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.
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 Shark Tank Update
Inirv Shark Tank Update
Inirv is a smart device designed to prevent dangerous kitchen fires by attaching to the knobs of a stove and turning them off when necessary.
Inirv was created by Ranjith Babu and Akshita Iyer in 2017 and launched a crowdfunding campaign on Kickstarter with a goal of $40,000, which was surpassed by raising over $150,000.
Inirv appeared on Shark Tank in January 2018, asking for $800,000 for 8% equity in their company, but none of the Sharks made a deal due to concerns about getting their money back.
After the Shark Tank episode aired, Inirv ran into legal trouble when their manufacturer, Enventys, sued them for not being paid. Inirv countersued, claiming that Enventys did not deliver the product as promised.
Inirv has since rebranded to ‘Ome’ and faced compatibility and logistical issues, leading to negative customer reviews.
Despite this, Inirv is now available for purchase online and claims to be able to help control appliances and heating from anywhere in the world. As of February 2023, Inirv’s net worth is estimated to be around $800,000.
Inirv Shark Tank Table Summary:
|What is Inirv?
|A tech company that created a smart stove knob called Inirv React to remotely control stoves through an app. It offers safety features to prevent potential house fires.
|Ranjith Babu and Akshita Iyer
|Inirv’s Net Worth
|As of February 2023, approximately $800,000
|Inirv’s First Round of Funding
|Approximately $175 million in 2017
|Inirv’s 2020 Earnings
|$183,727 thousand dollars
|Shark Tank Pitch
|Inirv sought an investment of $800,000 for 8% of their business in January 2018, but all Sharks declined.
|Inirv faced a lawsuit from a business they hired to create their smart stove knob prototypes. Details of the settlement reached in December 2018 were not made public.
|In June 2021, the company changed its name to Ome and continued accepting pre-orders while assuring customers they were close to delivering their products.
|Other fire protection devices are available, with Nest Protect being the most well-known.
|Inirv’s Current Status
|As of February 2023, Inirv’s net worth is estimated to be around $800,000. It is available for purchase online and claims to be able to help control appliances and heating from anywhere in the world.
|Inirv Shark Tank Pitch
|$800,000 for 8% equity
|First Round of Funding
|Raised $175 million in 2017
|Yearly Revenue (2020)
|$183,727 thousand dollars
|Inirv React smart stove knob allows remote control of stove via an app, with safety features to prevent potential house fires
What Is Inirv And How Does It Work?
Inirv is a company that created a smart stove knob called Inirv React that allows individuals to remotely control their stove via an app.
The device uses specially-designed stove knobs that can be used for both electric and gas systems, improving safety by offering the ability to remotely turn off the stove.
The company was co-founded by Ranjith Babu and Akshita Iyer in 2016 after Iyer came up with the idea when she remembered she might have left the stove on in the kitchen while at the movies with her mother.
Inirv appeared on Shark Tank in 2018, asking for an $800,000 investment in exchange for 8% of their company.
However, they left without a deal, and shortly after the episode aired, they ran into legal trouble when their manufacturer sued them for not being paid.
Inirv countersued, claiming a refund, and eventually rebranded as Ome. Ome’s patented technology allows individuals to remotely control their stove by replacing the knobs with smart knobs, and the Ome app allows users to monitor and control their stove from anywhere.
Inirv/Ome faces competition from other companies such as IguardStove and Innohome, which make similar products.
Inirv/Ome was featured on CES in 2020 and raised $450,000 in the TechStars future home accelerators funding program. Each Ome kit consists of four knobs based on IoT technology.
What Happened To Inirv After Their Appearance On Shark Tank?
Inirv, a kitchen safety accessory company, appeared on Shark Tank in 2023 and did not receive a deal. The company launched a successful crowdfunding campaign on Kickstarter, raising over $150,000.
However, the founders later ran into legal trouble with their manufacturer, Enventys, who sued them for unpaid fees.
Inirv countersued, claiming that the manufacturer produced faulty prototypes that cost them a deal with the sharks. The two businesses reached a settlement by the end of the year, and Inirv resumed raising money.
In 2023, Inirv rebranded to Ome, but faced major compatibility and logistical issues since rebranding, leading to negative customer reviews.
The sharks on Shark Tank had expressed concerns that the product would become obsolete in a few years, and several of them dropped out, including Mark Cuban, Lori Greiner, and Kevin O’Leary.
Robert Herjavec countered with an offer of $800,000 for 20% equity, but Inirv ultimately did not accept the deal. As of 2023, Inirv has a net worth of approximately $800,000 and earned $183,727 thousand dollars in 2020.
What Was The Reason For Inirv’s Legal Troubles With Their Manufacturer?
Inirv’s legal troubles with their manufacturer, Enventys, were due to a dispute over unpaid fees. Inirv filed a countersuit blaming Enventys for producing faulty prototypes that cost them a deal with the Sharks.
The two businesses reached a settlement by the end of the year, and Inirv resumed raising money. Inirv also filed a counterclaim alleging that Enventys never delivered a working prototype.
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.