What Happened to Petnostics After Shark Tank?
What is Petnostics?
Petnostics is a gadget that allows owners to quickly monitor their pet’s health by doing at-home urine tests and examining the results using the Petnostics app.
The patent covers both the cup used to collect pet urine for analysis and the way the app interacts with the lid-integrated urinalysis strip in the cup.
In the cup, pet owners collect and seal their dog’s or cat’s pee. Following that, the urinalysis strip reacts, and the app reads the results.
Petnostics meets a large demand for preventative healthcare on shop shelves and provides consumers with not just convenience, but also considerable cost savings.
Petnostics disease-specific testing makes it easier for pet cares to track chronic diseases in dogs and cats.
Who is the founder of Petnostics?
Stephen Chen established Petnostics in March 2015. By combining his experience in the medical device industry with his love of animals, Stephen hopes to make healthy living easier for pet owners.
Stephen is a University of Michigan and Harvard Business School graduate, as well as the proud owner of Austin the Westiepoo.
Monitoring a dog’s or cat’s health may save money on veterinarian bills and, in certain situations, save the animal’s life.
The most unpleasant component of the testing process is collecting the sample, but because only a tiny amount of urine is necessary, pet owners should not be too concerned.
Petnostics helps pet owners keep their dogs happy and healthy by providing a selection of at-home urine test kits.
Petnostics makes healthy living easier for pet owners by employing the same diagnostic test strips that veterinarians use in their clinics and making results easily accessible. With Petnostics, a lifetime of love is just a scan away.
What Happened to Petnostics at Shark Tank pitch?
Stephen Chen presents Petnostics, a patented invention that allows you to inspect your pet’s urine using your iPhone, in Shark Tank episode 710. Chen is on the lookout for a Shark to help him with mass distribution.
Stephen appeared on Shark Tank in seeking of a $300,000 investment in exchange for a 10% stake of his business $3 million.
He hands the cup over to the Sharks, explaining how easy it is to use the app to test the pet’s pee. “So, Sharks, Austin, and him want to know whether they’re in,” Stephen says, drawing a laugh from the Sharks with his “they’re in/urine” joke.
He also shows the Petnostics sample collector, which is a long-handled ladle that allows pet owners to collect samples from female dogs and cats without having to hold a cup beneath their pet.
Although a few Sharks sneer at the thought of ladling a pet’s pee, they quickly start asking the normal financial questions.
Shark Guests the price piqued Ashton Kutcher’s interest. Steven adds that, while Petnostics cups now cost $2 to create, he can produce them for as little as 90 cents per unit at volume pricing.
Over the course of 18 months, he has sold 10,000 mugs through his website and local stores.
Robert Herjavec makes a request for the patents. Stephen mentions that he has four patents on the design of the cup as well as the technology utilized by the app to analyze color changes.
He emphasizes the potential prospect of scaling the product to human applications.
Kutcher has worries about collecting urine. He argues that collecting a blood sample would be far more convenient.
According to Stephen, the vast majority of pet owners are opposed to blood collection. Robert Herjavec was concerned in assessing the consumer’s “added value.”
He feels that the product will require an external incentive for the consumer to use it. Stephen feels that his goal is to get veterinarians to purchase and utilize the product. He leaves after more deliberation.
Veterinarians, according to Kutcher, will want owners to bring their animals into the clinic. He doubted that the notion of home urine analysis would catch on.
The distribution channel, according to Robert, does not exist. Veterinarians will reject the goods, he agrees with Kutcher. He walked away.
O’Leary wasn’t sure if the proof of concept was in place yet. He feels the product was in its early stages.
Although the patents include applications that may be used for other types of testing, such as water testing, Mark Cuban believes they are limited by the strip technology. He went out.
Kevin O’Leary makes a $300,000 offer in return for 15% shares. Lori Greiner was also a contender. She makes a $300,000 offer in return for a 20% stake in the company.
Lori agrees to acquire a 15% stake in exchange for $300,000. Kevin jumped into the battle, suggesting joining Lori’s deal and splitting the $300,000 in exchange for 20% equity.
Stephen evaluates and accepts the two-Shark deal, bringing the presentation to an end.
What Happened to Petnostics After Shark Tank?
Despite the fact that the deal with Kevin and Lori did not go through, Stephen soon established himself with Fetch for Pets, a major producer and distributor of pet items.
In addition to the conventional strip testing, he’s devised a “hydrophobic” litter that allows cat owners to collect urine samples without having to follow their cat about with the extended ladle. Aside from the Apple app, the company is developing apps for Android and other platforms.
As of February 2022, the firm was still in existence, with annual revenue of $250,000.
Competitors of Petnostics
Petnostics’ competitors include Equine Veterinary Associates, Inc., Christina L Garloff Dvm, Family Pet Clinic, and Georgina M Kelly Veterin.
Net Worth of Petnostics
During the pitch, the firm was valued at $3 million. Since then the company is still operating and hence the company’s net worth might be higher.
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Petnostics FAQs
What exactly is Petnostics?
Petnostics is a patented technique that allows pet owners to test their pet’s urine without taking a sample or keeping a cup beneath them.
Its numerous advantages include the removal of superfluous blood collection and its simplicity of usage.
Who is the inventor?
Stephen Chen, the company’s founder and CEO, is also a veterinarian.
How much was seeking on Shark Tank?
Chen was looking for $300,000 for a 10% stake in his firm.
Did he have the deal?
Chen did, in fact, strike a deal with Lori Greiner and Kevin O’Leary.
How much did the deal cost?
They offered $300,000 for a 20% share in the firm.
Is Petnostics still in operation?
Yes, Petnostics is still open for business as of February 2022.
Where is the headquarters located?
The headquarters are in Los Angeles, California.
What exactly are Petnostics products?
Petnostics urine test strips and a cup allow owners to collect their pet’s pee straight from them without having to hold any containers beneath them.
What information may a urine test for a dog reveal?
The most often observed components of urine sediment include red blood cells, white blood cells, crystals, bacteria, and tissue cells from various parts of the urinary system. In free-catch samples, small amounts of mucous and other debris are typically found. Parasite eggs are occasionally identified in urine.
What exactly is the goal of Petnostics testing?
Veterinarians utilize urine tests to diagnose a variety of ailments in dogs and cats, including bladder stones, diabetes, and liver disease.
Is it possible to do a pee test on my dog at home?
The Petnostics Test Kit allows anybody to check their pet’s health from the comfort of their own home. Simply collect the dog or cat’s urine in the included cup and screw on the Petnostics cap to begin testing. Examine the findings by scanning the top of the lid with the free Petnostics app.
How can I purchase Petnostics?
Customers may purchase Petnostics goods at most pet shops, internet merchants, and straight from the company.
What distinguishes Petnostics test strips from liquid urinalysis?
The Petnostics Test Kit comes with seven separate urine analysis test strips for blood, red blood cells, white blood cells, bacteria, crystals, mucus, and tissue cells. The results of these tests are available instantly.
Is Petnostics safe for animals?
Petnostics is not harmful to animals. The results are unnoticeable and visible within only a few minutes.
