Novel Effect Net Worth
Novel Effect is a narration app with sound effects for children’s books. The company has raised $620,000 so far at a $5 million valuation, and as of 2022, the founders have a net worth of $4 million USD.
You can find more information about Novel Effect’s funding and investors on PitchBook.
What is Novel Effect and Who is the founder of Novel Effect?
Novel Effect is a family and children’s application that uses speech recognition technology to bring stories to life. By using the app with a physical book, the story on the page is transferred onto the screen of your phone or tablet. The software can be downloaded from the Apple Store or Google Play.
The app connects sound effects and music to popular children’s books using smartphone technology. As you read a book to your child, the sound effects and music appropriate for the story will play, bringing the story to life.
Matt and Melissa Hammersley are the founders of Novel Effect. Prior to starting Novel Effect, Matt was a patent attorney, and Melissa was a graphic designer who specialized in patent drawings. Melissa currently serves as Novel Effect’s Chief Product Officer, while Matt is the company’s CEO.
Melissa and Matt Hammersley came up with the idea for Novel Effect in 2015 during a baby shower celebration for their unborn child, where a friend read a children’s book in an animated and humorous way with sound effects, captivating the child’s attention and making reading enjoyable.
They thought that if every book could be read in this way, it would encourage more children to read and continue reading as they grow older.
After a few months of contemplation, Matt couldn’t shake the idea of integrating voice recognition into reading. He co-founded the company with Melissa and relocated their small family to Seattle, where they partnered with retail giant Amazon.
They were also the recipients of a unique award that promotes innovative ways to use and enhance Amazon’s voice recognition device, Alexa. Novel Effect is still active as of June 2021.
Novel Effect Shark Tank pitch
During episode 906 of Shark Tank, Matt and Melissa Hammersley pitched their voice-activated storytelling software, Novel Effect, to land a deal with one of the Sharks.
They were seeking $500,000 in exchange for a 10% stake in their $5 million company. They presented their product by telling a story, accompanied by their three children.
Despite impressing the Sharks with their $620,000 raised at a $5 million valuation, the company’s pre-revenue position deterred Mark and Daymond from making a deal.
Lori offered $500,000 for 20% equity, but after some negotiations, Matt countered $500,000 for 12.5% equity and reached a deal with Lori for $500,000 in exchange for 15% equity.
However, the deal with Lori was never finalized. Instead, in 2018, Novel Effect received $3 million in funding from investors including Amazon, Alpha Edison, TenOneTen Ventures, and Waverley Capital. In 2019, they launched the Android version of their app and raised an additional $1.2 million.
They also partnered with the Jim Henson Company in December 2020 to create soundtracks for their Muppet-themed works and to launch voice-activated television shows.
As of February 2022, Novel Effect is still operating and has grown to $4 million in yearly revenue.
Competitors of Novel Effect
SPEEREO, Advanced Media, Bhrigus, and ELSA are among Novel Effect’s primary competitors. Novel Effect creates an application that utilizes speech recognition to accompany the user while they read aloud a book, activating theme music and sounds. SPEEREO is a voice recognition technology developer.
Net Worth of Novel Effect
The company valuation was $5 million during the pitch. Since then the company is still in business and hence the company net worth might be more than that of pitch.
Novel Effect Shark Tank Updates
Novel Effect is a voice-activated storytelling software that accompanies the user while they read aloud a book, activating theme music and sounds.
The app has a library of over 750 children’s books and has received numerous awards, including the Webby, Cynopsis, Parents’ Choice, and Mom’s Choice awards. The company was founded by Matt and Melissa Hammersley, who pitched their product on Shark Tank in 2017.
They were seeking $500,000 in exchange for a 10% stake in their $5 million company. Lori Greiner made an offer of $500,000 for 15% equity, which the Hammersleys accepted.
However, the deal with Lori never closed, and instead, in 2018, Novel Effect raised $3 million from Amazon, Alpha Edison, and TenOneTen.
In 2019, they released their Android version of the app and raised another $1.2 million. In December 2020, they partnered with the Jim Henson Company to add to their library of children’s books.
As of 2023, Novel Effect has over 750 titles in its library and has profited over $1 million. The company is still active and runs on a subscription basis.
Novel Effect Summary Shark Tank:
|What is Novel Effect?
|A narration app with sound effects for children’s books. Uses speech recognition technology to bring stories to life.
|Matt and Melissa Hammersley
|$4 million USD (as of 2022)
|Raised $620,000 so far
|$3 million in 2018 from Amazon, Alpha Edison, and TenOneTen Ventures
|$1.2 million in 2019
|SPEEREO, Advanced Media, Bhrigus, and ELSA
|Pitched in 2017 for $500,000 in exchange for a 10% stake in the company. Deal reached with Lori Greiner for $500,000 in exchange for 15% equity. The deal never closed.
|Novel Effect FAQs
|– Novel Effect is an app that offers a library of interactive music and sound effects to enrich storytime routines.
|– The app responds to the reader’s voice and creates magical moments by playing sound effects and music at the right moment.
|– The app uses patented speech recognition technology to keep up with the reader’s pace and style.
|– To use Novel Effect, the reader needs to have a printed copy of the book on hand.
Novel Effect FAQs
What Is Novel Effect And How Does It Work?
Novel Effect is an award-winning app that offers a library of interactive music and sound effects to enrich storytime routines.
The app responds to the reader’s voice and creates magical moments by playing sound effects and music at the right moment. The app uses patented speech recognition technology to keep up with the reader’s pace and style.
