Inirv, a tech company founded by Ranjith Babu and Akshita Iyer in 2017, has a current net worth of approximately $800,000. In 2017, Inirv raised approximately $175 million in its first round of funding. During their appearance on Shark Tank in January 2018, Inirv sought an investment of $800,000 for 8% of their business, but none of the Sharks made a deal. Despite the initial setback, Inirv has continued to grow and earn revenue. As of 2022, the company earned $183,727 thousand dollars. Inirv’s net worth is estimated to be around $800,000 as of February 2023.
Key Takeaways:
- Inirv has a current net worth of approximately $800,000.
- In 2017, Inirv raised approximately $175 million in its first round of funding.
- During their appearance on Shark Tank in January 2018, no deal was made.
- As of 2022, the company earned $183,727 thousand dollars.
- Inirv’s net worth is estimated to be around $800,000 as of February 2023.
What is Inirv and How Does it Work?
Inirv is a tech company that has developed an innovative product called Inirv React. It is a smart stove knob that revolutionizes kitchen safety by allowing users to control their stoves through their smartphone. This device offers a crucial safety feature that can prevent potential house fires. By automatically detecting high levels of smoke or natural gas, the Inirv React device can promptly turn off the stove, mitigating the risk of accidents.
Akshita Iyer, one of the co-founders of Inirv, was inspired to create this device after experiencing a kitchen fire herself. Together with Ranjith Babu, they developed a solution to address this pressing issue. The Inirv React device is equipped with sensors that can also detect a lack of movement in the kitchen, alerting users to potential hazards. Through the accompanying smartphone app, users can remotely manage their stoves, including setting burner temperatures and monitoring usage.
Moreover, the Inirv React device is compatible with popular voice-activated assistants like Google Home and Alexa. This integration enables users to control their stoves through simple voice commands, adding an extra layer of convenience to the kitchen experience. With its emphasis on safety, convenience, and advanced technology, Inirv React is a game-changer in kitchen appliance innovation.
The Key Features of Inirv React:
- Allows remote control of stoves through a smartphone app
- Automatically turns off the stove when high levels of smoke or natural gas are detected
- Sensors detect a lack of movement in the kitchen, alerting users to potential hazards
- Compatible with voice-activated assistants like Google Home and Alexa
- Enables users to set burner temperatures and monitor stove usage remotely
Inirv’s Journey on Shark Tank and Beyond
In January 2018, I, along with my co-founder Akshita Iyer, eagerly stepped onto the Shark Tank set to pitch our innovative product, Inirv. We were seeking an investment of $800,000 for 8% of our business, confident in the potential of our smart stove knob. However, despite our enthusiasm and the cutting-edge features of our device, none of the Sharks saw the same vision as we did.
Although the rejection on Shark Tank was disheartening, it did not deter us from pursuing our mission. Shortly after the show, we faced a legal challenge when a business we had hired to create our smart stove knob prototypes filed a lawsuit against us. This setback forced us to navigate through a legal battle, which eventually led to a settlement.
Despite these hurdles, we remained resilient and committed to bringing our product to market. In June 2021, we made the decision to rebrand our company as Ome, a name that better reflected our values and goals. We continued to accept pre-orders while assuring our customers that product delivery was on its way. However, like many companies, we faced unforeseen delays, including a chip shortage that affected our production timeline.
Through it all, we persevered. Today, we are proud to say that Inirv, now Ome, is still in business. We have weathered the storm and have an estimated net worth of approximately $800,000 as of February 2023. Our journey on Shark Tank and beyond has been filled with challenges, but it has also taught us valuable lessons about resilience, determination, and the importance of believing in our vision.
FAQ
What is the net worth of Inirv before and after Shark Tank?
Inirv’s net worth was approximately $800,000 before appearing on Shark Tank. As of February 2023, their net worth remains around $800,000.
What is Inirv and how does it work?
Inirv is a tech company that created the Inirv React device, a smart stove knob. It allows users to operate their stove through their smartphone and offers a safety feature to prevent potential house fires. The device automatically turns off the stove when high levels of smoke or natural gas are detected. It is equipped with sensors that can also detect a lack of movement in the kitchen. The accompanying smartphone app, as well as compatibility with Google Home and Alexa, allows users to remotely manage their stoves, including setting burner temperature and monitoring usage.
What is Inirv’s journey on Shark Tank and beyond?
In January 2018, Ranjith Babu and Akshita Iyer, the founders of Inirv, appeared on Shark Tank to seek an investment of $800,000 for 8% of their business. However, none of the Sharks made a deal. Inirv faced a lawsuit from a business they hired to create their smart stove knob prototypes, resulting in a counterclaim and eventual settlement. In June 2021, Inirv rebranded as Ome and continued accepting pre-orders while assuring customers of product delivery. The company has experienced delays, including a chip shortage, but is still in business.