Ultrahuman launches US-based wearable ring manufacturing facility
The company’s press release declared that this is the first time wearable rings will be manufactured domestically.
Source: Ultrahuman
- For the first time in the United States, wearable smart rings will be manufactured in a domestic facility, marking further growth in the domestic wearable device market. According to the company’s press release, $35 million in investments will support the development of the UltraFactory in Indiana. The facility is expected to open within the next six months.
“[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. 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,” stated Mohit Kumar, Founder and CEO of UltraHuman, in the company’s press release.
The ultrahuman smart ring, priced at $349, is comparable to other smart rings on the market, such as the Oura ring and the Evie ring. It offers sleep insights, temperature tracking, and activity insights. Other smart rings are manufactured globally in Finland, Estonia, India, China, and Korea.
The press statement notes that the facility will have end-to-end production capabilities, following the operational model of a similar facility in India. The company claims that the development of this facility and the investment money the company received will support the organization's goal of becoming the market leader in the smart ring space within 12–15 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," added Kumar.
The company notes that it has seen tremendous growth over the past year and has already become the second-largest player in the market. According to the press statement, the addition of this new factory is expected to further project them.
Ultrahuman’s UltraFactory is expected to produce 200,000 smart rings and $100 million in revenue annually. The factory’s opening is also anticipated to support retail expansion globally.
"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," Kumar concluded.
