If you’re looking for an update on Eterneva, the company featured in Shark Tank Season 11, last month the company announced that it had raised $10 million in Series A funding after doubling its revenue in 2020, according to TechCrunch.
Eterneva claims to produce diamonds from the cremated ashes of people and pets—with the resulting gems starting at $2,999. Investor Mark Cuban told TechCrunch that the product is “a unique, socially responsible way to stay connected to loved ones.”
He also said, “[Eterneva] takes a very emotional and difficult [time] and helps people walk through their journey in a trusted way that I don’t think anyone else can come close to.”
Eterneva had a rocky "Shark Tank" appearance, no pun intended.
Eterneva’s $10-million Series A round might not have happened without Cuban as an early investor. Even Cuban had doubts when Eterneva founders Adelle Archer and Garrett Ozar appeared on Shark Tank in October 2019.
Cuban and the other sharks on the ABC reality show were surprised to hear that Eterneva had already raised a round of capital. They even suspected that Archer and Ozar were only on the show for free publicity. “Are you happy with the commercial that we’re making for you right now?” Cuban asked the duo at one point.
Archer and Ozar were also adamant that their company was worth $10 million, while Cuban angled for a lower valuation. “Your valuation from your previous investors is driving your negotiation,” he told the entrepreneurs.
Eventually, the other sharks dropped out of negotiations one by one, until only Cuban was still in contention. After some hard bargaining, the Dallas Mavericks owner agreed to invest $600,000 for a 9-percent stake in the business.
One gemologist claimed companies like Eterneva are “nothing more than a scam.”
In a statement to Page Six Style after the episode, gemologist Grant Mobley said Eterneva and its product weren’t legitimate. “Companies like Eterneva that claim to make synthetic diamonds out of human ashes have been around for more than a decade,” he said. “But after further research into the process, it has become well known within the jewelry industry that these companies are nothing more than a scam, which is why investments have come from outside the jewelry industry.”
He also said, “[They’re] charging a fortune, much more than the cost of a natural diamond of the same size and quality. The consumer is left with a synthetic diamond that has no value and no ties to the ashes of a loved one. These companies are taking advantage of consumers when they are grieving and vulnerable and leaving them short thousands of dollars.”
A report from gemologist Robert James concluded that the cremation diamond industry “cannot guarantee any of the loved one’s carbon is in the cremation or memorial diamond,” noting that cremation furnaces temperates range from 1,600–1,800 degrees Fahrenheit, while carbon burns at 1,405 degrees.
Archer told Page Six Style that cremation still leaves behind “carbonates.” Cuban told the outlet that Eterneva technology is “back by rock-solid science.”