Wearable tech startup Ultrahuman has raised $35 million in a mix of debt and equity in its Series B round from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave.
The fresh investment also saw participation from Zomato’s founder and chief executive Deepinder Goyal.
Post this, Ultrahuman has secured around a total of $60 million, including the $17.5 million Series A financing led by Alpha Wave in 2021. Entrackr had exclusively reported the fundraise then.
Ultrahuman will use the fresh proceeds to build further manufacturing capacity and deeper research in health tracking, the company said in a press release.
Started by Mohit Kumar and Vatsal Singhal, Ultrahuman is a self-quantification platform that provides smart ring called Ring Air, glucose monitoring wearable M1 Live, and blood testing product called Blood Vision, among others.
For the uninitiated, Kumar and Singhal were also co-founders of Runnr, which later merged with Zomato in September 2017.
According to Ultrahuman, it became the second-largest player in the smart ring market while maintaining profitability in the last 12 months. The company also grew rapidly and expanded into over 150 retail outlets worldwide, including locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin megastore in Dubai.
Ultrahuman registered a fourfold growth to Rs 30 crore in FY23 from Rs 7.38 crore in FY22. According to the startup data intelligence platform TheKredible, the firm witnessed a 20.3% increase in its losses to Rs 71 crore in the same period.
As of Series A round, Nexus was the largest external stakeholder in Ultrahuman with 20.12% shares followed by Alpha Wave and Blume with 11.14% and 8.89% stakes, respectively. Its co-founders Mohit Kumar and Vatsal Sinhgal hold 38.27% of the company. Check TheKredible for more details.
Globally, Ultrahuman competes with the likes of Levels Health, Super Sapiens and Oura.
