Short for Personal Input Pod, the PIP utilises a skin response technology that detects changes in an individual's ability to conduct electricity and conveys the findings via Bluetooth to Android and iOS devices.
Galvanic is endeavouring to raise $100,000 for the PIP. In addition to funding hardware manufacture, the company will also use the money it raises through its Kickstarter campaign for app development and the creation of third-party SDKs.
"[The] PIP is a significant leap forward in terms of what can be done to manage stress but that's just the tip of the iceberg. The PIP undoubtedly has a number of potential usages from day-to-day convenience applications to consumer health benefits to shaking up lifestyle entertainment and gaming," commented Daragh McDonnell, CTO of Galvanic.
McDonnell added: "The ubiquitous ownership of smart devices means that so much is possible and we are very excited to get into market and work with other innovators to help us realise PIP's full potential."
The PIP is currently in prototype phase but has already attracted considerable interest from academic circles - New York's Cornell University and Trinity College Dublin are among the institutes that are taking a very close look at the gadget.
"This type of technology has the potential to positively change how we live. At the Interaction Design Lab, our work focuses on creating technologies that automatically detect emotions and help people change behaviour. We've been using the PIP on what we call Moodlight, a light that knows how you feel," said Mark Matthews, a Marie Curie research scholar at the Cornell University Interaction Design Lab.
He continued: "Research has shown that cultivating a sense of non-judgemental mindfulness of present experience can produce substantial improvements in wellbeing."
Galvanic's PIP Kickstarter campaign will run until 20 July. A range of incentives are on offer for potential backers, up to $5,000 (£3,250) for an exclusive three day brainstorming session with the PIP team in Ireland.