Indian health tech firm Ultrahuman has on Wednesday announced a $35 million equity and debt investment round.

The series B funding round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal, Ultrahuman said in a statement.

According to the statement, Ultrahuman will deploy the funds towards building further manufacturing capacity and deeper 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, Co-founder of Ultrahuman.

Looking ahead, Ultrahuman said the firm 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.

“Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market,” Kumar noted.

He also said the future of health is integrated, and at Ultrahuman, they are making that future a reality today by seamlessly combining various health data streams to empower preventative health and wellness.

It is noted that Ultrahuman has seen phenomenal growth over the past 12 months, becoming the second-largest player in the smart ring market while maintaining profitability.

“Our vision of being the top player in terms of both active devices and geographic presence is within reach, thanks to our rapid expansion and the love we’ve received from our users,” added Kumar.

According to the statement, a key driver of Ultrahuman’s explosive growth has been its expansion into over 150 retail outlets worldwide, including iconic locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin megastore in Dubai.

This retail footprint expansion has been instrumental in introducing Ultrahuman’s cutting-edge technology to a global audience.

“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 emphasized.

He said shipping a new firmware version every two weeks and weekly app improvements reflect the firm’s commitment to excellence and its speed of execution, its biggest competitive advantage.

“We’ve also iterated in hardware at the speed of software by designing novel devices like Ultrahuman Home, a home health monitor,” he added.

UltraFactory, a recent addition of a new manufacturing facility, is capable of supporting $200 million in annual revenue, a clear indication of Ultrahuman’s readiness for its next phase of growth.

Ultrahuman said its dedication to scientific validation and innovation is further evidenced by the completion of a clinical trial involving 105 participants, aimed at validating the ‘Metabolic Score’ generated on the Ultrahuman platform.

“Our long-term investment in research and development (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,” Kumar said.

Ultrahuman is a self-quantification platform.

In addition to its smart ring called Ring Air, the Ultrahuman product suite includes 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 firm’s platform integrates glucose, sleep, movement, blood markers, and HRV, offering a comprehensive approach to health monitoring.

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