Inirv Smart Kitchen Device
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 7, 2018
Asking For:
$800,000 for 8%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Inirv is a smart kitchen device that detects hazards in the kitchen and automatically turns off the stove to prevent accidents and fires.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
The founders, Akshita and Ranjith, came up with the idea for Inirv after Akshita’s mother repeatedly left the stove on, leading to a potential fire hazard. The inspiration struck after Akshita’s recovery from a serious car accident where she broke several bones, and Ranjith, a resident neurosurgeon, came to live with her to help.
Faced with the risk of kitchen accidents due to distraction, they decided to create a product that could retrofit onto existing stoves to make them smarter and safer. The name “Inirv” is derived from the medical term “to innervate,” reflecting their medical backgrounds.
The Product
Inirv is a kitchen safety device that consists of smart knobs replacing traditional stove knobs and a sensor unit placed on the ceiling. The device is designed to detect hazards such as gas leaks, smoke, or kitchen inactivity. Once activated, if the sensor identifies a potential danger, it automatically turns off the stove burners.
Additionally, users can monitor and control their stoves through a mobile app, providing convenience and peace of mind. The founders have developed a functional prototype, launched a successful Kickstarter campaign, and received positive feedback with 694 pre-orders.
How It Went
The company’s position before Shark Tank
Inirv has made progress in the development stage, with a functional prototype and successful crowdfunding through Kickstarter, surpassing their $40,000 goal and raising $175,000. They have 694 pre-orders, indicating initial market interest. The founders are in discussions with three of the largest appliance manufacturers to explore licensing and white-label opportunities.
The product’s vision extends beyond the current safety features, with plans to introduce recipe pre-programming through the app. The founders have a medical background, one holding a neuroscience degree, and the other being a resident neurosurgeon. They have conducted extensive patent searches and filed provisional patents to protect their technology.
The Negotiations:
The negotiation began with an $800,000 ask for 8% equity. While there was interest from the Sharks, concerns were raised about the product’s market viability and the high valuation. Robert offered $800,000 for 20%, but the founders countered with $800,000 for 10% and 2.5% in advisory shares to maintain a higher valuation.
Robert declined the counteroffer, stating concerns about the challenges in rolling out the existing product. The other Sharks expressed reservations about the product’s market potential and the need for a finished, working product before investment. Ultimately, no deal was made, and the founders left the Tank without securing an investment.
