Inirv Shark Tank Net Worth 2023
Inirv Shark Tank Net Worth
Inirv, a tech company founded by Ranjith Babu and Akshita Iyer in 2017, has a current net worth of approximately $800,000.
Inirv raised approximately $175 million in its first round of funding in 2017. In 2020, the company earned $183,727 thousand dollars.
In January 2018, Ranjith and Akshita appeared on the show Shark Tank to seek an investment of $800,000 for 8% of their business.
However, all the Sharks declined due to concerns about whether they would be able to get their money back. As of February 20th 2023, Inirv’s net worth is estimated to be around $800,000.
What is Inirv? Who Founded Inirv?
The Inirv React device offers a convenient way for individuals to operate their stove through their smartphone while also providing a safety feature to prevent potential house fires.
This device comes equipped with sensors that can identify and alert users to high levels of smoke, natural gas, and a lack of movement in the kitchen.
In situations where necessary, the device will automatically turn off the stove.
The accompanying smartphone app, as well as Google Home and Alexa, allows users to remotely manage their stove, including setting burner temperature and monitoring usage.
The device’s creator, Akshita, was inspired to develop it after a personal experience where she left her stove on and returned home to a house filled with smoke.
Inirv was founded by Ranjith Babu and Akshita Iyer.
Inirv Shark Tank Pitch
In February 2017, Inirv started their business with a successful fundraising campaign on Kickstarter and IndieGoGo, which raised a total of $359,275.
Although as of January 1, 2018, they were still not able to deliver any products, they were receiving “reservation orders” on their website for their sensor devices and kits.
During their appearance on Shark Tank, Inirv presented their solution to the issue of “distracted cooking,” but failed to secure investment from any of the Sharks.
They were offering 8% equity in exchange for $800,000, valuing their company at $10 million.
Inirv faced a lawsuit from a business they had hired to create their smart stove knob prototypes.
The lawsuit claimed that Inirv owed them payment for services provided, while Inirv counterclaimed that the firm had not delivered a working product, which negatively impacted their sales and investment potential.
The details of the settlement reached in December 2018 were not made public.
Despite announcing in February 2021 that they would soon begin shipping their products, Inirv faced further delays due to a chip shortage, which they cited as the reason for the setback.
In June 2021, the company changed its name to Ome and revealed plans to continue accepting pre-orders while assuring customers that they were close to delivering their products.
However, they have still not fulfilled their obligations to Kickstarter backers, leading to criticism from supporters.
Inirv Net Worth
The Company was valued at $10 million by the owners during the Shark Tank Pitch.
Inirv Competitors
Other fire protection devices are available, with the Nest Protect being the most well-known. It has the capability to detect smoke and CO2, and will emit a short beep to alert users.
Additionally, it allows for remote shut off of the alarm or heating system through its central hub, and sends notifications to mobile devices in the event of danger for quick response.
Inirv FAQS
How do the knobs work?
They detect smoke at a high level or gas, and they shut off the stove.
Will it work on a grill?
Yes, but you need a gas tank.
Will they have to install the device themselves?
You’ll have to remove the knob, but it’s easy. The company provides detailed instructions on their website.
What do they need to run an Inirv?
They need a connection for heat, smoke or CO2, power source, water source, and a smart appliance with knobs.
Can Inirv turn their stove on by itself?
For safety purposes, Inirv cannot turn your stove on itself.
This is both a hardware and software limitation.
You will need to manually turn on the burner(s), after which Inirv will automatically activate.
Do they have to use the Wi-Fi feature?
Our smartphone app allows you to easily turn off the Wi-Fi. Even if it is disabled, the safety features will remain active and Inirv will continue to protect your home.
Does Inirv change the way I use their stove?
No! Use your stove as you normally do every day. Inirv is automatically activated when you turn your stove on – no need to press any buttons.
How is Inirv powered?
Inirv uses AA batteries to power the sensor unit, and rechargeable batteries to power the knob units. You will be notified when it’s time for a battery recharge/change.
How many sensor and knob units do they need in their home?
You need one knob unit for every burner on your stovetop, but only one sensor unit.
Inirv will be sold in a package of 4 knob units and 1 sensor unit.
If your stove has more than 4 burners, you can purchase additional knob units to ensure complete protection.
Will Inirv come in different colours?
Yes! Inirv will be sold in black, white, and stainless steel to fit perfectly with your kitchen decor.
You will have the option to choose a colour for the sensor unit and knob units.
Will Inirv integrate with other smart home devices?
Yes! We are working to integrate Inirv with as many smart home systems as possible.
Did Inirv secure a deal at the Shark Tank Pitch?
Inirv did not secure a deal at the Shark Tank Pitch.
Is Inirv safe?
Inirv is designed to detect smoke and gas, which are both harmful to humans if inhaled.
Sensors will trip when their thresholds are met, and a beeping alarm will inform you of the issue.
Will Inirv turn off their stove?
No. Inirv will only turn off your stove once it senses smoke or gas.
Is Inirv waterproof?
Yes. Even if you drop it in the water, it will still work perfectly.
Do they need to unplug their stove when I install the knob unit?
No. You just need to disconnect your main power supply while you install or remove the knob unit. Remember to check your warranty before you remove your knob unit from your stovetop!
How do they turn off Inirv?
You can turn off Inirv by pressing the “off” button on the knob unit.
What type of batteries does Inirv use?
Inirv uses AA batteries for the sensor unit, and rechargeable AA batteries for the knob units. The sensor unit has a life of over 2 years. The knob units will require recharging after 7-8 months.
How do they change the batteries in Inirv?
Changing batteries is easy! Remove the knob unit, open up the battery compartment, and replace the batteries with two AA batteries (included in your package). This should take you less than 5 minutes.
How can they remove their knob unit?
You can remove your knob unit very easily by pressing down on the release mechanism.
The only tool you need is a quarter! Once you have removed your knob unit, remember to disconnect your main power supply before installing or removing a knob unit.
Who founded Inirv?
Ranjith Babu and Akshita Iyer are founders of Inirv.
