Ultraman is a wearable tech startup that has raised $35 million in a series-B round led by Deepinder Goyal. The debt and equity round involved new and existing startup investors, including Blume Ventures, Nexus VP, Steadview Capital, and Alpha Wave. Here, we are talking about Wearable tech startup Ultrahuman raised $35million in a series- B round led by Deepinder Goyal.
Here, we are talking about Wearable tech startup Ultrahuman raised $35million in a series- B round led by Deepinder Goyal:
The board has approved a resolution to allot 6,979 series B CCPS at an issue price of Rs 3,00,170 each to raise $35 million. Deepinder Goyal, a co-founder of Zomato, led the series-B round with an investment of Rs 83 crore. The series-B round comprised $25 million equity and $10 million debt. Ultraman has raised over $60 million, including $17.5 million in Series A and $35 million in Series B round. TheKredible predicted the startup’s post-valuation to be more than $125 million. The startup aims to build a comprehensive suite of products to help its customers.
The startup offers a self-quantification platform with a wearable glucose monitoring device, M1 Live, an intelligent ring called Ring Air, and a blood testing product. The funding from the series-b round will be used to scale up, increase manufacturing capacity, expand the market, and enhance research in the health-tracking space. The company faced an overall revenue increase of four times to Rs 30 crore. As a part of a new operating model, the company also faced a loss of 21.4% to Rs 71 crore in the same period.
The startup’s expansion will translate into a monthly revenue run rate of $20 million by FY26. The startup will launch new products, including blood testing devices, continuous glucose monitoring devices and software, and smart rings. This Bengaluru-based startup also plans to launch a home-based health monitoring product called the Ultrahuman Home.
Conclusion
Ultraman is a Bengaluru-based wearable tech startup that has raised $35 million in its series B round led by Deepinder Goyal with the participation of new and existing investors, including Nexus VP, Blume Ventures, Steadview Capital, and Alpha Wave. The startup offers a platform that provides a wearable glucose monitoring device, M1 Live, an intelligent ring called Ring Air, and a blood testing product. TheKredible predicted the startup’s post-valuation to be more than $125 million. The backing amount raised from the Series-B round will be used to scale up, increase manufacturing capacity, expand the market, and enhance research in the health-tracking space.
The company will use this fund to accelerate its growth and development in the nationwide wearable tech market. The startup’s expansion will translate into a revenue run rate of $20 million a month by FY26. The startup will launch new products, including blood testing devices, continuous glucose monitoring devices and software, and bright rings. The company faced an overall revenue increase of four times to Rs 30 crore, and net loss increased by 21.4% to Rs 71 crore in the same period.
