Ultrahuman has raised $70 million in a funding round backed by Qualcomm Ventures, Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital, valuing the Bengaluru-based startup at $365 million. The round comprises $65 million in primary equity and $5 million in debt, and is about three times the company’s $120 million valuation in 2023. The Indian smart-ring maker plans to replace the Nordic Semiconductor chip in its current devices with Qualcomm silicon, allowing more software and algorithms to run on the ring rather than through a phone or the cloud. Founder and CEO Mohit Kumar said the company is pursuing a ring that functions more like a computer, potentially supporting third-party programs, AI applications, games, pointer or mouse functions and car-key capabilities. Some features, including game-controller and AI interaction tools and third-party developer support, are planned for the existing Ring Air and Ring Pro through a software update by the end of September. Ultrahuman reported an annual revenue run rate of $140 million, about 45% higher than a year earlier, and expects it to reach $200 million by January 2027. It has sold about 800,000 rings, while 12% of users pay for its PowerPlugs subscription features. The United States generated about 45% of revenue this quarter, compared with 11% from India. The company expects to restore prior U.S. sales volumes as soon as next quarter and triple them over the following four quarters as supply increases. Ultrahuman may not be profitable this year because of investments in physical locations, branding and clinical studies, and it does not expect an IPO before 2028 at the earliest. It is also exploring with Labcorp whether ring-based blood-flow signals combined with blood-test data can help identify risks involving cardiovascular health, fertility and aging.