The wearable technology company Ultrahuman has raised $35 million in its Series B round from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave, using a combination of debt and equity.
The founder and CEO of Zomato, Deepinder Goyal, also took part in the new investment.
With the $17.5 million Series A financing led by Alpha Wave in 2021, Ultrahuman has since raised about $60 million in total.
Ultrahuman stated in a press release that it will use the additional funds to expand its manufacturing capabilities and conduct more in-depth health-tracking research.
Ultrahuman, a self-quantification platform founded by Mohit Kumar and Vatsal Singhal, offers a variety of products and services, including a blood testing device called Blood Vision, a wearable glucose monitor called M1 Live, and a smart ring called Ring Air.
For context, Kumar and Singhal were also involved in the founding of Runnr, which subsequently combined with Zomato in September of 2017.
Ultrahuman claims that during the past 12 months, it remained profitable and rose to the position of second in the smart ring market. Additionally, the business grew quickly, opening more than 150 retail locations across the globe, including the Virgin megastore in Dubai, Changi airport in Singapore, and London’s Oxford Street Selfridges.
From Rs 7.38 crore in FY22 to Rs 30 crore in FY23, Ultrahuman saw a fourfold increase in revenue. Media reports state that during the same time frame, the company’s losses increased by 20.3% to Rs 71 crore.
Nexus held 20.12% of the shares in Ultrahuman as of the Series A round, making it the largest external stakeholder, followed by Blume and Alpha Wave, with 11.14% and 8.89% of the shares, respectively. 38.27% of the business is owned by its co-founders, Vatsal Sinhgal and Mohit Kumar.
The likes of Levels Health, Super Sapiens, and Oura are competitors of Ultrahuman on a global scale.
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