Psi Bands Shark Tank Net Worth 2023
The company PSI Bands was valued at $2.5 million in the initial pitch, however, by December 2021 the company had seen its net worth decrease to a mere $200,000.
Nonetheless, due to active restructuring and efficient strategies, PSI Bands managed to bounce back and was valued at an impressive $5 million as of 2022.
This growth speaks volumes about the strong foundation of the firm and demonstrates how businesses can overcome difficult times with tactful approaches.
What is Psi Bands?
Psi Bands are stylish wristbands that use acupressure to alleviate nausea resulting from various conditions such as motion sickness, morning sickness, and chemotherapy. These wristbands provide a drug-free alternative to tackle nausea, which is a common side effect of anesthesia and chemotherapy treatments.
The wristbands exert pressure on the Neiguan pressure point, thereby offering relief from nausea while also being a fashionable accessory. To maximize the impact, it is recommended to wear a Psi Band on both wrists, which comes in a pair.
Romy Taormina is the CEO and founder of Psi Bands. She has a business degree from California Polytechnic University, San Luis Obispo and has been married to her husband for 25 years, with whom she has two grown sons.
In addition to her role as CEO, Romy is also involved in giving speeches and promoting the product, including an appearance on the Oprah show. She has received several accolades for her business acumen.
Romy’s own experience with severe morning sickness during her pregnancies led her to discover the effectiveness of acupressure wristbands in managing nausea and vomiting.
While acupressure wristbands have been in use for some time, Psi Bands have transformed the concept into a stylish wristwatch-like band that is both attractive and waterproof.
Boaters have long used acupressure wristbands to prevent seasickness, and Psi Bands are not only targeting this market but also catering to morning sickness sufferers and chemotherapy patients. Psi Bands can be purchased for $15 at various retail outlets, including REI, Whole Foods, drugstore chains, and online.
What Happened to Psi Bands at Shark Tank pitch?
In episode 18 of Season 4 of Shark Tank, Romy decided to pitch her company, Psi Bands, to the investors for a potential partnership. She requested a $250,000 investment in exchange for a 10% stake in the company, which was valued at $2.5 million.
Romy emphasized that acupressure wristbands, which have been used for a long time, have been proven to be useful in medical studies. Psi Bands are a modern version of this old concept.
She also mentioned that the company had made over $1 million in sales in the current year and was planning to expand to 7,500-8,000 more retail outlets in the coming year. However, she also admitted that the company had accumulated $600,000 in debt, including back pay.
Despite showing interest initially, Barbara ultimately declined the opportunity because she did not approve of using debt to pay salaries. Mark expressed hesitancy towards participating in medical research and also declined to invest.
Robert was skeptical of the company’s claims that the wristbands could aid with chemotherapy-related nausea and chose to pass. Daymond stated that he did not trust Romy and decided to opt-out.
Finally, Mr. Wonderful offered $250,000 in exchange for a 40% stake in the company, but Romy refused the offer, leading to Kevin’s famous “you’re dead to me” remark, and his decision to pass. In the end, Romy left the show without securing an investment.
What Happened to Psi Bands after Shark Tank?
Despite the Shark’s concerns about medical claims, the firm is growing and gaining market dominance. They are currently selling briskly through the website, Amazon, and other merchants, having obtained FDA “approval.”
To obtain FDA approval, the designer must demonstrate that her invention is “substantially identical to a device that is already lawfully sold for the same function.”
They are a popular option for millions of individuals who suffer from nausea. Despite the Sharks’ refusal to take a bite out of the firm, it appears that Psi Bands has achieved success.
Her products may be found at Walgreens, Target, CVS, REI, and Amazon. The firm is still in operation and makes $5 million per year as of December 2021.
Competitors of Psi Bands
The Psi Bands’ competitors include NGINX, Inc., McGraw Hill, Landpoint and Alooma.
Net worth of Psi Bands
The company was valued at $2.5 million during the pitch, as of December 2021 the company has a net worth of $200,000.
Psi Bands FAQs
What is Psi Bands?
Psi Bands are attractive wristbands that employ acupressure to reduce nausea caused by motion sickness, morning sickness, and chemotherapy as a drug-free alternative. Nausea is also a typical adverse effect of post-operative anesthesia and chemotherapy treatment.
Who is the founder?
Romy Taormina is the CEO and founder of Psi Bands.
How much was asking on Shark Tank?
Romy was asking for $250,000 for 10% stake of her company.
Did she have the deal?
No, she wasn’t able to get the deal from the Shark Tank.
Is Psi Bands still in business?
Despite the Sharks’ refusal to take a bite out of the firm, it appears that Psi Bands has achieved success. Her products may be found at Walgreens, Target, CVS, REI, and Amazon. The firm is still in operation and makes $5 million per year as of December 2021.
Do Psi Bands actually work?
Psi Bands have been approved by the FDA to treat nausea caused by morning sickness, motion sickness, anesthesia, and chemotherapy.
There are no clinical trials to support or refute their usefulness in treating any other medical issue (i.e. vertigo, migraines).
What is her net worth today?
She is valued at $200,000 as of December 2021.
How much did it cost to make the products?
The designer says that it costs $10 per pair of Psi Bands and takes 8 hours to make each pair. She uses materials such as silicone and nylon, while adding a stainless steel clip.
Where can I buy Psi Bands?
Psi Bands are available for preorder on their website for $15/pair. The suggested retail price is $29.95 per pair; each set includes two bands (one for each wrist).
What do psi bands do?
Psi Bands Mama Acupressure Wrist Bands for Nausea Reduction are fashionable, clinically-proven acupressure wrist bands for nausea relief caused by morning sickness, motion sickness, anesthesia, and chemotherapy.
Do Psi Bands work for pregnancy?
They’ve helped them with nausea in the first trimester of pregnancy, vehicle sickness, anesthetic nausea, and now chemotherapy nausea.
The bands are entirely adjustable and fit their little wrists perfectly, with many notches to spare on the smaller and several on the bigger side.
How long can you wear Psi Bands?
Psi Bands should be worn as needed at the first symptom of nausea. Clinical trials show that they are effective for up to 48 hours. They can be reused. They can also be worn for up to 5 minutes before to travel or operation.
Do Psi Bands expire?
No, they’re not composed of leather, but of a stretchy elastic-like band. They may lose elasticity over time, but they will not expire like medications.
How do pressure Psi Bands work?
The interior of the wrist band has a plastic stud that applies pressure and stimulates the P6 (or Nei-Kuan) acupressure point. It has been demonstrated that applying pressure to this region alleviates nausea and vomiting.
Can you really get pregnant from wearing Psi Bands?
Psi Bands are entirely adjustable and fit their little wrists perfectly. It has been demonstrated that applying pressure to this region alleviates nausea and vomiting.
Is it safe to wear Psi Bands?
They feature medical silicone which has been extensively studied, but is better known as a safe alternative to latex.
The bands are entirely adjustable and fit their little wrists perfectly, with many notches to spare on the smaller and several on the bigger side.
Can Psi Bands be worn while showering?
They may be worn while showering. Studies show that applying pressure to this region alleviates nausea, so it’s not likely a problem.
What is the net worth of Romy Taormina?
Romy Taormina net worth is unknown.
