Ultrahuman, a startup specializing in wearable technology, has secured $35 million in funding for its Series B round, which includes a combination of debt and equity. The investment was led by Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave, with additional participation from Deepinder Goyal, the founder and CEO of Zomato.
This latest round of funding brings Ultrahuman’s total investment to approximately $60 million, which includes the $17.5 million Series A financing led by Alpha Wave in 2021.
Ultrahuman plans to utilize the new capital to expand its manufacturing capacity and conduct deeper research in health tracking technologies, as stated in a press release.
Founded by Mohit Kumar and Vatsal Singhal, Ultrahuman offers a range of products including the Ring Air smart ring, the M1 Live glucose monitoring wearable, and Blood Vision, a blood testing device.
Kumar and Singhal, who were also co-founders of Runnr (which merged with Zomato in 2017), have positioned Ultrahuman as the second-largest player in the smart ring market. The company has maintained profitability over the past year and has rapidly expanded its presence to over 150 retail outlets globally, including prominent locations like London’s Selfridges, Changi Airport in Singapore, and the Virgin Megastore in Dubai.
Ultrahuman reported significant growth, with its revenue increasing fourfold to Rs 30 crore in FY23 from Rs 7.38 crore in FY22. However, the company also experienced a 20.3% rise in losses, reaching Rs 71 crore in the same period.
As of the Series A round, Nexus Venture Partners held the largest external stake in Ultrahuman with 20.12% shares, followed by Alpha Wave and Blume Ventures with 11.14% and 8.89% stakes, respectively. The co-founders, Mohit Kumar and Vatsal Sinhgal, collectively hold 38.27% of the company.
Ultrahuman competes globally with companies such as Levels Health, Super Sapiens, and Oura in the wearable technology and health tracking market.
