Ultrahuman Secures $35 Million to Fuel Growth in Wearable Health Tech Market

UltraHuman Health Monitoring
Preeti Bali / 6:51 am / March 21, 2024

Ultrahuman, a leading company in the wearable health technology sector, has successfully secured $35 million in a Series B funding round. The round was backed by prominent venture capital firms Blume Ventures, Steadview Capital, and Nexus Venture Partners, along with Alpha Wave Incubation and Zomato founder Deepinder Goyal.

Ultrahuman plans to strategically utilize the secured funds to enhance its manufacturing capacity and bolster its research efforts in the health tracking domain. This will allow the company to develop and deliver even more advanced health monitoring solutions.

Bengaluru-based Startup Raises Series B Funding for Manufacturing and Health Tracking Research

“At Ultrahuman, we are committed to shaping the future of integrated health solutions,” declared Mohit Kumar, Co-founder of Ultrahuman. “We achieve this by seamlessly merging various health data streams, empowering individuals to take a proactive approach to preventive healthcare and overall wellness. Our vision of becoming the market leader in both active devices and global reach is well within our grasp.”

Ultrahuman’s Diverse Product Portfolio

Founded in Bengaluru in 2021 by Kumar and Vatsal Singhal, Ultrahuman has carved a niche in the market with its innovative health tracking and monitoring devices, including fitness rings. Their product suite encompasses Ring Air, M1 Live, Ultrahuman Home, and Blood Vision.

Comprehensive Health Monitoring Through Data Integration

These devices offer a holistic approach to health monitoring by integrating data on glucose levels, sleep patterns, physical activity, blood markers, and heart rate variability. Notably, Ultrahuman has completed a clinical trial involving 105 participants to validate the accuracy of the “Metabolic Score” generated on its platform.

Rapid Iteration and Competitive Advantage

“Our unwavering commitment to excellence and rapid execution are evident in our bi-weekly firmware updates and weekly app improvements,” added Kumar. “This agility is a key factor that sets us apart from the competition. Additionally, we have pioneered hardware iteration speeds on par with software development, exemplified by the creation of groundbreaking devices like Ultrahuman Home, a dedicated home health monitor.”

Global Expansion and Revenue Growth

Ultrahuman has established a robust presence in over 150 retail locations worldwide, including prestigious outlets like Selfridges in London, Changi Airport in Singapore, and Virgin Megastore in Dubai.

The company’s recently inaugurated manufacturing facility, UltraFactory, is projected to propel them towards achieving an annual turnover of $200 million. Ultrahuman is also on track to surpass $100 million in annualized revenue run rate (ARR) by the end of 2024, signifying its strong financial performance.

“Our commitment to long-term investments in manufacturing, made possible by our profitability, is a unique advantage within the smart ring market,” concluded Kumar.

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