Qualcomm Ventures backs Ultrahuman's $70M raise to turn smart rings into on-finger computers

Ultrahuman announced a $70 million financing round that lifts its valuation to $365 million, led by Qualcomm Ventures alongside Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital. Founder and CEO Mohit Kumar said the capital will support a new ring built on Qualcomm’s silicon, which will provide enough processing power for on-device software, AI interactions and even gaming functions, lessening dependence on phones or cloud services.

Existing Ring Air and Ring Pro models will receive a software update by September’s end, introducing controller capabilities and third-party developer support. The company now runs at a $140 million annual revenue rate, aims for $200 million by early 2027, and has sold roughly 800,000 rings, with the U.S. accounting for about 45% of sales. While profitability is not expected this year due to expansion and research costs, Ultrahuman targets an IPO no earlier than 2028 after demonstrating several quarters of profit. A parallel partnership with Labcorp seeks to combine ring-collected blood-flow data with lab tests to identify health risks.