Ultrahuman, a wearable tech company with products such as a habit-tracking ring, a continuous glucose monitor (CGM) and an upcoming home health device, has secured $35 million in a Series B equity and debt funding round to fuel growth and support advanced research in the health monitoring space. 

Emerging technology is making it easier than ever for consumers to take proactive health measures as metabolic health takes center stage, especially with the U.S. Food and Drug Administration clearing the first over-the-counter continuous glucose monitor (CGM) this month.

Ultrahuman, which has expanded into over 150 retail outlets worldwide, says it’s on track to exceed $100 million in annualized revenue run rate by the end of the year — and things are just heating up.

The Bangalore, India-based wearable tech brand plans to expand UltraFactory, its manufacturing facility, to ramp up production of its health-supporting devices.

“Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market,” said Mohit Kumar, co-founder of Ultrahuman. He launched the company in 2020 alongside co-founder Vatsal Singhal after being inspired by seeing MMA athletes using data to train and recover.

The Series B round marks a pivotal step forward to dominate the smart rings space, Kumar said, adding that Ultrahuman has the goal of becoming the market leader, with the retail expansion having helped the tech brand reach new audiences.  

“Our vision of being the top player in terms of both active devices and geographic presence is within reach, thanks to our rapid expansion and the love we’ve received from our users,” Kumar continued.

The funding round included participation from VC firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal.

Multi-Device Health

The wearable tech market may be crowded, but the centerpiece of Ultrahuman (and what sets it apart from competitors) is its multi-device health ecosystem — one in which the company says can create a “grand unified view of the human body” by gathering a large set of biomarkers on its integrated platform. It’s a differentiating factor that expands Ultrahuman past the pure smart ring space.

“The future of health is integrated, and at Ultrahuman, we’re making that future a reality today by seamlessly combining various health data streams to empower preventative health and wellness,” Kumar said.

However, smart rings have proven to still be a hot device. Last month, Samsung entered the wearable ring space with its Galaxy Ring to compete with market leader Oura, which itself is signaling the same move as Ultrahuman and deepening its push into the health-tech space.  

A crowded space, indeed — and that’s before Apple has even taken a shot at the wearable ring space. Industry experts have anticipated the tech giant joining Oura and Samsung, especially when considering Apple’s patent filings. 

Ultrahuman appears to be going beyond wearables, having announced Blood Vision, a blood test that correlates sleep changes, resting heart rate, HRV and movement trends with markers in the blood.

The company provides an example of how it would work, where the system can ascertain how an improvement such as sleep quality may influence an LDL marker — the goal being for users to fully see the connection between their lifestyle habits and their blood markers. Over time, users can track the progression of certain health markers, receiving a true “behind the curtain” look at their health.

Next Up: Healthy Homes

As the at-home environment is predicted to become the epicenter of the wellness real estate market and its projected expansion to $887.5 billion by 2027, Ultrahuman’s upcoming ‘Home’ device perfectly aligns with Global Wellness Summit’s top forecasted trend for 2024.

The silent, low-profile device will soon be available for pre-order and promises to optimize living spaces by monitoring daily markers that impact health — everything from exposure to artificial light, air quality, humidity and noise levels.

Users can also gain insights into snoring and sleep quality and optimize their sleep environment by analyzing external temperature. An airplane mode allows users to shut off wifi and Bluetooth, while a smoke sensor can alert users of a fire.

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Samsung officially introduced the Galaxy Ring, its latest innovation in wearables, at the Mobile World Congress (MWC) in Barcelona. The new device marks the South Korean tech giant’s first venture into the smart ring category and the emergence of a key competitor for market leaders like Oura.

The Galaxy Ring comes equipped with a variety of sensors designed to monitor key health metrics such as heart rate, sleep patterns, respiratory rate and the time it takes for a user to fall asleep. The information will populate what Samsung calls “MyVitality Score,” which offers personalized health insights based on these different metrics. 

Despite the arrival of a new competitor, Oura CEO Tom Hale called Samsung’s entry into the smart ring space a positive for the industry as a whole.

