Ultrahuman, a startup that makes wearable smart rings and helps users track metabolic health, has raised $35 million as part of its Series B round.
The round, which was a mix of debt and equity, saw participation from Blume Ventures, Nexus Venture Partners, Steadview Capital, Alpha Wave, and Zomato’s founder Deepinder Goyal. About $25 million of the funding came in equity, while the rest was raised in debt.
The company said it has turned profitable recently and is aiming to go public by the end of 2025. By end-2024, the firm plans to have a $100 million annualised revenue run rate. Ultrahuman will deploy the funds towards building further manufacturing capacity and deeper research in the health tracking space.
The company recently added a new manufacturing facility, which is capable of supporting $200 million in annual revenue.
In an interview with TechCrunch, founder Mohit Kumar said he “sees a route to snatching the No.1 position from US rival Oura in as little as 12-15 months”.
In November, Oura filed a lawsuit against Ultrahuman, claiming that the company copied its smart ring device and accessed proprietary information in violation of patents, according to media reports.
According to Crunchbase, the company has raised over $60 million over five funding rounds.
In 2021, Ultrahuman had raised $17.5 million as part of its Series B funding from Alpha Wave Incubation (AWI), Steadview Capital, Nexus Venture Partners, Blume Ventures and Utsav Somani’s iSeed fund.
Ultrahuman was started by Kumar and Vatsal Singhal, who had previously founded Runnr, which later merged with Zomato.
