Neuphony Shark Tank Pitch:
Neuphony is a company that produces wearable EEG headsets for brain research. The company stands at the forefront of innovation, specializing in the creation of advanced wearable EEG headsets designed for brain research. Their state-of-the-art dry and wireless EEG headsets, along with accompanying software, cater to neuroscience and BCI research, cognitive wellness workshops for professionals, and brain gyms. These products have found extensive application in various domains, offering real-time EEG data access for controlling applications and machinery. They sought an investment of ₹1 Crore for 2% of the company.
Neuphony was launched in April 2022 and their pitch was shot in August 2022. Their app gives data based on PDR, Mood and focus of an individual. In addition to that they also have relaxation graph as well. They have 98% accuracy which was tested on 14 people with gold standard device. There was no competition at the time of pitch in India. The price of the device is ₹49,000 and they are targeting businesses and corporations. They have sold around 40 products.
Founders shared that they have raised an investment of ₹2.5 Crores at valuation of ₹17.5 crores post-money. They were burning ₹12 lakhs per month and had runway of ₹1 Crore. There FY22-23 projection was to do ₹5 crores in revenue.
Neuphony Shark Tank Negotiations and Funding:
Anupam commented that the founders came here asking for ₹50 Crore valuation for a pre-revenue company with un-proven science. Vineeta said she couldn’t figure out if this is a gimick or a life changing tech therefore she went out of the deal. Peyush thinks that the company need to bring down the cost and go direct to consumer.
Namita gives a first offer of ₹1 Crore for 6.66% of the company. This would give the company valuation of 15 Crores. Anupam asks if he can join Namita in her offer which she accepts. Aman Gupta wanted to give an offer but his condition was that Peyush come along with him which Peyush accepted. Peyush asks if founders are willing to change their GTM strategy which they agreed. Peyush & Aman offers the ₹1 Crore for 6.66% of the company and matched other offer. Founders take a moment to think and comes back to counter at ₹1 Crore for 5%. Namita refuses that but Peyush and Aman counters that at ₹1 Crore for 5.4% which founders accept without hesitation.
Who are the founders of Neuphony?
Ria Rustagi & Bhavya Madan founded Neuphony. They were both 28 years old at the time of the pitch and came from New Delhi. They have known each other for 11 years and got married last year.
How is Neuphony doing after Shark Tank India?
Our research in the company revealed that their deal with Aman and Peyush did not close after the show. Bhavya shared this on camera through Neuphony’s YouTube channel as well. She added that sharks even offered a better deal and more money after due diligence but they didn’t take the deal.
Despite not closing the deal, the Company is still thriving as of December 2023. They stuck with their initial GTM and are now available for purchase through their own website and Amazon. While the financials of the company are not available to the public, we will update this article as soon as more information comes to light.
Source: Neuphony Instagram
Here are updates on other companies from Season 2 Episode 36
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