Ultrahuman, the Bengaluru maker of smart rings, has raised 70 million dollars, 65 million in equity and 5 million in debt, at a valuation of 365 million dollars, about three times the 120 million it was worth in 2023.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source Qualcomm Ventures and the diagnostics company Labcorp joined Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital in the round.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source 2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source The company's annual revenue run rate is 140 million dollars, up about 45 percent in a year, with a stated target of 200 million by January 2027, and it has sold about 800,000 rings.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source The money is for a change of category: founder Mohit Kumar says today's rings are trackers and Ultrahuman's goal is to make the ring more like a computer, starting with a Qualcomm powered device and a September software update that turns the existing rings into game controllers and AI interfaces.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source Our assessment, with high confidence, is that the round prices a survivor: a company whose US sales were halted by a patent fight with Oura for much of a year and which came back with a redesigned product and demand it cannot meet.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source 3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source With moderate confidence, we assess the ring as computer thesis as the weaker half of the story and the health data platform, which Labcorp is paying for, as the stronger.
The business under the round
At a 140 million dollar run rate, the 365 million valuation is about 2.6 times revenue, a figure this outlet derives from the reported numbers; Oura, the market leader, is valued at 11 billion dollars on expected 2026 revenue of 1.5 billion, about 7 times.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source 3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source Ultrahuman is the cheaper company by that measure, which reflects both its size and the year it just had. The Oura patent dispute halted sales of the Ring Air for much of the past year; the company returned to the US in 2026 with the redesigned Ring Pro, and TechCrunch reports US demand now runs 18 to 20 times available supply.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source 3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source The United States is 45 percent of revenue and India 11 percent.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source
The subscription number is the one that distinguishes the two companies. Ultrahuman does not require a subscription for core insights, and 12 percent of users pay for its optional PowerPlugs.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source 3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source Oura's model is subscription first. Ultrahuman is selling hardware margin and betting that services come later; the round is what that bet costs.
Two theses in one company
The first thesis is the one in the headline: a ring with a Qualcomm chip that runs software, interacts with AI applications and doubles as a game controller, with third party developers invited in.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source The second is quieter and better funded. Labcorp is backing Pulsomics, Ultrahuman's decentralized clinical research platform, through which ring wearers contribute longitudinal biometric data to studies.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source Around it sits a product line that already reaches past the ring: Blood Vision blood testing, M1 and M2 continuous glucose monitors, a Home environmental sensor for sleep, and Jade, a conversational AI over the combined data.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source
Kumar's framing, that computers have understood almost everything about the world except the person using them, is a platform pitch, and Labcorp's participation says a diagnostics company believes 800,000 rings and their owners' blood tests are a research asset.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source A ring that runs games is a consumer electronics story with Apple, Samsung and Oura in it. A ring that feeds a clinical data platform is a health story with fewer competitors and a stranger moat.
Who gains and who loses
Ultrahuman gains capital to build the Qualcomm ring and to scale manufacturing against demand it cannot fill.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source Qualcomm gains a design win in a form factor it has not owned and a showcase for on device AI at ring scale.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source Labcorp gains a route to longitudinal wearable data for studies.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source Indian hardware gains a second global consumer brand.
Oura loses the comfort of a competitor sidelined by litigation; the company it sued is back, funded and selling without a subscription.3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source Samsung and the other ring makers face a rival with a chip partner. Consumers who bought a Ring Air during the dispute lose nothing and gain a software update.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source The potential loser is Ultrahuman itself if the computer thesis pulls engineering away from the health platform that investors are actually paying for.
The counter case
The assessment that the health platform is the stronger thesis could be wrong if the ring as computer idea is simply early rather than weak. A device on the hand that runs software and talks to AI is the form factor several large companies are exploring, and a small company that gets there first with Qualcomm silicon could be acquired for far more than 365 million dollars. The supply constraint could also be read the other way: 18 to 20 times demand over supply is a manufacturing problem that 65 million dollars may not solve quickly, and revenue targets built on it are fragile.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source The valuation itself rests on a run rate figure from the company and a growth rate that includes recovery from a sales halt, which flatters the comparison to a normal year.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source And Oura's IPO, if it prices near 16 billion, will set a public comparable that could either lift Ultrahuman's next round or expose how far behind it is.3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source
What to watch
- The September software update ships. Game controller and AI features live on Ring Air and Ring Pro by 30 September would show the computer thesis is more than a pitch; a slip would suggest it is.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source
- 200 million dollar run rate by January. Hitting the stated target would validate the growth story; missing it after a supply constrained year would raise the question of whether demand or supply was the problem.1 TechCrunch 2026-09-03 65 million equity plus 5 million debt at 365 million, three times the 2023 mark; investor list; 140 million run rate up 45 percent, 200 million target by January 2027; 800,000 rings sold; 12 percent subscription take; Qualcomm powered ring coming; September software update for game control and AI; US 45 percent and India 11 percent of revenue; Oura patent dispute halted Ring Air; demand 18 to 20 times supply; Kumar quote. Open source
- A Labcorp study using Pulsomics data. A registered study drawing on Ultrahuman wearer data within a year would prove the platform thesis has a customer.2 HIT Consultant 2026-09-03 Labcorp backing Pulsomics research platform; product line including Blood Vision, M1 and M2 glucose monitors, Home sensor and Jade AI; edge AI on Ring Pro; Kumar quote on computers and the person using them. Open source
- Oura's IPO valuation. A public listing at or above 16 billion dollars would set the ceiling and the comparable for every ring company, Ultrahuman included.3 Athletech News 2026-09-03 Use of funds; US re entry in 2026 after the Oura dispute; no mandatory subscription; Oura at 11 billion valuation, seeking a roughly 3 billion IPO at 16 billion plus, 1.5 billion expected 2026 revenue, 5.5 million rings by September 2025. Open source
Ultrahuman survived a year without its main product in its main market and came back worth three times as much. The next year decides whether it is a computer company, a health company, or an acquisition.