To use Novel Effect, the reader needs to have a printed copy of the book on hand. The reader can find the book in the app, tap print, and set the device aside.
When the reader hears the start chime, Novel Effect is ready to follow along as they read aloud from their copy of the print book. The app primarily works when the reader reads aloud from their own copy of the book.
Novel Effect is available for free download in the App Store and Google Play Store. The app offers a large library of books with soundtracks available for subscription.
Teachers and librarians can use Novel Effect to enhance regular storytime routines and engage students in reading. The app can also provide enrichment for higher-level students by allowing them to read to their classmates.
In summary, Novel Effect is an app that uses speech recognition technology to create interactive music and sound effects during storytime routines.
The app is available for free download and offers a large library of books with soundtracks available for subscription. Teachers and librarians can use Novel Effect to enhance regular storytime routines and engage students in reading.
Who is the founder?
Matt Hammersley is the founder of Novel Effect. He was a patent attorney before founding Novel Effect. Melissa Hammersley, who served as the firm’s Chief Technology Officer, has been listed as a partner of the company based on her contributions to its growth and development.
How Does Novel Effect Recognize The Right Moment To Play Sound Effects?
Novel Effect uses voice recognition technology to track the reader’s voice and follow along as they read aloud from a real book.
The app responds to certain cue words and adds sound effects and music at the right moment. The system uses patented speech recognition technology to keep up with the reader’s personal reading style by following their pace and tone.
The app’s speech recognition system is powered by Keen Research and other components. Novel Effect’s soundscape designers craft the immersive and interactive read-aloud to delight kids and grown-ups alike.
The app’s interactive music and sound effects respond to the reader’s voice like magic. The app can be used with a Bluetooth speaker for the most immersive read-aloud experience.
What Was The Outcome Of The Novel Effect Shark Tank Pitch?
During their Shark Tank pitch, Novel Effect founders Matt and Melissa Hammersley asked for $500,000 for 10% equity in the company.
They were accompanied by three children who helped demonstrate the product by narrating a story titled, ‘Novel Effect Makes It to Shark Tank’. The Sharks were interested in the product but did not invest due to the company’s pre-revenue position.
Despite not receiving an investment from the Sharks, Novel Effect has continued to grow and expand its library of titles. As of 2023, the company has profited over $1 million and partnered with the Jim Henson Company for narration.
The company has also raised $3 million from Amazon and VCs to support the growth of its voice-enabled storytelling platform.
What Happened To Novel Effect After Its Appearance At The Shark Tank?
After appearing on Shark Tank, Novel Effect did not take investment from the show’s investors. Instead, the company raised $3 million in funding from Amazon and other companies to support the growth of its voice-enabled storytelling platform.
The company has continued its partnership with Amazon since its appearance on Shark Tank. As of 2023, Novel Effect has profited over $1 million and has over 750 titles in its library.
The app runs on a subscription basis and has three different plans: one for parents, one for educators, and one for libraries. The company’s technology promises to be a game-changer across all categories, and they are committed to voice-first technology.
How much were they seeking on Shark Tank?
They were seeking for $500,000 for 10% of the company, which would be worth $5 million.
What happened to the deal?
They had a deal with Lori for $500,000 in exchange for 15% equity shares of the company.
Is Novel Effect still in business?
Yes, they are still in business as of February 2022.
How much did they earn in revenue?
The company earns $4 million in revenue.
What is the business model of Novel Effect?
Novel Effect earns money through advertisement as well as product sales.
What inspired Novel Effect?
While attending a gathering of close friends to celebrate their unborn child’s baby shower, Matt and Melissa Hammersley had an epiphany. A friend was reading a children’s book in a humorous, energetic manner, complete with sound effects, which captured the youngster’s attention and had the child greatly enjoying him.
What is included with the complimentary plan?
Free Novel Effect provides story effects for an expanding collection of children’s picture books handpicked for teachers, librarians, children, and families. Each month, they’ll have unrestricted access to narrative effects for books listed as “free reads” and limited access to story effects for other books.
“Free reading” is always accessible for their enjoyment. On the book’s cover, look for the “free reads” banner, or search for “free” in the app.
What does the premium plan include?
The Novel Effect Premium subscription is designed for parents and individual instructors. It includes unrestricted access to their growing library of narrative effects for popular picture books, hundreds of in-app eBooks, and special content.
Are teachers eligible for discounts?
Yes! Indeed, teachers and other independent educators receive roughly 30% off their standard programs. Additionally, if users convince their school to acquire a Classroom or a Whole School membership to Novel Effect within 60 days, we will reimburse the cost of their subscription.
Do you accept orders for purchases?
Absolutely! To get a quote, simply navigate to Pass Quote – Novel Effect. Then, provide them a copy of the authorized purchase order, and they will establish access while the payment is processed.
How do I do when password has been forgotten?
To reset the password, navigate to the email login screen in the Novel Effect app and press the link. Following the submission of the email address, users will receive an email with more instructions.
If users do not see the email, please check the spam folder or contact Novel Effect customer service at [email protected].
How do i implement the novel effect on picture books?
In the app, locate their book, press print, and set the device away. When the start bell sounds, Novel Effect is prepared to follow along as subscribers read aloud from the print book. Their innovative speech recognition technology adapts to their unique reading style by tracking their pace and tone of voice. Take pleasure in seeing the youngsters grin with happiness!
What is the net worth of Matt Hammersley?
The net worth of Matt Hammersley is unknown.
What is the net worth of Mellissa Hammersley?
The net worth of Melissa Hammersley is $800,000.