“New players entering the space is validation for the category and drives us to aim higher to serve our members and community,” Hale told TechCrunch.

Although Samsung has smartphones and smartwatches, the Galaxy Ring caters to different consumer needs, noted Hon Pak, head of the digital health team at Samsung Electronics.

“Our own customers told us, I want choice. I want the ability to have other forms of wearables to measure health,” Pak told CNBC. “And some want to wear the watch, some want to wear the watch and the ring and get benefit from both. Some just want more simplicity.”

The Galaxy Ring is designed to work seamlessly with Samsung’s smartwatches, providing users with a comprehensive overview of their health when used in tandem. One of the most anticipated features of the ring is its ability to monitor noninvasive glucose levels and blood pressure, a significant advancement in health technology. Samsung is also researching how best to use artificial intelligence to give deeper insights into a person’s health. 

“Imagine (a) large language model, acting as my digital assistant, while looking at the context of my medical records, my physiological data, my engagement with a mobile device, the wearables during all of that … begins to bring greater insights and personalization opportunities,” Pak said. “A digital assistant coach is (…) absolutely needed.” 

The smart ring market could grow to $1 billion or more by the 2030s, according to industry estimates. Samsung’s entrance into the space seems to be a validation of the market’s growth potential.

Oura, the category’s leader by far, has around 100 granted patents, with almost 30 pending patents, which could suggest potential intellectual property disputes down the line between major players.

In addition to brands like Movano (Evie Ring) and RingConn looking to capture market share by offering differentiating features like a focus on women’s health and no subscription fees, there are rumors that Apple could look to enter the space with a smart ring of its own.

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Researchers from the University of Washington have introduced the thermal earring, a piece of smart tech they say could redefine how we monitor our health.

The device continuously monitors earlobe temperature to provide more insights into users’ health in a fashionable and discreet manner. Co-lead authors Yujia (Nancy) Liu and Qiuyue (Shirley) Xue conducted the research. 

Like the smart ring, the thermal earring combines fashion and functionality. Similar to a paperclip in size and weight, it includes a magnetic clip that attaches one temperature sensor to the earlobe and another that dangles below to gauge room temperature. It can also be customized with designs made of resin, like flowers and gemstones, without compromising its accuracy. It has a twenty-eight-day battery life, which is far longer than many competitors. 

The research team focused their work on the limitations of current wearables and proposed earrings as a stylish and comfortable alternative. Earlobes, Xue discovered, provide a more consistent temperature reading compared to hands or wrists. In small proof-of-concept tests, the earrings were less variable compared to comparable smartwatches. 

“I wear a smartwatch to track my personal health, but I’ve found that a lot of people think smartwatches are unfashionable or bulky and uncomfortable,” Xue told the University of Washington. “I also like to wear earrings, so we started thinking about what unique things we can get from the earlobe. We found that sensing the skin temperature on the lobe, instead of a hand or wrist, was much more accurate.”

The thermal earring can detect changes related to stress, eating, exercise and even ovulation. Xue and her team of researchers are looking into expanding the earring’s capabilities to include heart rate and activity monitoring and possible sustainable power sources. The device is not yet commercially available but could disrupt the jewelry wearable space. 

The wearables space has been hot lately, with Oura, Apple and Whoop all making waves and Samsung poised to enter the market with its Galaxy Ring, reportedly set for release this summer.

Brands like Oura, Apple and Whoop continue to evolve the technology behind their products, with new and improved features like Whoop Coach and Apple’s new mental health offerings. Temperature monitoring has become more popular than ever, with some wearables like the Oura Ring using it for natural birth control methods and cycle tracking. 

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As Apple continues to push into the health and wellness space, new intellectual property filings and reports speculate that the tech giant might be moving into the hydration-tracking and smart ring markets.

The hydration-tracking feature could continue to improve on the already-beloved Apple Watch, and the smart ring could disrupt that growing space currently dominated by Oura.

