HiccAway Shark Tank Net Worth 2023
The company HiccAway was valued at $2.5 million when Mark Cuban pitched his investment in it back in 2018. After the investment, the company’s worth decreased to $1.25 million, and with net earnings of just $800,000 by the end of 2020.
As of now, after three years since its inception in 2018, the company has been able to rebuild its value up again to $1.25 million thanks to the hard work put in by its staff and management team.
What is HiccAway? Who is the founder of HiccAway?
HiccAway is a device designed by Dr. Ali Seifi to treat hiccups. The device is shaped like an L-shaped thick plastic straw and uses suction and forced inspiratory swallow techniques to activate two nerves in the diaphragm and epiglottis, which helps to stop hiccups.
The bottom of the straw features two small holes on opposite sides, which makes it difficult for liquid to pass through.
Dr. Seifi received his Doctor of Medicine from Shiraz University of Medical Sciences in Iran and completed a residency in Neuron Critical Care at Thomas Jefferson University in Philadelphia. He currently serves as the head of the Neurointensive Care Unit and is also the Editor-in-Chief of the Journal of Neurology Research.
Dr. Seifi became interested in hiccups while working as an anesthesiologist and noticing that many patients in the recovery room suffered from hiccups. He realized there was no effective medication for hiccups, especially post-surgery, and decided to create a solution.
HiccAway is easy to use and clean, and can be used by anyone over the age of one. It is reasonably priced at $14 on Amazon and available in Wal Mart and HEB Organics shops. The name for the product was suggested by Dr. Seifi’s residency students.
What Happened to HiccAway at Shark Tank pitch?
In Shark Tank episode 1305, Dr. Ali Seifi, Amanda Azarpour, and Victor Feldberg introduce HiccAway, an innovative cure for hiccups developed by Dr. Seifi, to the Sharks and the world. As a busy neurologist, Dr. Seifi seeks the help of a Shark to assist with manufacturing and sales.
The team pitches their product, seeking $250,000 in exchange for a 10% stake in their company, which is valued at $2.5 million. They demonstrate how traditional home remedies for hiccups are ineffective and showcase the effectiveness of HiccAway, citing a research study published in JAMA that showed a 90% success rate.
The Sharks are impressed, with Daymond even suffering from hiccups and curious about the product’s mechanism. The team presents a video testimonial and explains the cost of manufacturing and sales, with 21,000 units sold and $300,000 in revenue.
Barbara declines to invest, citing concerns about the product’s ease of availability, while Kevin expresses doubt about convincing others of its effectiveness. Lori is uncertain about the product’s need and exits.
Mark is impressed with the product’s research backing and offers $250,000 for a 20% equity share. Kevin counters with a 15% equity share, but Mark declines. The team eventually accepts Mark’s offer, and they leave the pitch with a deal.
What Happened to HiccAway after Shark Tank?
Investigative work is being carried out regarding the agreement with Mark Cuban. The company experienced rapid growth.
Seifi became aware that his product was receiving significant exposure in major media outlets such as The Guardian, Daily Mail, New York Post, and Business Insider. As of February 2022, the company is still operational, but its revenue has not been made public.
Competitors of HiccAway
The primary competitors of HiccAway are; Creo Medical, CoapTech, Barrx Medical and C2 Therapeutics among others.
Net Worth of HiccAway
The company valuation was $2.5 million during the pitch and after the investment done by Mark Cuban the company worth $1.25 million. Since then the company has a net worth of $800,000.
HiccAway FAQs
What is HiccAway?
HiccAway is a suction and forced inspiratory swallow device in the shape of an L-shaped thick plastic straw. The bottom of the straw features two small holes on opposite sides, making liquid passage problematic.
Who invented HiccAway?
Dr. Ali Seifi is the founder of HiccAway, received his Doctor of Medicine from Iran’s Shiraz University of Medical Sciences. He then completed a residency in Neuron Critical Care at Thomas Jefferson University in Philadelphia before joining the University of Texas as a Clinical Director.
How much were they seeking on Shark Tank?
They were seeking for $250,000 for a 10% stake in the company.
Who invest on HiccAway?
Mark Cuban invested $250,000 for 20% equity shares of the company.
Is HiccAway still in business?
Yes, HiccAway is still in business as at February 2022, the company revenue has not been disclosed.
Where is HiccAway located?
The headquarters is located in Cambridge, Massachusetts.
What is the cost of HiccAway?
HiccAway is reasonably priced at $14 on Amazon. Additionally, they are available in Wal Mart and HEB Organics shops.
Is HiccAway odorless?
HiccAway is 100% odorless.
How do you use HiccAway?
HiccAway is a suction and forced inspiratory swallow device in the shape of an L-shaped thick plastic straw. The bottom of the straw features two small holes on opposite sides, making liquid passage problematic. The suction causes hiccups to cease.
How long does it takes for HiccAway to work?
The hiccups should cease within about one or two minutes for most people.
Does the HiccAway straw work?
Yes, HiccAway works.
Is HiccAway safe?
Yes, it is safe for babies and toddlers above 1 year old. It has passed clinical research studies in Australia and the United States. It is made with FDA approved material that is food-grade plastic. The entire product is BPA free.
How do you clean the HiccAway straw?
Users can thoroughly rinse the straw with warm water, or it is dishwasher safe.
Does it have any side effects?
HiccAway is completely safe for use by people of all ages, presumably no side effects are known.
Is HiccAway a patent?
Yes, HiccAway is a patent.
How big are the suction mouths?
It is the size of golf balls, with holes that are 0.24 x 0.21 inches in diameter.
Are HiccAway straws reusable?
Yes, they can be used over and over again until they crack or become unusable.
Are HiccAway straws recyclable?
Yes, they are made from 90% recycled plastic and easily recyclable via curbside recycling bins or community recycling centers.
Where is HiccAway made?
HiccAway is manufactured in Canada.
What is the net worth of Dr. Ali Seifi?
The net worth of Dr. Ali Seifi is not revealed.
What is the net worth of Amanda Azarpour?
The net worth of Amanda Azarpour is not revealed.
