Petnostics founder Stephen Chen brings his pet Austin into the Shark Tank for his pitch in Shark Tank Season 7. His company monitors your pet's health by using your smartphone to analyze your pet's urine.
You can check your pet's health for a fraction of the cost, and in your home. Share the data with your veterinarian.
Petnostics requires you to collect a urine sample
The bad news is you have to use the Petnostics urine collector with an extended handle to capture the pee.
Consumers pay $10 retail, and the cost is currently $2. They have sold 10,000 cups through their website and local retail stores.
Stephen has four issued patents around the technology. He Claims the logical next extension is in the human space.
Entrepreneur: Stephen Chen
Ask: $300,000 for 10% equity
Companies in this episode: popSLATE, Slyde Handboards, FRENDS
Season: Season 7 Episode 724
Sharks: Mark Cuban, Ashton Kutcher, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/15/2016
Deal: Lori Greiner and Kevin O'Leary $300,000 for 20% equity
What do the Shark Tank Investors say about Petnostics
Ashton Kutcher thinks he has something interesting and a market for this. His most significant concern is the collection, and he is going to be disrupted by other platforms that don't have the messiness.
Kevin O'Leary is not clear on the go to market distribution strategy. There is a risk in what the channel is, and you are not there yet. Kevin makes an offer of $300,000 for 15% equity. He thinks this is a play on finding which channel works and pour gasoline on it. Kevin brings Lori into his deal by raising to 20% equity.
Lori Greiner thinks Stephen's product is attractive, and she makes him an offer of $300,000 for 20% equity. Lori sees this as a QVC play.
Robert Herjavec does not like the business model. He believes in the product, but he also has to buy into the distribution channel. He thinks he is early so, Robert is out.
Petnostics after Shark Tank
Stephen closed the Petnostics deal with Lori Grenier and Kevin O'Leary after the show. They have several Vets, Clinics and other locations that sell Petnostics. You can even buy your pet test kit from Amazon.