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Indian Smart-Ring Maker Ultrahuman Raises $70 Million to Shift from Tracker to Platform
On September 5, 2026, Bengaluru’s Ultrahuman struck a $70 million deal that could turn a humble smart ring into a full‑blown health‑intelligence platform.
The funding, led by Qualcomm Ventures, comprised $65 million in equity and $5 million in debt. The round also attracted Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital. TechCrunch reported the transaction values the company at $365 million—roughly three times its 2023 valuation.
The money signals a strategic pivot. Founder and CEO Mohit Kumar said the company wants its ring to move beyond passive tracking and become a small computing platform. The new device will use Qualcomm silicon alongside the Nordic Semiconductor chips that power current models, giving it more on‑device processing power. A software update slated for the end of September will allow existing Ring Air and Ring Pro units to act as game controllers, connect to AI applications and open the device to third‑party developers.
Kumar explained that the ring’s primary advantage over a watch is contact. While a game controller does not normally read heart rate or temperature, the ring does. He envisioned games that respond to a player’s physiology as well as motion. The company also plans to pair a future ring with smart glasses. Chief business officer Bhuvan Srinivasan told CNET at IFA Berlin that the ring would control glasses by gesture during the day and measure sleep at night, citing Meta’s glasses as an example.
Qualcomm’s involvement fits a broader push toward “next‑platform” wearables. In June 2026 the chipmaker launched a white‑label toolkit for AI glasses and a dedicated chip line, positioning the ring as a natural input device for contact‑less, voice‑free control.
The funding round comes after a significant setback in the United States. In September 2025 the International Trade Commission ruled against Ultrahuman in a patent case brought by Oura, banning the sale of the Ring Air in the U.S. The company returned to the market this year with the Ring Pro. According to the company, U.S. demand now exceeds supply by 18 to 20 times, and volumes are expected to reach pre‑ban levels next quarter and triple over the following four quarters.
Financially, Ultrahuman reports an annual revenue run rate of $140 million, up about 45 % year‑on‑year. The company projects $200 million by January 2027. It has sold roughly 800,000 rings, up from 700,000 in February. In addition to the ring, Ultrahuman offers a continuous glucose monitor, environmental sensors and a blood‑testing service called Blood Vision, a partnership with Labcorp that explores using ring‑based blood‑flow signals to flag cardiovascular and fertility risks.
The company acknowledges that it will post a loss this year due to spending on retail, branding and clinical research. Kumar said the firm expects to achieve profitability within eight to ten quarters, placing a potential IPO no earlier than 2028.
The timing of the announcement coincides with a wave of new screen‑less wearables. Circular launched contact‑less‑payment rings at IFA, and Garmin introduced a membership‑free band in July. Ultrahuman’s ring does not require a subscription, but it offers a paid add‑on called PowerPlugs, with about 12 % of users purchasing it.
In sum, Ultrahuman’s $70 million round and Qualcomm partnership mark a shift from a sleep‑tracker niche to a broader health‑intelligence platform. The company is expanding its retail footprint in India and the UAE, while it rebuilds U.S. demand after the Oura‑related ban. Upcoming milestones include the September software update, the projected revenue target for 2027, and the company’s stated goal of reaching profitability before any public listing.
The funding, led by Qualcomm Ventures, comprised $65 million in equity and $5 million in debt. The round also attracted Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital. TechCrunch reported the transaction values the company at $365 million—roughly three times its 2023 valuation.
The money signals a strategic pivot. Founder and CEO Mohit Kumar said the company wants its ring to move beyond passive tracking and become a small computing platform. The new device will use Qualcomm silicon alongside the Nordic Semiconductor chips that power current models, giving it more on‑device processing power. A software update slated for the end of September will allow existing Ring Air and Ring Pro units to act as game controllers, connect to AI applications and open the device to third‑party developers.
Kumar explained that the ring’s primary advantage over a watch is contact. While a game controller does not normally read heart rate or temperature, the ring does. He envisioned games that respond to a player’s physiology as well as motion. The company also plans to pair a future ring with smart glasses. Chief business officer Bhuvan Srinivasan told CNET at IFA Berlin that the ring would control glasses by gesture during the day and measure sleep at night, citing Meta’s glasses as an example.
Qualcomm’s involvement fits a broader push toward “next‑platform” wearables. In June 2026 the chipmaker launched a white‑label toolkit for AI glasses and a dedicated chip line, positioning the ring as a natural input device for contact‑less, voice‑free control.
The funding round comes after a significant setback in the United States. In September 2025 the International Trade Commission ruled against Ultrahuman in a patent case brought by Oura, banning the sale of the Ring Air in the U.S. The company returned to the market this year with the Ring Pro. According to the company, U.S. demand now exceeds supply by 18 to 20 times, and volumes are expected to reach pre‑ban levels next quarter and triple over the following four quarters.
Financially, Ultrahuman reports an annual revenue run rate of $140 million, up about 45 % year‑on‑year. The company projects $200 million by January 2027. It has sold roughly 800,000 rings, up from 700,000 in February. In addition to the ring, Ultrahuman offers a continuous glucose monitor, environmental sensors and a blood‑testing service called Blood Vision, a partnership with Labcorp that explores using ring‑based blood‑flow signals to flag cardiovascular and fertility risks.
The company acknowledges that it will post a loss this year due to spending on retail, branding and clinical research. Kumar said the firm expects to achieve profitability within eight to ten quarters, placing a potential IPO no earlier than 2028.
The timing of the announcement coincides with a wave of new screen‑less wearables. Circular launched contact‑less‑payment rings at IFA, and Garmin introduced a membership‑free band in July. Ultrahuman’s ring does not require a subscription, but it offers a paid add‑on called PowerPlugs, with about 12 % of users purchasing it.
In sum, Ultrahuman’s $70 million round and Qualcomm partnership mark a shift from a sleep‑tracker niche to a broader health‑intelligence platform. The company is expanding its retail footprint in India and the UAE, while it rebuilds U.S. demand after the Oura‑related ban. Upcoming milestones include the September software update, the projected revenue target for 2027, and the company’s stated goal of reaching profitability before any public listing.
