Martin's product, SmartPlate, is the first plate to identify and weight everything sitting on the surface and get all your nutritional information on your smartphone.
SmartPlate not functional in Shark Tank
Martin pitches SmartPlate in Shark Tank Season 7. The plate takes a picture of the food and identifies the menu on the plate.
You can take a picture of your food in restaurants and have your smartphone give you the nutritional information. You need the SmartPlate to weight your food and identify portion control. The prototype plate does not have the weight sensors built in during the Shark Tank pitch of SmartPlate.
Kevin thinks you could save considerable money by not having the cameras on the plate.
Martin tells the Sharks that the SmartPlate will sell for $195.
He has raised $225,000 from accredited investors and have $85,000 from friends and family and has soft-circled $550,000. That means that he doesn't have the cash or the signed Private Placement Memorandums.
Entrepreneur: Martin Dell'Arciprete
Ask: $1,000,000 for 15% equity
Companies in this episode: Bee Free Honee, Float Baby, MTailor
Season: Season 7 Episode 717
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Chris Sacca
First Aired: 02/12/2016
What do the Shark Tank Investors say about SmartPlate
- Mark Cuban is going in circles and doesn't see any technology that he has introduced. He is hiring from 3rd party design companies hoping they can make it work. Martin has no idea that the technology will work, and he is out.
- Daymond John wants to know what he is using the phone for, and Martin said to simulate the camera. Daymond is uncomfortable with his pitch, and he is out.
- Kevin O'Leary thinks the people won't eat at home near the SmartPlate and he doesn't think he has any merit, he is out.
- Barbara Corcoran says his presentation is terrible, but he is so heartfelt. She is out.
- Chris Sacca thinks the plate is a crutch and will be obsolete. He believes the photo technology needs to be good enough to measure mass from the photo. The business fails in so many ways, so he is out.
SmartPlate after Shark Tank
SmartPlate decided to do an IndieGoGo campaign in 2016 and is still running the campaign. They have missed the deadline for their shipments and are estimating a March 2018 delivery.
SmartPlate made an original offer of $79 per plate and is currently taking pre-orders for $89 a plate. Those numbers are considerably under the Shark Tank quote of $199 per plate.
So far, the campaign raised $149,407 as of this post.