Ultrahuman in Bangalore, India, has raised $35m in equity and debt for its range of smart ring and wearable monitoring devices.

In addition to their 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 platform uses consistent biomarkers across all the devices to  integrate glucose, sleep, movement, and blood markers for a comprehensive approach to health monitoring.

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 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.

“The future of health is integrated, and at Ultrahuman, we’re making that future a reality by seamlessly combining various health data streams to empower preventative health and wellness,” said Mohit Kumar.

Ultrahuman has become the second-largest player in the smart ring market in the last 12 months 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.

 A key driver of Ultrahuman’s explosive growth has been its expansion into over 150 retail outlets worldwide. “Our growth is a testament to the user love for our products, highlighted by 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,” said Kumar.

“Shipping a new firmware version every 2 weeks and weekly app improvements reflect our commitment to excellence and our speed of execution, our 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.”

Ultrahuman says it is on track to surpass $100 million in annualized revenue run rate (ARR) by the end of 2024.  UltraFactory, a recent addition of a new manufacturing facility, is capable of supporting $200 million in annual revenue for the smart ring and wearable devices

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