‘Smart ring’ manufacturer Ultrahuman plans Indiana plant
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Ultrahuman, a maker of so-called smart rings headquartered in India, has announced plans for a manufacturing facility in Indiana that could create up to 150 jobs.
The company says it plans to invest about $5 million in the plant, known as the UltraFactory, though a specific location has not yet been identified.
The 20,000-square-foot facility will be modeled on a similar plant in India and will serve as “the launchpad for Ultrahuman’s next phase of growth,” the company said in a news release.
Ultrahuman has developed the smart rings that are designed to track the wearer’s sleep habits, heart rate variability, movement, and temperature. The plant is designed to produce about 200,000 smart rings each year, creating an additional $100 million in annual revenue.
“The U.S. 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,” CEO Mohit Kumar said in the release. “UltraFactory U.S. would enable manufacturing for health tracking smart ring devices and give us the ability to do necessary research to evolve the form factor further.”
A spokesperson for Ultrahuman told Inside INdiana Business that Indiana was selected for the plant because of its strategic location in the Midwest, its existing manufacturing infrastructure, skilled workforce and pro-business climate.
The company is currently in talks with several Indiana counties and expects to announce a location for the facility shortly, the spokesperson said. Once that location is identified, construction on the facility is expected to take about six months.
Ultrahuman said the project comes on the heels of a $35 million Series B round of funding.
Editor’s Note: A previous version of this story said that Ultrahuman was headquartered in Indiana.