Ultrahuman Bags $35 Mn in a Funding Round Led by Zomato Founder

The startup's product suite includes a range of innovative wearables and devices designed to monitor key health metrics.

Healthtech startup Ultrahuman has recently secured a funding round totaling $35 million, comprising a blend of equity and debt investment.

Founded in 2019 by Mohit Kumar and Vatsal Singhal, Ultrahuman has rapidly gained traction in the healthtech industry. The startup's product suite includes a range of innovative wearables and devices designed to monitor key health metrics.

The capital infusion will empower Ultrahuman to ramp up its manufacturing capacity and intensify research efforts in the health tracking domain.

The financing round was led by prominent venture capital firms, including Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation, and Zomato founder Deepinder Goyal.

Sharing thoughts, Mohit Kumar, cofounder, Ultrahuman said, "This funding round marks a pivotal step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader."

Seamless Integration of Health Data Streams

Ultrahuman aims to revolutionize health tracking by seamlessly integrating various health data streams to empower preventative health and wellness.

"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," added Kumar.

Ultrahuman's platform integrates data on glucose levels, sleep patterns, physical activity, blood markers, and heart rate variability (HRV), providing users with comprehensive insights into their health status.

The startup’s offerings include the Ring Air smart ring, the M1 Live continuous glucose monitoring wearable, the Ultrahuman Home home health device, and the Blood Vision preventive blood testing product.

Additionally, it focuses on collating a diverse set of biomarkers underscores its commitment to delivering holistic health monitoring solutions.

Market Growth & Expansion

Reportedly, the startup has witnessed remarkable growth over the past year, positioning itself as a significant player in the smart ring market.

Ultrahuman attributes its expansion to strategic partnerships and a robust retail presence, with products available in over 150 retail outlets worldwide, including prestigious locations such as London's Selfridges, Changi Airport in Singapore, and the Virgin megastore in Dubai.

The startup states that Ultrahuman is on track to achieve a milestone of surpassing $100 million in annualized revenue run rate (ARR) by the end of 2024, a feat that the startup anticipates achieving profitably.

The recent establishment of a new manufacturing facility, UltraFactory, which is a part of Ultrahuman, is poised to accelerate its growth further, potentially doubling its ARR to $200 million.

"Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market," noted Kumar.

Previous Funding & Investor Support

The latest funding round for Ultrahuman comes on the heels of its $17.5 million Series A fundraising in October 2022.

Notable angel investors who participated in the previous round include Tiger Global's Scott Schleifer, CRED's Kunal Shah, Zomato's Deepinder Goyal, Unacademy's Gaurav Munjal, and Zerodha cofounder and CEO Nithin Kamath.

The funding round for Ultrahuman reflects a broader trend of renewed investor interest in the healthtech sector.

Despite a decline in venture capital investments in 2023, healthtech startups have experienced a rebound in funding in 2024, driven by growing investor confidence and the sector's potential for exponential growth.

According to a report by B Capital and Boston Consulting Group (BCG), India's digital healthcare industry is poised for significant expansion, with projected growth from $2.7 billion in 2022 to $37 billion by 2030. The emergence of innovative digital healthcare models tailored to the Indian market is expected to be a key driver of this growth trajectory.