Ultrahuman Secures $35M Funding Led by Blume Ventures and Steadview Capital

• ByStartupStory     |    March 20, 2024

Bengaluru-based healthtech firm Ultrahuman has announced a successful Series B funding round, securing $35 million from a consortium of investors led by Blume Ventures and Steadview Capital. Other participants in the funding round include Nexus Venture Partners, Alpha Wave Incubation, and Zomato Founder Deepinder Goyal.

The funding injection comes as Ultrahuman seeks to enhance its manufacturing capabilities and delve deeper into research in the health tracking sector. Co-founder Mohit Kumar expressed the company’s ambitious vision, stating, “The future of health is integrated, and at Ultrahuman, we’re making that future a reality today by seamlessly combining various health data streams to empower preventative health and wellness. Our vision of being the top player in terms of both active devices and geographic presence is within reach.”

Ultrahuman, founded in 2021 by Mohit Kumar and Vatsal Singhal, is renowned for its innovative health tracking and monitoring devices, including fitness rings. Its product lineup, which includes Ring Air, M1 Live, Ultrahuman Home, and Blood Vision, integrates diverse health metrics such as glucose levels, sleep patterns, movement, blood markers, and heart rate variability, offering users a comprehensive approach to health monitoring.

The company has recently completed a clinical trial involving 105 participants to validate the ‘Metabolic Score’ generated on its platform, showcasing its commitment to scientific rigor and accuracy. Kumar emphasized the company’s dedication to excellence, stating, “Shipping a new firmware version every two weeks and weekly app improvements reflect our commitment to excellence and our speed of execution, our biggest competitive advantage.”

Ultrahuman’s global footprint continues to expand, with its products available in over 150 retail locations worldwide, including prestigious outlets such as Selfridges in London, Changi Airport in Singapore, and Virgin Megastore in Dubai. The company’s new manufacturing facility, UltraFactory, is poised to significantly increase its production capacity, with expectations to achieve an annual turnover of $200 million.

In a bold statement, Ultrahuman projected its trajectory, aiming to surpass $100 million in annualized revenue run rate (ARR) by the close of 2024. Kumar highlighted the company’s unique position in the market, stating, “Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market.”

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