Early Stage

A New Standard of Care for Elderlies

A New Standard of Care for Elderlies


Raised this Round: Raised: $173,155

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Common



SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Healthcare & Pharmaceuticals

Tech Sector


Distribution Model




Capital Intensity



Miami, Florida

Business Type


Smardii, with a $12 million pre-money valuation, is raising funds on StartEngine. The company has created a sensor-based wearable solution for adult incontinence. The smart diapers of Smardii continuously monitor health conditions, including the presence and level of urine and stool, the positioning of patients to prevent falls and repositioning for pressure ulcers. Vikram Mehta founded Smardii in July 2016. The current round of crowdfunding has a minimum target of $9,999 and a maximum target of $999,999, and the proceeds will be used to enter the B2C market to meet the growing demands. Smardii has already signed up with ten long-term care partners and has over $10 million worth of monthly SaaS in its B2B sales funnel.

Summary Profit and Loss Statement

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Summary Balance Sheet

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Financials as of: 08/05/2021
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One massive challenge in caring for the elderly is incontinence, or the inability to control one’s bladder and/or bowels. The CDC reports that more than half of seniors are plagued by the condition. While not life-threatening in isolation, incontinence can lead to a host skin infections, aggravated UTIs, and other issues. To that end, managing incontinence in residents is a regular and expensive prospect for nursing home staff. It is also undignified to have one’s diaper checked regularly — often many times a day. This indignity itself can add pressure to mental health.

Smardii is addressing all of these problems in one package with an Internet of Medical Things smart device. Its sensor-based device attaches to any incontinence protection, essentially turning it into a “smart diaper.” Caregivers can use their devices to monitor residents’ status — not just whether the diaper has been soiled, but how. It also senses whether the resident has fallen or has pressure ulcers. The device reduces providers’ workload, limits invasive diaper checks that strain elders’ dignity, and ensures that protection is changed rapidly so no further issues develop. In future iterations, the technology will be able to provide geolocation, body temperature monitoring, and even urinalysis.

The device consists of a reusable “puck,” disposable sensor strips, and a connectivity gateway that connects to the portal application. In the future, Smardii plans to bring this offering to the market at large for at-home caregivers. It has completed a pilot program with French nursing home chain Les Opalines.

Smardii’s current StartEngine raise has been rated a Neutral Deal by the KingsCrowd investment team. 

Next Section: Price


Smardii is raising through common equity at a pre-money valuation of $12 million. The product has definite potential, but this represents a slight over-valuation for a pre-revenue startup. The product has already undergone significant development, but it just isn’t at a far enough stage for this valuation to be justified. 

Next Section: Market


Smardii isn’t planning to address all of the adult diapers market. Its device works with existing incontinence garments rather than replacing them. However, the incontinence protection market is a good proxy for estimating Smardii’s market potential. One estimate put the North American adult diaper market at $4.4 billion in 2020, with an annual growth rate of 6.7%. That market isn’t huge, but considering the inevitable long-term rise in demand for elder care, that trajectory will be going up for some time. Smardii’s overall market potential is moderate but not particularly promising.

Next Section: Team


Co-founder, Director, and Chief Medical Officer Dr. Mathieu Gaddini received his doctorate degree from Aix-Marseille University. After obtaining his medical degree, he spent almost 11 years in general practice. He was a medical assistant in large nursing home groups and a large hospital group in France. His experiences have ranged across various patient ages. His education and decade of experience have certainly qualified him to lead the medical side of Smardii.

Co-founder and Director Vikram Mehta spent 20 years working with Wall Street clients, including large private equity and hedge funds. He left his longtime position as part of Wall Street in 2020 to focus full-time on Smardii. However, his background in finance makes it unclear what relevant experience he brings to the company apart from general financial expertise. 

Co-founder, former CEO, and current Member of the Board Sebastien Gaddini received his law degree from Paul Cézanne, which would eventually become part of AMU. Gaddini spent 18 years working in corporate law, and no doubt it is his influence which pushes Smardii’s emphasis on avoiding neglect and abuse lawsuits. He was working with Smardii full-time until recently, when a new, unspecified long-term project caused him to leave the CEO role.

Co-founder and Director Alpesh Patel is a serial entrepreneur and was an early investor in Smardii. Little information is available about Patel aside from the information given on the raise page.

Chief Revenue Officer John Welch received his bachelor’s degree in medical technology from Framingham State. Welch holds three decades of experience in healthcare and medical products, and his experience and connections are valuable for Smardii. He is a recent addition to the team, less than a year into his role. Principal Engineer Edward Mebarak is partly committed to Smardii but also to Cordis, another medtech startup. Finally, Chief Financial Officer Spiro Leunes has a master’s degree in taxation from Pace University and has two decades of experience in accounting and finance. 

