Nexus-backed wearable technology startup Ultrahuman on Wednesday said it has secured $35 million (Rs 291 crore) in a mix of equity and debt in a fresh round of funding from its existing investors to improve its research and manufacturing capabilities.
The Bengaluru-based startup, which helps users keep track of various health-related metabolic parameters, raised $25 million in equity as a part of its Series B round, while securing another $10 million in debt.
Venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave Incubation, along with Zomato co-founder Deepinder Goyal, participated in the round.
The startup was launched in 2020 by ex-Zomato executives Vatsal Singhal and Mohit Kumar. The duo previously co-founded last-mile delivery startup Runnr, which Zomato acquired in 2017.
The company has launched multiple products including smart ring Ring Air, continuous glucose monitoring wearable M1 Live, home health device Ultrahuman Home and preventive blood testing product Blood Vision to help customers track glucose, sleep, movement, blood markers, and HRV.
"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 Kumar, highlighting the company’s growth, including expansion to offline retail. "Our vision of being the top player in terms of both active devices and geographic presence is within reach.”
The latest round of funding comes about two years after Ultrahuman closed its Series A round in 2022. The company had raised $17.5 million in August 2021 from Alpha Wave Incubation, Steadview Capital, Nexus Venture Partners, Blume Ventures and Utsav Somani’s iSeed along with some angel investors. It closed the round raising another $5 million in May 2022.
It had raised $7.5 million in seed round from Nexus Venture Partners and Blume Ventures in 2020.
Ultrahuman said it is aiming to cross $100 million in annualised revenue run rate (ARR) by the end of 2024.
