What You Should Know:
– With smart ring market leadership within its sights, Ultrahuman has today announced plans to open a manufacturing facility poised to accelerate its production capacity.
– The UltraFactory will be located in Indiana. It opens within the next six months and will be the launchpad for Ultrahuman’s next phase of growth.
Ultrahuman Sets Industry Benchmark with Launch of UltraFactory: A Game-Changer in Smart Ring Manufacturing
Ultrahuman, on the heels of a $35 million fresh investment in the company (series B funding round), is set to solidify its position in the smart ring market with the launch of its UltraFactory. This facility, based on the company’s first operational model in India, will offer end-to-end production capabilities, reflecting Ultrahuman’s ambition to lead the market within the next 12 to 15 months.
With phenomenal growth already witnessed, making Ultrahuman the second-largest player in the smart ring market while remaining profitable, the opening of UltraFactory will add significant production capacity. This will enable the production of 200,000 smart rings annually, presenting an additional $100 million revenue opportunity. The move aims to establish market leadership in the US, a market of growing importance for Ultrahuman.
Unique in its ability to make substantial long-term manufacturing investments, Ultrahuman’s profitability supports its commitment to innovation and rapid global expansion. UltraFactory’s cutting-edge capabilities align with the company’s core advantage: fast product development and global rollout.
Beyond enhancing manufacturing capabilities, the move also aligns with the US government’s push for domestic manufacturing. By establishing production in the US, Ultrahuman aims to lower shipping costs and logistics expenses. Additionally, it plans to hire 150 new employees in the US over the next year, with a focus on engineering, research, and commercial operations.
This expansion supports Ultrahuman’s recent retail endeavors, which include presence in over 150 outlets worldwide, such as London’s Selfridges, Changi Airport in Singapore, and the Virgin megastore in Dubai. Their product suite encompasses not only smart rings but also a continuous glucose monitoring wearable, a home health device, and a preventive blood testing product, all integrated into a comprehensive health monitoring platform.
Looking ahead, Ultrahuman anticipates surpassing $100 million in annualized revenue run rate (ARR) by the end of 2024, marking a profitable milestone in its growth trajectory.
Mohit Kumar, Founder and CEO of Ultrahuman commented: “US is an interesting market for us given it has always been huge in terms of demand for the product but we’re also seeing tremendous value from a manufacturing and research perspective. UltraFactory US would enable manufacturing for health tracking smart ring devices and give us the ability to do necessary research to evolve the form factor further.”
