year earlier, and expects that run rate to reach $200 million by January 2027. It has sold around 800,000 rings to date, up from about 700,000 in February. About 12% of its users also pay for PowerPlugs, Ultrahuman’s subscription-based software features.
Co-founded by Kumar and Vatsal Singhal in 2019, Ultrahuman initially debuted with its continuous glucose monitors to help people track their metabolic health. The startup, however, later moved into smart rings, which have since become the mainstay of its business. It also introduced blood testing and environmental sensing to build a broader health platform.
Unlike rival Oura, which is reportedly eyeing a September IPO, a public listing is still some way off for Ultrahuman. Kumar told TechCrunch that the startup wants to demonstrate about eight quarters of profitability before going public, a track record he expects could take eight to 10 quarters to establish. However, he sees 2028 as the earliest window for an IPO.
Digital health startups have bagged $20+ billion in VC funding so far this year.
More recently, Osteoboost Health, a developer of FDA-cleared wearable therapy for osteopenia—clinically proven to reduce bone loss in the spine- raised $8 million in a fresh financing round to scale manufacturing, expand clinical research, and broaden the commercial reach of its medical device for low bone density.
In another deal, Aurenar, a neurotechnology startup developing a non-invasive wearable device, V-Link, designed to reduce cerebral vasospasm in adults with aneurysmal subarachnoid hemorrhage, closed a $5.7 million seed financing round, co-led by the Go Red for Women Venture Fund and Solas BioVentures, with additional participation from BJC Health and Kaleida Capital.