Wearable tech start-up Ultrahuman has raised $35 million in a mix of debt and equity in its Series B round. The round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation, and Zomato founder Deepinder Goyal.

The company plans to deploy the funds towards building further manufacturing capacity and deeper research in the health tracking space. UltraFactory, a recent addition of a new manufacturing facility, is capable of supporting $200 million in annual revenue. Mohit Kumar, Co-founder and CEO, Ultrahuman told businessline that the manufacturing facility has been set up in Bengaluru and has a capacity to make 1 million rings yearly. “We’ve automated critical processes like the polishing of the ring by building a robot to handle this. We’ve also invested heavily in building robust testing processes that mimic human usage,” he added.

Ultrahuman has secured a total of around $60 million, including the $17.5 million Series A financing led by Alpha Wave in 2021.

The company has expanded its operations into over 150 retail outlets worldwide. It claims to have become the second-largest player in the smart ring market while maintaining profitability.

“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” Kumar said. “Our growth is a testament to the user love for our products, highlighted by industry-leading NPS and engagement metrics since the launch of our latest model, the Ring Air. Our relentless focus on improving user experience through continuous firmware and software updates is what sets us apart,” he added.

Ultrahuman is on track to surpass $100 million in annualised revenue run rate (ARR) by the end of 2024, a milestone that will be achieved profitably. “Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market,” he noted.

Ultrahuman’s products and services include continuous glucose monitoring (CGM) devices and software, smart rings, and lately, blood testing.

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