InnerGize: Mental Healthtech Startup Secures Pre-Seed Funding

InnerGize is a Delhi-based mental health startup. It is developing a wearable patch to reduce stress and anxiety by stimulating the nervous system. The device monitors EEG data, which users can check through a mobile app.

It aims to improve sleep, boost productivity, and enhance mental well-being. Founded by Dr. Siddhant Bhargava, Shalmali Kadu, and Mitansh Khurana, InnerGize has received early-stage funding from government schemes and angel investors.

The startup gained popularity after appearing on Shark Tank India. It plans to launch its first product in April 2025 and aims to expand in India and internationally.

Innovative Wearable Technology

Stress and anxiety disorders affect millions in India. Nearly 56 million people suffer from depression and 36 million deal with anxiety.

Ignoring stress can cause severe health issues like high blood pressure, heart attacks, weakened immunity, PTSD, insomnia, and other sleep problems. InnerGize aims to address this growing problem.

InnerGize offers a smart patch that stimulates the brain’s nervous system. It helps reduce stress, improve productivity, and support better sleep. The patch monitors EEG data so users can track their brain activity and sessions through a mobile app.

The company claims this is the world’s first clinically validated mental health wearable for stress and anxiety relief which uses Neuroacoustic Vagal Modulation. This technique stimulates the vagus nerve, which controls relaxation. The approach is non-invasive and aims to calm the nervous system to relieve stress and anxiety.

InnerGize focuses on personalized support. The device identifies stress triggers, gives tailored insights, and provides custom stress-relief sessions. It also offers soothing audio, sleep reminders, and personalized plans to help users reach their mental wellness goals.

Successful Fundraising

InnerGize raised INR 6.5 Crores in its pre-seed round. This includes INR 2 Crores from government bodies and INR 4.5 Crores led by Antler including various prominent investors.

These include Antler India, AC Ventures, Sharan Hedge (Finance with Sharan), Arjun Vaidya, dermatologist Agni Bose, neurologist Sid Warrier, boAt CMO Aman Gupta, WTFund founder Harnidh Kaur, OYO founder Ritesh Agarwal, Avalon Labs founder Varun Mayya, and Inshots founder Azhar Iqbal.

The founders bring strong backgrounds to the company. Dr. Siddhant Bhargava, after completing his MBBSs, became a doctor, but could not continue due to illness. His own health struggles and success with Food Darzee, a health and nutrition company, impressed investors.

Shalmali is an Instrumentation and Control Engineer. Her experience in engineering and passion for mental wellness add to the technological strength.

Mitansh Khurana’s expertise in mathematics and computing also strengthens the team. He is a gold medalist in Mathematics & Computing from Netaji Subhas University of Technology in Delhi.

Ambitious Growth Plans

The company plans to launch its first product, InnerGize Gen 1, in April 2025. It will cost INR 12,400, with pre-order prices between INR 5,000 and INR 6,000.

The Shark Tank India pitch helped them secure 1,300 customers even before their official launch.

The company has ambitious goals to reach an Annual Recurring Revenue (ARR) of $10 million within 18 months. It also plans to expand to the Gulf countries and Southeast Asia by the end of 2025. Applying for FDA approval is also part of their 2025 goals.

The mental wellness market in India is growing fast. InnerGize competes with companies like Mave Health, Wysa, and YourDOST.

India’s mental health market was worth $20.2 billion in 2024 and is expected to reach $27.4 billion by 2033. InnerGize hopes its unique technology and personalized approach will help it stand out.

Summary

Founders: Dr Siddhant Bhargava, Shalmali Kadu, and Mitansh Khurana.

Product: InnerGize Gen 1 – a smart patch utilizing Neuroacoustic Vagal Modulation to stimulate the vagus nerve and monitor EEG.

Target Market: Individuals suffering from stress and anxiety disorders, particularly in India.

Market Size (India): Estimated at $20.2 Bn in 2024, projected to reach $27.4 Bn by 2033.

Pre-seed Funding:   INR 6.5 Cr raised in total (INR 2 Cr from government schemes and INR 4.5 Cr from angel investors.)

Shark Tank India Deal: INR 1 crore for 4.2% equity, valuing the company at INR 23.81 crores post-deal.

Manufacturing Cost: INR 1,200 per device.

Retail Price: INR 12,400.

Pre-orders: Approximately 1,300 secured before official launch.

Launch Date: April 2025.

Expansion Plans: Gulf countries and Southeast Asia by the end of the year.

Regulatory Plans: FDA approval application in Q2 of the current year.

ARR Target: $10 Mn within the next 18 months.