Qualcomm Backs India's Ultrahuman in $70M Round to Turn Smart Rings Into Computers

Ultrahuman, the Bengaluru-based startup best known for its health-tracking smart rings, has raised $70 million in a round that includes Qualcomm's venture arm — capital it will use to push the smart ring beyond passive sensing and into something closer to a wearable computer.

The round

The financing comprises $65 million in primary equity and $5 million in debt, valuing Ultrahuman at about $365 million — roughly triple its $120 million valuation from 2023. Qualcomm Ventures was joined by US diagnostics giant Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners, and Alteria Capital.

From tracker to platform

The strategic heart of the deal is a new ring being co-developed on Qualcomm silicon, designed to run software on the device itself rather than serving purely as a sensor feeding a phone app. Some of those capabilities arrive sooner: a software update due by the end of September will let the existing Ring Air and Ring Pro act as a game controller and interact with AI applications.

The thesis — that the ring becomes an ambient interface for AI assistants, payments, and gesture control — pits Ultrahuman directly against Finland's Oura and Samsung's Galaxy Ring, both of which remain firmly in the health-tracking lane. Labcorp's participation points at the other flank: clinically validated diagnostics from continuous biometric data.

An Indian hardware story with global numbers

Ultrahuman is targeting a $200 million annual revenue run rate by January 2027, manufacturing in India while selling predominantly to Western consumers — a hardware trajectory few Indian consumer startups have managed. For Qualcomm, whose chips power most Android flagships, the bet is cheap optionality on the next form factor: if AI wearables move computing off the phone, the company intends to be inside whatever replaces it.