Ultrahuman, the pioneering wearable tech startup, has successfully closed its Series B funding round, raising an impressive $35 million in a blend of debt and equity. Investors in this round include prominent names such as Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave, signalling strong confidence in the company’s vision and potential.
Notably, Deepinder Goyal, the founder and CEO of Zomato, also participated in this funding round, underlining the growing interest of industry leaders in Ultrahuman’s innovative approach to health tracking.
With this latest infusion of capital, Ultrahuman’s total funding reaches approximately $60 million, marking a significant milestone for the company. As the company stated in a recent press release, the funds will be strategically utilized to bolster manufacturing capabilities and advance research efforts in health-tracking technologies.
Founded by Mohit Kumar and Vatsal Singhal, Ultrahuman offers a comprehensive self-quantification platform featuring cutting-edge wearables such as the intelligent Air Ring ring, the M1 Live glucose monitoring wearable, and the Blood Vision blood testing product. Leveraging their expertise and experience, Kumar and Singhal spearhead a revolution in personalized health monitoring.
Before this Series B round, Ultrahuman had secured a noteworthy $17.5 million in its Series A financing, led by Alpha Wave in 2021. This steady influx of investment underscores the growing demand for innovative health tech solutions and the company’s promising trajectory in the market.
Ultrahuman has rapidly solidified its position as a key player in the smart ring market, achieving impressive growth and profitability over the past year. With a presence in over 150 retail outlets worldwide, including prestigious locations like London’s Selfridges, Changi Airport in Singapore, and the Virgin megastore in Dubai, the company is poised for further expansion and market penetration.
Regarding ownership, Nexus Venture Partners emerged as the most significant external stakeholder in Ultrahuman post-Series A, holding 20.12% shares, followed by Alpha Wave and Blume Ventures with 11.14% and 8.89% stakes, respectively. Meanwhile, co-founders Mohit Kumar and Vatsal Singhal retain a significant ownership stake of 38.27%, underscoring their deep commitment to the company’s mission and vision.
Ultrahuman faces competition from notable players such as Levels Health, Super Sapiens, and Oura on the global stage. However, with its innovative products, strategic partnerships, and relentless focus on user-centric innovation, Ultrahuman is well-positioned to lead the charge in revolutionizing personalized health monitoring and empowering individuals to optimize their well-being like never before.
