Qualcomm backs Ultrahuman with $70M as smart ring maker aims to build a wearable computer

Bengaluru-based Ultrahuman, known for its health- and sleep-tracking smart rings, has closed a $70 million funding round backed by Qualcomm Ventures, U.S. diagnostics firm Labcorp, and investors including Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. The round consists of $65 million in equity and $5 million in debt, and pushes Ultrahuman's valuation to $365 million — about three times its 2023 mark.

From tracker to computer

Ultrahuman is developing a new ring with Qualcomm that will run on the chipmaker's silicon, supplementing the Nordic Semiconductor chips it currently uses. The added processing power will let more software run directly on the ring rather than relying on a phone or the cloud. CEO Mohit Kumar said the company wants to move beyond simple tracking toward a device that can run third-party developer software, potentially functioning as a pointer, game controller, car key, or AI interface.

Some of these capabilities will reach the existing Ring Air and Ring Pro through a software update by the end of September, including game-controller functionality, AI interaction features, and support for third-party developers.

Growth continues as IPO remains years away

Ultrahuman's annual revenue run rate now stands at $140 million, up about 45% year-over-year, with a target of $200 million by January 2027. The company has sold around 800,000 rings to date. The U.S. remains its biggest market, even after a patent dispute with rival Oura forced it to pause Ring Air sales there for much of the past year; demand for the redesigned Ring Pro is now running 18 to 20 times available supply.

Heavy investment in physical stores, branding, and clinical research — including a partnership with Labcorp exploring how ring-based blood-flow data combined with blood tests could flag cardiovascular, fertility, and aging-related risks — means Ultrahuman may not turn a profit this year. Kumar said the company wants roughly eight quarters of profitability before pursuing an IPO, putting the earliest possible listing at around 2028.