Indian startup Ultrahuman, known for its smart rings, has raised $70 million, with Qualcomm Ventures among the investors. The funding will be used to develop rings that can run software directly, turning them into more than just health trackers. The company plans to launch a new ring with added computing power later, but certain features are already rolling out through software updates.

Founder Mohit Kumar envisions a future where smart rings can act as game controllers, car keys, and even sources of physiological context, like heart rate and temperature. This could change how we interact with technology, making devices more personal and ambient.

Ultrahuman’s existing business is growing, with an annual revenue run rate of $140 million and plans to reach $200 million by January 2027. The startup is expanding its presence in markets like India and the UAE, but profitability will take time, with an IPO not expected until 2028 at the earliest.

The investment from Qualcomm Ventures highlights the potential of wearable technology, but it also raises questions about privacy and the extent to which we are willing to integrate AI into our daily lives. Can a ring truly be a computer, or will it always be just a fancy tracker?