Apple recently filed a patent for a “wearable device with perspiration measuring capabilities” for its Apple Watches. The solution would be non-invasive and could measure perspiration, skin temperature and more to help consumers optimize hydration.

If successfully implemented, the innovation could also displace offerings that focus solely on hydration measurement, like Nix and Flowbio, which work through skin patches. Apple is also reportedly developing a noninvasive glucose-monitoring solution, reformulating its problematic SpO2 sensor, and working on a much-anticipated AI health coach. 

Is an Apple Ring in the Works?

At least one industry insider also claims that Apple is working on a smart ring offering. Samsung recently teased its Galaxy Ring at its Unpacked event in January, and Apple could be following suit.

The California tech company has filed several patents over the years that hint at their smart ring’s advanced development stages. The intellectual property suggests that Apple’s ring could have features like biosensors and the ability to control the Apple Vision Pro headset. A patent in 2015 shows the device as having an accelerometer and gyroscope.

The potential introduction of the Apple Ring aligns with growing interest in the smart ring sector, which is expected to reach $200 million by 2031.

However, many of Apple’s patents are several years to a decade old, demonstrating that the company’s explorations of the smart ring space might not come to fruition. Skepticism also remains due to a lack of credible information about the leak generally associated with imminent Apple product launches. 

Despite the tentative and speculative nature of some of the tech company’s plans, one thing is certain: Apple remains committed to health and wellness innovation and has plans in the works to continue improving on its wearables. 

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Oura has long been synonymous with “smart ring.” For years, entering the space proved difficult for many potential competitors due to the technological challenges of creating small and stylish enough hardware components for heart rate and blood oxygen tracking. However, several smart rings that have been in the works for years have finally hit the market or will be released soon.

Take Movano Health’s Evie Ring. The product was first showcased at CES 2022 and is a female-first wearable. Evie comes with a simplified app that tracks heart rate, activity, menstrual cycles and blood oxygen. It also allows for mood and menstrual symptom tracking to identify patterns over time, and has a small gap in the ring that is forgiving with finger swelling.

Smart Ring Competitors

Other smart rings were also featured at CES 2024. The Amazfit Helio Ring is a ring geared towards elite athletes that focuses on recovery. It has full integration with GPS sports watches, so users’ comprehensive health data is available in the Zepp app. The ring is expected to be released in the next few months, with pricing not yet available, although many believe it will be priced at around $350, similar to competitors.

RingConn, also displayed at CES, is more affordably priced at $279. It conducts sleep quality analysis and all-day heart rate and blood oxygen saturation monitoring. Like Oura, it offers stress index monitoring. 

Other smart rings offer more niche features. YogiFi offers a Mat + Ring that tracks yoga asanas, mindfulness minutes and breathing patterns to elevate users’ practices. Ultrahuman Ring Air is smaller and lighter than competitors and has advanced recommendations. For example, it can observe energy levels and circadian cycle to recommend specific times to consume coffee. 

Samsung Readies Galaxy Ring

Large players are also eyeing the market. Samsung has been teasing its Galaxy Ring, which will reportedly launch later this year. In addition to standard health and fitness tracking, Samsung might use the Galaxy Ring to control connected devices like smart TVs.

A newly filed patent by Samsung shows that a pair of XR glasses could use a smart ring to get positional information for users’ fingers and hands. The Galaxy Ring will reportedly be available in sizes up to 13 and in three different finishes. 

What To Watch in 2024

Many wearables have implemented subscription fees, such as Oura and Whoop. Some newer players, like Evie and RingConn, are hoping to capture market share with no fee, a feature that could appeal to many consumers. For the Helio Ring, users must subscribe to the service for $69.99 per year to access the company’s AI chatbot for health-related questions. 

The smart ring market size could surpass $1 billion by the 2030s. As more brands express interest in the space, will they be able to compete with Oura? Even larger players like Samsung may face an uphill battle to bring new consumers to the smart ring space and convert Oura users to their products. However, as the space grows, 2024 could be the year of the smart ring.  

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