PHOOZY went into the Shark Tank in April 2021 asking for $500,000 for 10% of the company. The founders, Kevin Conway and Josh Inglis, walked out having accepted a much more complicated offer: $500,000 from Lori Greiner and Robert Herjavec for 8% equity, plus a $1.50 royalty on each unit sold until the investment was repaid. (phoozy.com)
That is the version of the story most people remember.
The part that gets less attention is what happened afterward. The televised deal reportedly did not close. Yet PHOOZY itself did not disappear. Five years later, the company is still selling products, has expanded well beyond its original phone capsule, and is operating under eXclaim IP, LLC. Its current site lists products for phones, tablets, laptops, travel gear and drinks, while a 2026 privacy policy identifies eXclaim IP as the company operating PHOOZY. (phoozy.com)
The interesting PHOOZY story, then, is not that the Sharks supposedly rescued the business. It is that the company appears to have kept building after the headline deal failed to become an investment.
PHOOZY had already generated $1.9 million before Shark Tank
When Conway and Inglis entered the Tank, they were not pitching an untested prototype.
PHOOZY had generated $1.9 million in direct-to-consumer sales during its first three years, according to figures the founders gave the Sharks. The Atlanta Journal-Constitution reported that the company had done $700,000 in revenue in 2019 and was projecting $1.5 million for 2020 and $4.5 million for 2021. The founders also said they had invested $85,000 of their own money and had bootstrapped the business without outside investors. (ajc.com)
The product was unusual enough to get attention. PHOOZY made insulated capsules designed to protect electronics from heat, cold, drops and water, with buoyancy built into the design. The company's original materials were inspired by aerospace and spacesuit technology. (phoozy.com)
That gave Conway and Inglis a stronger pitch than simply saying they had invented another phone case.
They were selling a solution to a specific failure mode: phones getting too hot in the sun, too cold in winter, damaged when dropped, or lost underwater.
The Sharks offered more than one way to fund PHOOZY
The founders asked for $500,000 for 10%.
Kevin O'Leary initially offered $500,000 for 4% equity, with a $1 royalty per unit until he received $1.5 million. Lori Greiner and Robert Herjavec also made offers, eventually leading to the joint deal that the founders accepted. (phoozy.com)
The final on-air agreement was $500,000 for 8% of PHOOZY, plus a $1.50 royalty per unit until the investment was recovered.
That was a significant improvement over the founders' original offer on valuation. It also gave PHOOZY two Sharks rather than one.
The company's own account of the episode still describes Conway and Inglis as having partnered with Greiner and Herjavec. Its current Shark Tank page calls the appearance an important chapter in PHOOZY's growth and continues to feature the two Sharks in connection with the brand. (phoozy.com)
But there is a distinction between an agreement accepted on television and a completed investment.
The $500,000 Shark deal reportedly never closed
This is where the PHOOZY record becomes less tidy.
A current Shark Tank business database lists the televised Greiner-Herjavec agreement as a deal, but says the post-show deal "collapsed" and that neither Shark is currently involved. Other secondary sources likewise report that the agreement did not close after filming. (sharktankarchive.com)
PHOOZY itself does not appear to publicly explain the circumstances of a failed closing. Its current website still presents the Shark Tank appearance positively, but does not state that Greiner or Herjavec remain investors. (phoozy.com)
So the safest conclusion is narrower than some Shark Tank update sites make it sound:
PHOOZY accepted the $500,000 Greiner-Herjavec deal on television, but available post-show reporting indicates that the investment did not ultimately close.
That means it would be misleading to treat the $500,000 as money PHOOZY definitely received.
PHOOZY did get something valuable from Shark Tank anyway
The founders did not walk away empty-handed.
Immediately after the episode aired, PHOOZY said it was overwhelmed by orders. In a post published shortly after the broadcast, Conway said there had been so many orders that the founders had little time to celebrate. The company described the surge as the "Shark Tank Effect" and said retailer interest had also increased. (phoozy.com)
The exact size of the post-show sales jump is less secure.