In sum, the Smardii leadership team has a range of very complementary skills. Very few, if any, expertise gaps are present at this time.

Next Section: Differentiators


Smardii has focused intently on developing its product to the greatest extent possible rather than establishing a large customer base. The Smardii device has two patents pending, has been piloted, and is FDA-compliant. The device won a Top 10 position at the NASA iTech Challenge in 2020. It is easy to use and operates for 90 hours on a four hour charge. It competes with offerings such as drysmart and Wonderkin, which also offer smart-tech-enabled incontinence protection. The primary difference with Smardii is that the device can be attached to any existing incontinence protection. Competitors largely require that users swap to their devices entirely, and the technology of competing devices are inside the diaper rather than transmitters on the outside that attach to strips. Smardii’s potential for monitoring other care metrics such as falls and body temperature could also further differentiate its solution. Smardii’s focus on development has resulted in good defensibility and decent product differentiation.

Next Section: Performance


As a pre-revenue company, much of Smardii’s success has come through product performance and networking. The team has formed strategic partnerships through letters of intent with 10 long term care providers representing 25,000 bedst. Additionally, 250,000 beds worth of clients are in the sales queue. Since piloting the technology, Smardii has cut down on its cost of goods sold by 10x and conducted thousands of hours of live resident testing. In its pilot program, Smardii reduced night sleep interruptions by 50%–100%. It detected urine and stools with 99.9% accuracy and saved staff hours of check-ins. So far, evidence points to a high-quality product with positive results. However, the company produced losses of $2.1 million in net income in 2020. Smardii will need to produce revenue soon in order to make up for these numbers.

Next Section: Risks


Risk associated with an investment in Smardii is significant. A major area of concern is the startup’s financial situation. Smardii is still  pre-revenue despite incurring massive costs since its 2016 founding. Specifically, the company has more than $1 million dollars in short-term debt and -$2.4 million in net income for 2020. While the company claims that it has improved its cost of goods sold, there is no definitive evidence of that yet. Smardii needs to bring in revenue, reduce debt, and improve its margins in order to progress financially.

However, it may take Smardii significant time to begin generating revenue. The company is targeting nursing homes as its main customers, which results in a long sales cycle. Medical facilities are not known for quick pivots, and Smardii will need to convince potential customers to adopt its solution. This obstacle also means it will likely take a long time for the company to scale its distribution and network of clients. The longer it takes for Smardii to find customers and generate revenue, the more risk investors in this round will bear.

Next Section: Bearish Outlook

Bearish Outlook

It has been more than five years since Smardii was founded, and its product is still being tested. While it has secured partnerships, growth has been slow, and there is still no revenue. It’s one thing to avoid bringing a product to market before it’s ready, but funds for further development have to come from somewhere.

Additionally, the company is slightly overvalued for being pre-revenue and holds $1 million in short term debt. The adult diaper market is small. And though the meager $4.4 billion adult diaper market is just a proxy, Smardii’s actual market is likely even smaller. Finally, none of the founders appear to be fully committed. While a lack of commitment is likely the fiscally responsible decision, it is also a risk. 

Next Section: Bullish Outlook

Bullish Outlook

Despite financial and time concerns, Smardii really does seem to have a necessary and high-quality product. The Smardii device is set apart from other offerings in its reusability and portability. Positive feedback and a tech award indicate that the device is likely to be popular and effective. By taking a compassionate approach to a very real problem, Smardii stands to do very well in its target market once it actually reaches that market. Finally, the team, though lacking in commitment, is full of career professionals with years of very complementary experience.

Next Section: Executive Summary

Executive Summary

Smardii is a medical technology company that has created an Internet of Medical Things device for monitoring incontinence. The device, which connects to an accessible portal, attaches easily to existing incontinence protection garments. The device took Top 10 in the NASA iTech challenge, and early feedback has been very positive.

Despite its extensive testing and pilot programs, Smardii has not come to the market in earnest yet. It has taken in no revenue and is overvalued in this round. In addition, as money is an ongoing concern, the Smardii team is operating on a part-time basis and has never had an exit. The adult diaper market also isn’t huge, though it is growing. 

Smardii has, however, secured 10 partnerships with long term care providers and has a sales funnel with a predicted $10 million in monthly revenue. The device has been tested for thousands of hours in resident and laboratory settings. Once the product does come to market, it ought to do very well. Therefore, Smardii is a Neutral Deal.

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Analysis written by Benjamin Potts.

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Smardii on StartEngine 2021
Platform: StartEngine
Security Type: Equity - Common
Valuation: $12,000,000
Price per Share: $2.40

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