Healthtech startup Ultrahuman Raises $35mn in series B
Healthtech startup Ultrahuman that sells wearable devices and services to track metabolic health said it has raised $35 million in a series B funding round through a mix of equity and debt.
The company will use the funds towards building more manufacturing capacity and deeper research in the health tracking space.
The round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation and Zomato founder Deepinder Goyal.
“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,” Mohit Kumar, cofounder and CEO, Ultrahuman said.
Founded in 2019 by Mohit Kumar and Vatsal Singhal, Ultrahuman sells wearable devices and services that help users track metabolic health. The company’s portfolio of products includes its smart ring called Ring Air, the Ultrahuman product suite consists of 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 Bengaluru-based startup has become the second-largest player in the smart ring market while maintaining profitability, the company said in a statement, adding that it has expanded into over 150 retail outlets worldwide.
“This retail footprint expansion has been instrumental in introducing Ultrahuman’s cutting-edge technology to a global audience. Looking ahead, Ultrahuman is on track to surpass $100 million in annualized revenue run rate (ARR) by the end of 2024, a milestone that will be achieved profitably,” the company said.
UltraFactory, a recent addition of a new manufacturing facility, is capable of supporting $200 million in annual revenue, the company added.
Late last year, Finnish health wearable startup Oura filed a lawsuit against Ultrahuman, claiming that the company copied its ring device and accessed proprietary information in violation of its patents as well as poached its employees.
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Published: 20 Mar 2024, 04:40 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.