Some secondary reports repeat a claim of roughly a 400% increase in sales after the episode. That figure is widely circulated, but it is not supported by a current audited financial disclosure from PHOOZY. It is better treated as a reported company-growth claim than as a definitive measure of the Shark Tank effect.
What is easier to verify is what PHOOZY did next.
The company expanded its product range beyond its original smartphone capsules, developing products for tablets and laptops and adding accessories. Its current catalog includes Apollo thermal phone capsules, XP3 products, Faraday protection, laptop and tablet capsules, straps, travel products and drink capsules. (phoozy.com)
PHOOZY is still operating in 2026
This is the clearest answer to the "whatever happened" part.
PHOOZY is still in business.
Its website is active and currently offers a substantial product catalog. The site identifies the business as eXclaim IP, LLC, and its terms and privacy materials were updated in 2026. (phoozy.com)
There is also evidence that the company has moved beyond being simply a consumer phone-accessory brand.
In 2024, the U.S. Department of Defense awarded eXclaim IP a $109,740 Air Force Phase I contract concerning thermal and Faraday composites for mission-critical infrastructure and equipment. The award describes PHOOZY as an established commercial electronics-protection business and says the proposed technology would combine thermal management, infrared control, flame retardancy and electromagnetic-interference protection. (sbir.gov)
A separate government-contract database records an earlier $1.245 million Phase II award in 2022 for work on thermal capsules for F-35 air-conditioning ground-support equipment, followed by another Air Force award in 2025. (inknowvation.com)
That is a meaningful change in the business's trajectory. PHOOZY started by trying to stop an iPhone from overheating on a boat. Its underlying thermal-composite technology has since been positioned for applications involving defense equipment as well.
The company has also kept expanding its commercial partnerships
PHOOZY's more recent activity suggests that it is not relying solely on the publicity from its 2021 television appearance.
In August 2025, PHOOZY announced a partnership with RAFA Racing Team, making the company the team's Official Technology Protection Partner. The partnership puts PHOOZY products into an environment that fits closely with Conway's background in professional motorsports. (phoozy.com)
The company's current website also says PHOOZY has secured six U.S. Air Force contracts and claims a community of 494,000 PHOOZY users. Those are company-reported figures, not independently audited customer or contract statistics, so they should be read accordingly. (phoozy.com)
There are also third-party estimates of PHOOZY's revenue. One commercial company database estimates 2023 revenue at approximately $4 million. That figure is not a PHOOZY financial filing, so it should be treated as an estimate rather than a confirmed annual revenue number. (craft.co)
The Shark Tank deal is not the best measure of what happened to PHOOZY
PHOOZY's Shark Tank appearance produced a memorable handshake, but the handshake is not the most important part of the company's current story.
The $500,000 investment accepted on television apparently did not become a completed deal. PHOOZY nevertheless remained independent enough to keep developing its products, broaden its commercial market and pursue government technology contracts.
The company that exists in 2026 is also not exactly the company that appeared in the Tank in 2021. The original pitch was about protecting smartphones from extreme environments. Today, PHOOZY sells protection for a much wider range of electronics and has positioned its thermal-composite technology for applications well outside the consumer phone-accessory aisle. (phoozy.com)
There is still some uncertainty around the private company's finances and the precise ownership relationship between PHOOZY and its Shark Tank investors. PHOOZY does not publicly provide the kind of financial reporting that would settle every valuation or revenue claim found online.
But the central fact is not particularly ambiguous.
PHOOZY did not need the Shark Tank investment to remain alive. The televised deal appears to have fallen apart after filming, while the business itself continued operating, developing new products and pursuing increasingly technical applications for its underlying technology.
That makes PHOOZY a less dramatic Shark Tank story than a shutdown, acquisition or billion-dollar exit. It is also a more useful one: sometimes the deal that makes the episode memorable is not the deal that determines whether the company survives.
