$70m/yr Oura of India
Jan-Erik Asplund
TL;DR: Ultrahuman pivoted away from the dying continuous glucose monitoring wearable category to the smart ring form factor popularized by Oura. Now after Oura kneecapped Ultrahuman with a patent lawsuit, Ultrahuman is on the road back with $70M in funding and a Sacra-estimated $19M in revenue year-to-date in 2026 from $70M in 2025.
We’ve covered health wearables Oura ($1.4B in TTM revenue as of June 2026, growing 100% YoY) and Whoop ($1.1B in annualized bookings in 2025, +103% YoY). With Oura filings its S-1 in early September 2026, we decided to research Ultrahuman, the Oura of India.
Key points via Sacra AI:
- Starting with glucose-monitoring patches that showed users how meals affected their blood sugar, Ultrahuman (2019) switched its focus in 2022 to the less-invasive, always-on form factor of the smart ring popularized by Oura to track sleep, heart rate & recovery. Continuous glucose monitoring (CGM) hype peaked in 2022 with Levels Health raising $38M at a $300M valuation, before receding as a standalone wearable category as its insights & form factor didn’t support continuous and habitual wear, with CGM companies broadening into nutrition apps (Levels), recentering around GLP-1s (Signos) and getting absorbed by bigger wearable ecosystems (Oura).
- Positioned as a subscription-free alternative to Oura, Ultrahuman sells the ring upfront at $349 and ~55% gross margin which includes core health analytics for free, versus Oura charging for both its hardware ($399) & ongoing access to its full analytics (~$6/mo) and Whoop bundling its wristband into a paid membership (starting at ~$17/mo). Following Oura’s trajectory of layering on a premium, high margin subscription on top of its ring hardware sales, with Oura now at 80% hardware sales and 20% software subscription revenue, Ultrahuman has launched & grown Power Plugs, unbundled micro-subscriptions that unlock premium features like ovulation tracking (~$4/mo) and AFiB detection (~$5/mo) that now 12% of users pay for.
- In October 2025, a U.S. patent ruling in favor of Oura blocked Ultrahuman from importing its flagship Ring AIR into its largest global market accounting for 61% of revenue, until March 2026 with the launch of the redesigned Ring PRO, taking its fiscal year 2026 (ending March 2026) revenue to a Sacra estimated $69M, up 4.9% YoY, and its calendar year-to-date revenue through June 2026 to $19.9M. In September 2026, Ultrahuman announced $70M in funding ($65M in equity & $5M in debt) at a $365M valuation backed by Qualcomm Ventures & Labcorp, compared to Oura at approximately $1.4B in TTM revenue as of June 2026, +100% YoY in 2025, valued at $11B in its October 2025 round (Fidelity) and a target IPO valuation fo $16B, and Whoop at $1.1B in annualized bookings in 2025, up 103% YoY, valued at $10.1B in its March 2026 Series G.
For more, check out this other research from our platform:
- Ultrahuman (dataset)
- Oura (dataset)
- $1B/year Finnish MAHA wearable
- Oura at $500M/year growing 120% YoY
- Oura at $225M
- Whoop (dataset)
- $1.1B/year Under Armour of health wearables
- Strava (dataset)
- Strava: the $265M/year Whole Foods of social networks
- Andy Hoang, CEO of Aviron, on the unit economics of connected fitness
- Aviron and the Xbox of connected fitness
