SUMMARY
The startup will deploy the funds towards building further manufacturing capacity and deeper research in the health tracking space
The fundraise saw participation from Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal
Ultrahuman develops various health tracking and monitoring devices, including fitness rings
Bengaluru-based fitness and healthtech platform Ultrahuman has raised Series B funding of $35 Mn (around INR 290 Cr) in a mix of equity and debt round.
The fundraise saw participation from Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal.
The startup will deploy the fresh funds for scaling up its manufacturing capacity and deepen research in the health tracking space.
“This funding round marks a pivotal step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader,” said Mohit Kumar, cofounder of Ultrahuman.
Founded in 2019 by Kumar and Vatsal Singhal, Ultrahuman develops various health tracking and monitoring devices, including fitness rings.
In June this year, it launched a new version of its fitness wearable, the Ultrahuman Ring Air, for better sleep tracking, heart rate and body temperature monitoring, among other things.
The Ultrahuman product suite includes a smart ring called Ring Air, a continuous glucose monitoring wearable called M1 Live, a home health device called Ultrahuman Home and a preventive blood testing product called Blood Vision.
The platform integrates glucose, sleep, movement, blood markers, and HRV, providing a comprehensive health monitoring solution.
Ultrahuman claims to have also built a subscription-based fitness platform for better monitoring of the data the devices collect while also offering a range of workout content.
According to Kumar, their goal of becoming the top player in active devices and global presence is achievable due to their rapid expansion and user satisfaction.
“Our growth is a testament to the user love for our products, highlighted by industry-leading NPS and engagement metrics since the launch of our latest model, the Ring Air. Our relentless focus on improving user experience through continuous firmware and software updates is what sets us apart,” Kumar added.
The startup aims to achieve over $100 Mn in annual revenue by the end of 2024, all while remaining profitable.
“Our long-term investment in R&D and intellectual property is a cornerstone of our strategy, ensuring that our products not only meet but exceed the highest standards of efficacy and reliability,” said Kumar.
Meanwhile, in August 2021, the startup raised $17.5 Mn in a Series B funding round from the likes of Steadview Capital, Alpha Wave Incubation, Nexus Venture Partners, Blume Ventures, and Utsav Somani’s iSeed fund.
Ultrahuman competes against the likes of Delhi NCR-based Zivov and Bengaluru-based HealthifyMe.
