Qualcomm backs Ultrahuman in $70M funding round to enhance smart ring capabilities

Ultrahuman, an Indian startup renowned for its smart rings, has successfully raised $70 million in a new funding round, with significant backing from Qualcomm’s venture arm. This funding aims to expand the startup's capabilities beyond sleep and health tracking, aspiring to develop a ring that can run software directly on the device, enabling functionalities ranging from AI interactions to gaming.

The latest funding round values Bengaluru-based Ultrahuman at $365 million, a substantial increase from its previous valuation of $120 million in 2023, according to sources familiar with the matter. The financing was supported by several notable investors, including:

• Qualcomm Ventures
• Labcorp
• Alpha Wave
• Blume Ventures
• Nexus Venture Partners
• Alteria Capital

The round comprises $65 million in primary equity and $5 million in debt, as stated by Ultrahuman founder and CEO Mohit Kumar in an interview.

Ultrahuman is collaborating with Qualcomm to create a new ring that will utilize Qualcomm’s silicon. Currently, the startup employs chips from Nordic Semiconductor in its rings but plans to integrate Qualcomm’s technology as well. This enhanced computing power will facilitate more software and algorithms to operate directly on the ring, thereby decreasing its dependency on smartphones or cloud services.

“

“All ring devices today are like trackers,” Kumar explained. “You put on the ring, it measures your heart rate, your movement, your sleep.”

Ultrahuman's vision is to transform the ring into a computing device capable of running programs and algorithms independently. This shift could significantly broaden the use cases for Ultrahuman rings beyond their current health and sleep tracking functionalities.