Ultrahuman raises $60 million to expand smart ring business

Indian healthtech company Ultrahuman has raised approximately $60 million (INR 583 crore) in a Series C funding round to expand its smart ring business.

The round was led by Qualcomm Ventures and included participation from Alpha Wave, Laboratory Corporation of America (Labcorp), Blume Ventures, Deepinder Goyal, Steadview Capital, Nexus Venture Partners, and GGM Family Trust.

The capital raised is intended to accelerate growth and market expansion. This funding comes at a critical juncture as Ultrahuman seeks to rebuild its presence in the US following a patent dispute with rival Oura. The company had previously faced an import and sales ban in the US as a result of the litigation.

Additionally, competition in the sector is intensifying as one of its investors, Deepinder Goyal, has launched his own healthtech venture.

Founded in 2019, Ultrahuman manufactures devices for tracking sleep and glucose levels. The company reported a net profit of $8.2 million on operating revenue of $64 million for the last fiscal year, driven by its high-margin software subscription business.