It is now poised to become the first facility in the United States dedicated to producing wearable rings.
This strategic move comes hot on the heels of a recent $35 million investment, propelling Ultrahuman towards the top of the smart ring market.
Located in Indiana, the UltraFactory is set to start operations within the next six months, serving as the launchpad for the company's ambitious growth trajectory. Building upon its operational model in India, the facility will boast end-to-end production capabilities, fueled by the company's vision to emerge as the market leader in the smart ring space within the next 12 to 15 months.
"Our vision of being the top player in terms of both active devices and geographic presence is within reach, thanks to our rapid expansion and the love we've received from our users," says Mohit Kumar, founder and CEO of Ultrahuman.
Additional $100 million in revenue
With a production capacity of 200,000 smart rings annually, the UltraFactory is anticipated to generate an additional $100 million in revenue each year.
"Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart ring market," added Kumar.
In addition to its manufacturing capabilities, the company says its foray into the US market aligns with the government's initiatives to bolster domestic manufacturing and reduce reliance on offshore production. The move is expected to create 150 new job opportunities in the US over the next 12 months, encompassing engineering, research, and commercial operations.
"The 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," added Kumar.
Smart ring production - second largest player
Ultrahuman says its growth trajectory over the past year has been nothing short of remarkable, solidifying its position as the second-largest player in the smart ring market while maintaining profitability. The introduction of UltraFactory is poised to support the company's recent retail expansion into over 150 outlets worldwide, catering to a diverse clientele spanning iconic locations across the globe.
"Our relentless focus on improving user experience through continuous firmware and software updates is what sets us apart," says Kumar.
With a suite of products encompassing health tracking smart rings, continuous glucose monitoring wearables, home health devices, and preventive blood testing products, Ultrahuman is on track to surpass $100 million in annualized revenue run rate by the end of 2024. This milestone underscores the company's commitment to scientific validation and innovation, exemplified by its recent completion of a clinical trial aimed at validating the 'Metabolic Score' generated on the Ultrahuman platform.
"Our long-term investment in R&D and intellectual property is a cornerstone of our strategy, ensuring that our products not only meet but exceed the highest standards of efficacy and reliability," concludes Kumar.
