Qualcomm Backs Ultrahuman in $70M Round for Computer-Like Smart Rings

Indian smart-ring startup Ultrahuman has raised $70 million in a funding round backed by Qualcomm Ventures. The financing includes $65 million in primary equity and $5 million in debt, and values Bengaluru-based Ultrahuman at $365 million, according to a person familiar with the matter.

Ultrahuman founder and CEO Mohit Kumar said the round also includes Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital. The company is working with Qualcomm on a new ring that will use the chipmaker’s silicon instead of the Nordic Semiconductor chip used in its current devices.

Kumar said the added computing power will allow more software and algorithms to run directly on the ring, reducing reliance on a phone or the cloud. Ultrahuman is exploring uses including AI interaction, games, pointer or mouse control, game control, and car-key functions. Developers could eventually create programs for the device.

Some capabilities are expected to reach the existing Ring Air and Ring Pro through a software update by the end of September, including game-controller and AI-application features, as well as support for third-party developers.

Ultrahuman currently has an annual revenue run rate of $140 million and expects $200 million by January 2027. It has sold around 800,000 rings. The company may not be profitable this year and sees 2028 as the earliest IPO window.