A novel method of preventing gastrointestinal distress is PSI Bands. The band emits a little electrical impulse that reduces the responsiveness of nausea from the body. Shark Tank highlighted PSI Bands on episode 18 of season 4.
This company debuted on the popular commercial show with high hopes. It genuinely required financial assistance from the Sharks. Is any Shark experiencing nausea and in search of some immediate remedy? Let us see what happened on the pitch.
About the Founder
The creator and Director of PsiBands is Romy Taormina. When Taormina’s pregnancies were plagued by crippling nausea in the morning, she invented Psi Bands.
Although she discovered that acupressure bands made her feel better, she felt that the already available goods missed both aesthetic and practicality.
Founding the PsiBands
PsiBands are trendy wristbands featuring acupressure and advertise as a drug-free solution to treat discomfort brought on by radiation therapy, morning nausea, and motion illness.
Similar ideas of acupuncture are used in acupressure therapy although there are no injections involved. For maximum efficacy, PsiBands must be used on both wrists. They are intended to be fashionable and modern.
Shark Tank Appearance
Romy Taormina requested $250,000 from Shark Tank in exchange for 10% of the revenue from her company, PsiBands.
Taormina demonstrated the PsiBands to the Sharks and claimed they were exceptional to similar items because they were aesthetically pleasing and practical.
Robert Herjavec was curious but he intended to find out if there was any scientific proof suggesting the medication genuinely worked.
As acupressure is a conventional medical treatment that has been used for countless years, Taormina claimed that clinical research had been completed and the remedy had FDA authorization.
The Sharks became more involved when they realized that she had made $1 million in revenue in the year before the show.
However, she had not received a wage in four years and was presently burdened with debt that was roughly $600,000. This contributed to the overall burden.
According to Barbara Corcoran, it is inconceivable that an investor would put capital into a company solely to utilize it to reimburse the founder in arrears. She departed. Cuban left as he believed Taormina was pushing something without any evidence of how it genuinely functioned. For an identical reason, Herjavec resigned. Daymond John also got up from the desk.
The only Shark who remained curious about the business and its product was Kevin O’Leary. He presented a proposition of $250,000 for 40% of the company.
Taormina refused without offering a counteroffer right away. O’Leary exited after declaring that no one would devote under her conditions.
After Shark Tank
According to Taormina, her time on Shark Tank was extremely challenging. PsiBands obtained new merchants after the program aired on television and the company is currently marketing the item on Amazon.
It is important to note that Mythbusters disproved the wristband remedy for travel nausea.
Following the time of the presentation, the organization has amassed a total assets value of about $200,000. By the recent update of 2022, PSI Bands has an estimated worth of $5 million.
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