Ultrahuman Secures $35 Million in Series B Funding Round
Within 99 Words: Wearable tech startup Ultrahuman raises $35 million in a combination of debt and equity for its Series B round, with investment from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave, alongside Zomato's Deepinder Goyal. This brings Ultrahuman's total funding to approximately $60 million, following its $17.5 million Series A round in 2021. The company plans to use the funds to expand manufacturing capacity and deepen research in health tracking. Ultrahuman offers smart rings, glucose monitoring wearables, and blood testing products, becoming the second-largest player in the smart ring market while maintaining profitability.
Key Points:
- Ultrahuman raises $35 million in Series B round from various investors.
- Funding includes a mix of debt and equity.
- Total funding now reaches around $60 million.
- Company plans to expand manufacturing capacity and research in health tracking.
- Offers smart rings, glucose monitoring wearables, and blood testing products.
- Co-founded by Mohit Kumar and Vatsal Singhal, former co-founders of Runnr.
- Achieved profitability while becoming the second-largest player in the smart ring market.
- Rapid growth includes expansion into over 150 retail outlets worldwide.
- Revenue grows fourfold to Rs 30 crore in FY23.
- Losses increase by 20.3% to Rs 71 crore in the same period.