Drone brand XCraft was founded by two friends who hoped to gain a piece of the $100 billion markets by providing customers with a personalized drone product.
To take advantage of a burgeoning industry, they turned to the sharks on ABC’s Shark Tank in 2015.
Their company was valued at roughly $6 million by the Sharks at the time. Is everything going according to plan?
WHAT IS X-CRAFT?
An unmanned aerial system (often referred to as a UAS) is one that is not controlled by a human being. Customizable features like cameras are available on craft products.
In addition to the X Plus One and the Phone Drone, the company offers other goods. It is possible to attach a phone to the drone and use its camera capabilities with the help of the latter.
Commercial drones are the primary purpose of the drones, although they can be used for a variety of other purposes.
X-CRAFT Net Worth:
|Company Net Worth:||$8 million|
|Entrepreneur:||JD Claridge, Charles Manning|
|Asked for:||$500,000 for 20% equity|
|Deal:||$1,500,000 for 25% equity was proposed but didn’t go through|
|Shark:||Proposed deal from Kevin O’Leary, Mark Cuban, Lori Greiner, Daymond John, And Robert Herjavec|
X Craft Before Shark Tank:
Shark Tank would astound someone who had never heard of start-ups, venture capital, or entrepreneurship. After all, all start-ups are in the tech industry, promoting cutting-edge innovations such as augmented reality and artificial intelligence (AI). Coders in hoodies and Red Bull are what they hire. For them, social media marketing is more important than sales or business strategy. A start-public up’s image is The Social Network. Pet food and potty training goods dominate Shark Tank. To be fair, Shark Tank’s ideas are diverse, but it’s rare that an idea is “awesome” in every way. The only exception is XCraft.
Mixcraft is a commercial drone technology developer. Helicopter and plane capabilities are combined in the company’s flagship product, the X PlusOne. The fall of 2016 will see the release of a smaller drone that takes full use of the functionality found on the majority of modern smartphones. Aiming to take advantage of recent advancements in unmanned and autonomous flying, XCraft intends to take the drone market by storm.
They required an experienced crew to work with such cutting-edge equipment. CEO JD Claridge has worked at Volant Technica and Quest Aircraft as an aeronautical engineer. CEO of Kochava, the leading mobile analytics startup, is XCraft co-founder Charles Manning. There is more to the team’s diversity than JD and Charles. Their COO, Andrew Cook, is an expert in Bitcoin investments. A former Marine and a Chinese-speaking production manager are among the company’s engineers.
X Craft’s “launch” was facilitated via a crowdsourcing campaign. The initiative began in late 2014 with a $50,000 financing goal. the craft was able to generate nearly three times as much money during a month-long fundraising drive. Kickstarter backers paid an average of $545.25 for a variety of rewards, including pre-orders of the finished device and development kits.
The problem is that Kickstarter is rarely enough money to keep a company of this scale afloat. In order to cover the costs of R&D, inventory, and personnel hiring, more venture cash will be required. JD and Charles will require additional money if they intend to release new creative products and increase the use of drones in a wide range of consumer applications. XCraft’s crowdfunding effort has proven the viability of their business, but will that be enough to sway the traditionally conservative sharks?
Xcraft On Shark Tank:
In the beginning, they had hoped to receive $500 000 for X Craft in exchange for a 20 percent stake in the company. To get a grasp on the company, the sharks subjected them to a barrage of interrogation.
When compared to other drone makers, what made them stand out? Some of the sharks were influenced by the mention of intellectual property and licensing opportunities made by the pair.
Then, of course, everyone was desperate to get in.
To be one of the very few organizations that can declare that they were approached by every shark, XCraft received a combined offer from every shark. They ended up with considerably more money than they had anticipated!
All five sharks participated in the sale, which they accepted for $1.5 million for a 25 percent stake in the company.
What Happened Next? Did the Deal Go Through?
According to Shark Tank Tales, the company’s appearance on the reality show helped it gain a lot of attention, but the deal may not have truly been completed.
In spite of this, according to Gazette Review, the company is still going strong, selling a variety of items, and raising money from alternative methods like crowdsourcing.
Where Is X-craft Today?
the craft appears to be incredibly successful and innovative, with a number of drone types that can be suited for military, mining, construction, surveying, and public safety application. On the company’s website, you can see that you can invest in the company yourself.
Despite the fact that inventory is not always available, products are displayed on Amazon.
Innovators can be found at JCATI symposiums, developing new drones, or working on other projects. There’s nothing you can do!