Smart ring developer, Ultrahuman, has announced plans to open a manufacturing facility within the US to help accelerate its production capacity. This is the first time a smart ring will be completely manufactured within the US. Ultrahuman says the new factory will be located in Indiana with plans on opening within the next six months.
Named the UltraFactory, the new facility will offer an end-to-end production capability and is based on the company’s first operational model of such a facility in India. This development comes on the heels of a recent $35 million investment.
Ultrahuman has seen strong growth over the past year, becoming the second-largest manufacturer in the smart ring market. The opening of the new UltraFactory will add a production capacity of 200,000 smart rings produced per year.
With the US market growing in importance for Ultrahuman in recent months, they are looking to th new factory to help the company lower costs in shipping and logistics. They are expected to hire 150 new employees in the US over the next 12 months split between engineering and research (30%) and commercial operations (70%).
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.
Looking ahead, Ultrahuman is on track to surpass $100 million in annualized revenue run rate (ARR) by the end of 2024, a milestone that they believe will be achieved profitably.
Connect The Watts’ take
Ultrahuman seems to have really started to take off over the past year, and it offers a pretty compelling alternative to Oura, the current leader in the smart ring market.
After reviewing the Ultrahuman Ring Air last year, a big highlight was its lower cost. With no required monthly subscriptions (like Oura), the long-term price of Ultrahuman is substantially lower.
It also offers a lot more access to the data it collects. The downside, however, that due to the additional data, the UI is a bit more complicated and harder to navigate than Oura.
The Ultrahuman Smart Ring also connects to an optional glucose monitor, which allows it to make connections between your behaviors and glucose levels. I am actually testing out this feature currently and will soon be putting together a feature on Connect The Watts about my experience.
Learn more about Ultrahuman here
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