Indian smart ring maker Ultrahuman has raised $70 million in a funding round backed by Qualcomm's venture arm, as it shifts from simple health tracking towards building rings that can run software directly on the device. The Bengaluru-based firm plans to use Qualcomm's chips to power future rings capable of supporting AI interactions, gaming and other applications beyond sleep and fitness monitoring, reducing reliance on smartphones or the cloud.

The round values Ultrahuman at $365 million, roughly three times its 2023 valuation, and comprises $65 million in equity and $5 million in debt, with other investors including Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital. Founder Mohit Kumar said Ultrahuman is developing a new Qualcomm-powered ring while also pushing new capabilities, such as game-controller and AI-interaction features, to existing Ring Air and Ring Pro devices via a software update due by the end of September. The company has sold around 800,000 rings, is growing revenue at an annual run rate of $140 million (up 45% year-on-year), and expects that to reach $200 million by January 2027, with about 12% of users paying for its PowerPlugs subscription features.