There are 1.9 billion overweight people globally, where annually $245 billion is spent on weight management. However, getting to the desired weight and staying there can be very hard.
70% of people who lose weight regain it again in 1 or 2 years. It can be very frustrating. To solve this problem, Embry Tech has developed a system of smart insoles and mobile app that serves as an accountability buddy. It measures body weight fluctuations on a go, analyzes daily activities and behavioral patterns, to help people to take control of their health.
Embry Tech was founded in 2018 by Sargis Karapetyan, Nare Gevorgyan, and Liana Avetian, and they raised a $500K pre-seed round in grants and investments from SmartGateVC, HiveVentures, AICA, EU, and angel investors. Now, there is a 12 membered team, and despite all the difficulties that 2020 brought, pre-orders of the smart insoles have already been made on their website. “First shipments will go out at the end of April. We are looking forward to seeing alpha users’ feedback and currently sending demos to other wellness companies in Europe and the USA,” says Sargis.
Embry’s team believes that they will empower people to lead healthier, happier, and more confident lives with the vision of turning all shoes into predictive health tools through measurable wellness. Like every smartphone has a built-in camera, every shoe will have a built-in Embry.
This is just beginning. The Embry team is looking to grow its alpha-user community and is open to new investments. They aim to raise $3.4 million in a seed round to find product-market fit, expand the team, and continue R&D by adding new preventative wellness features.
How they survived the pandemic
Almost three years ago, the three co-founders of Embry Tech left their previous jobs to dedicate themselves fully to this entrepreneurial adventure. Sargis is an aspiring entrepreneur with an engineering background, Nare is a visionary designer and Liana a professional nutritionist who, after spending 14 years in the US, repatriated to Armenia.
2020 was a critical year that came close to throwing their dreams overboard. “We were planning to launch last year, but due to the pandemic, many demos and opportunities were cancelled which lead to financial problems. In a word, it wasn't easy! Fortunately enough, we managed to raise funds with our existing investors. They were very helpful and supportive with follow-up investments,” says CEO Sargis Karapetyan.
They say that their relationships with their business angels are very close and that their support goes far beyond financing. “Altogether, there are 16 business angels onboard. Half of those are also our mentors. Some of them have been helping and mentoring us since the start of the project and later joined the investment round. They all have different backgrounds and are very supportive.”
Connection with ESIL
We first met the Embry team at the end of 2019 at the Investor Day event organised by the Business Angels Network of Armenia, the local leader in the country for the Early Stage Investing Launchpad, an EU-funded initiative that is connecting networks of business angels and crowdfunders across Europe. “The program gave us access to angels across Europe and increased engagement with the startup-investor ecosystem outside of Armenia,” says Liana Avetian.
By Pablo Munilla for the Early Stage Investing Launchpad