PsiBand Shark Tank Summary
|Episode||Season 4 Episode 18|
|Business||acupressure wrist bands|
|Asked For||$250,000 for 10%|
|Business Status||In Business|
What is PsiBands?
Acupressure is nothing new; however, Psi Bands are fashionable, drug-free wrist bands that help relieve nausea and other ailments like motion sickness and morning sickness.
Nausea is also a common side effect in post-operation anesthesia and for those receiving chemotherapy treatment.
These bands put pressure on the Neiguan pressure point and help provide relief from nausea—all while looking stylish! Users should wear a Psi Band on both wrists for the full effect, being sold as a set.
Who Owns PsiBands?
Romy Taormina is the founder and CEO of Psi Bands. A mom of two adult boys and wife of 25 years, she has a business degree from California Polytechnic University, San Luis Obispo.
She remains in the same position today, as well as giving speaking engagements and doing promotional pieces, including an appearance on Oprah. She has also received numerous business-related awards.
Romy suffered from debilitating morning sickness during her two pregnancies. The only thing that provided her with any nausea and vomiting relief was acupressure wrist bands.
However, she found the ones on the market were ugly and not waterproof, getting waterlogged when she showered. After designing a prototype and going into production, Romy took the product to market and managed to get some notable brands to stock it, namely: Toys-R-Us, Babies-R-Us, Rite Aid, Wholefoods, CVS, Walgreens, and Target stores.
Sales increased significantly, and she managed to make $1 million in sales over 12 months in her most profitable year.
However, she was sitting on close to $600,000 in debt due to overhead costs. She also hadn’t drawn a salary in the past four years, so she decided to look for an investor to help get her back in the black with some much-needed capital.
What Happened After Shark Tank Update
Is PsiBands Still in Business?
PsiBands remains in business with an active website. Psi Bands has gained additional retailers to those already mentioned, including e-retail giant Amazon. To further back up their product claims, they’ve invested in clinical research published on their website to show it works.