| Brand | Neuphony |
| Company Name | Pankhtech India Private Limited |
| Founders | Ria Rustagi, Bhavya Madan |
| Original Ask | Rs. 1 crore for 2% equity at a valuation of Rs. 50 crores. |
| Deal | Rs. 1 crore for 5.4% equity at a valuation of Rs. 18.5 crores. |
About the Product
Neuphony is a neurofeedback-based wearable brain device made of polycarbonate & ABS plastic that can assist you in improving your ability to relax, as well as your focus and memory. The headband incorporates electroencephalography (EEG) technology, which measures the brain’s activity, as well as a variety of music and guided meditations to assist one in being more focused.
The Neuphony headband is meant to be worn around the user’s forehead. It has eight sensors positioned in various positions to analyse the electrical activity that occurs in the user’s brain. It establishes a Bluetooth connection with the smartphone, allowing one to use the Neuphony app to monitor and analyse the brain waves in real time while also receiving advice on improving the ability to concentrate and unwind.
The eight sensors placed on the user’s forehead allow the Neuphony headband to function by reading the electrical signals produced by the user’s brain. The Neuphony app will then evaluate these signals and provide real-time feedback and assistance to help the user increase the ability to focus while also increasing the level of calm.
Founders & their story
Ria Rustagi
Bhavya Madan
Bhavya dropped out of his MSc in Embedded Systems program in Germany while working on Neuphony. Ria, on the other hand, pursued an MSc in Integrated Circuit Design from Singapore and Germany.
The idea behind the launch of Neuphony came from a personal loss. Ria’s sister, Pankhuri, passed away in 2016 from a rare brain illness. After a week of receiving a diagnosis of a rare brain infection, Pankhuri was sent to the Stroke Intensive Care Unit. Unfortunately, she lost her battle with illness in November 2016, following a long and arduous battle. Throughout that period, Ria could not process and make sense of the fact that she had no idea what was occurring deep inside her brain.
So, she thought of making a device so that no one else had to endure the pain her sister did just because she didn’t know enough about the brain’s health. As a result, with the knowledge of Bhavya in neuroscience and embedded systems and Ria’s entrepreneurship skills and larger-than-life ideology, they brought a change in society with the development of the device called Neuphony.
About the company:
Launched in April 2022, Neuphony is India’s first wearable EEG headband. The company was formed to revolutionize the area of brain health using neurofeedback and BCI technologies.
The Neuphony headband is an innovative device for enhancing mental concentration and relaxation. Its EEG technology and individualized approach make it an effective tool for enhancing mental clarity and well-being. Neuphony may help the user get into a more balanced and focused state of mind, which could lead to more productivity and overall happiness.
Currently, the company’s targets are businesses & corporations. They have sold 12–15 products in 6 countries before their launch & 10–12 products post-launch.
Amounts Raised:
Rs. 2.5 crores at a post-money valuation of Rs. 17.5 crores
Revenue:
It’s a pre-revenue business that has sold 10–12 products since its launch. Their monthly expenditure is Rs. 12 lakhs. Projected sales in FY 22–23 are Rs. 5 crores.
For corporations, the subscription fee is Rs. 1800 per person per year.
Founder’s Ask
Rs. 1 crore for 2% equity at a valuation of Rs. 50 crores.
Offers:
Anupam & Namita’s combined offer was Rs. 1 crore for 6.66% equity at a valuation of Rs. 15 crores.
Aman & Peyush’s combined offer was Rs. 1 crore for 6.66% equity at a valuation of Rs. 15 crores.
Post founder’s counter offer, Aman & Peyush changed their offer to Rs. 1 crore for 5.4% equity at a valuation of Rs. 18.5 crores.
Founder’s Counter Offer
Rs. 1 crore for 5% equity at a valuation of Rs. 20 crores.
Final Deal
The deal was finalized with Aman & Peyush at Rs. 1 crore for 5.4% equity at a valuation of Rs. 18.5 crores.