Although none of the Sharks invested in the company, Psi Bands has been successful and is still in business as of 2023. Romy Taormina, the founder of Psi Bands, appeared on Shark Tank in 2013, seeking a $250,000 investment for a 10% stake in the company. Psi Bands is a wristband that uses acupressure to alleviate motion sickness, morning sickness, and chemotherapy nausea without using drugs. The company was valued at $2.5 million during the pitch, as of December 2021 the company has a net worth of $200,000. The firm is still in operation and makes $5 million per year as of December 2021.
Her products may be found at Walgreens, Target, CVS, REI, and Amazon. Despite the Sharks’ refusal to take a bite out of the firm, it appears that Psi Bands has achieved success. They are a popular option for millions of individuals who suffer from nausea. To obtain FDA approval, the designer must demonstrate that her invention is “substantially identical to a device that is already lawfully sold for the same function.” They are currently selling briskly through the website, Amazon, and other merchants, having obtained FDA “approval.” What Happened to Psi Bands after Shark Tank?ĭespite Shark’s concerns about medical claims, the firm is growing and gaining market dominance. In the end, Romy left the show without securing an investment. Wonderful offered $250,000 in exchange for a 40% stake in the company, but Romy refused the offer, leading to Kevin’s famous “you’re dead to me” remark, and his decision to pass. Daymond stated that he did not trust Romy and decided to opt out.įinally, Mr. Robert was skeptical of the company’s claims that the wristbands could aid with chemotherapy-related nausea and chose to pass. Mark expressed hesitancy towards participating in medical research and also declined to invest. However, she also admitted that the company had accumulated $600,000 in debt, including back pay.ĭespite showing interest initially, Barbara ultimately declined the opportunity because she did not approve of using debt to pay salaries. She also mentioned that the company had made over $1 million in sales in the current year and was planning to expand to 7,500-8,000 more retail outlets in the coming year. Psi Bands are a modern version of this old concept. Romy emphasized that acupressure wristbands, which have been used for a long time, have been proven to be useful in medical studies. She requested a $250,000 investment in exchange for a 10% stake in the company, which was valued at $2.5 million. In episode 18 of Season 4 of Shark Tank, Romy decided to pitch her company, Psi Bands, to the investors for a potential partnership.
What Happened to Psi Bands at Shark Tank Pitch? Psi Bands can be purchased for $15 at various retail outlets, including REI, Whole Foods, drugstore chains, and online. Nonetheless, due to active restructuring and efficient strategies, PSI Bands managed to bounce back and was valued at an impressive $5 million as of 2022.īoaters have long used acupressure wristbands to prevent seasickness, and Psi Bands are not only targeting this market but also catering to morning sickness sufferers and chemotherapy patients. What is the net worth of Romy Taormina?.Can you really get pregnant from wearing Psi Bands?.How much did it cost to make the products?.
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