Ultrahuman founder and chief executive Mohit Kumar took to X, formerly Twitter, to say, “we welcome competition in this space and our right to win is our ability to control end-to-end design and manufacturing, coupled with simplified flat pricing and consumer policies.”
Kumar also said that Oura has been extremely litigious and has sued many emerging companies in the wearables space. “Interestingly, their original founders have left the company and are ‘board’ managed,” he added.
In its complaint, in September, Oura had claimed that Ultrahuman copied its technology and accessed proprietary information for developing its fitness ring, which the Alpha Wave and Nexus Venture Partners-backed company launched in 2022.
While Ultrahuman had made another launch in the fitness-tracking smart rings range, it previously offered glucose-monitoring software only.
Ultrahuman had last raised $17.5 million from investors such as Alpha Wave Incubation, Steadview Capital and Nexus Venture Partners in 2021. In the financial year ended March 31, 2023 the company reported revenues of Rs 24.4 crore while losses stood at Rs 56.9 crore.
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Earlier this week, the company figured on top of International Data Corporation’s India monthly wearable device tracker category of smart rings. It led the segment with a 75.5% market share in the third quarter of 2023, ended September.In April 2022, the startup had acquired a wearables company called LazyCo.
With LazyCo’s hardware design and manufacturing abilities in place, Ultrahuman launched its first ring, called R1, in 2022, followed by the Ring Air this year.
Oura Health manufactures Oura Ring, a smart ring that delivers personalised health data, insights and daily guidance to users. The ring tracks stages of sleep and recovery and daily activity.
Founded in 2013, with offices in Helsinki, San Francisco and San Diego, Oura has raised capital from investors such as Lifeline Ventures, Forerunner Ventures and Temasek. It last raised funds at a valuation of $2.55 billion in April 2022, less than a month after reaching the milestone of selling 1 million Oura rings.