xCraft brings their drones into Shark Tank Season 7. They are looking for $500,000 for 20% of their company. Drones are popping up everywhere, bringing us incredible views, covering floods, chases, and events.
Companies like Amazon have drones in test markets delivering packages to doorsteps. Imagine using drones for safety reasons checking out dangerous locations for emergency personnel.
xCraft has their Drone ready to travel fast, while providing the ability to hover. Their drone has a wing that rotates into flight. Their drone captures fast moving subjects.
xCraft allows you to create flight plans for your drone. You have to keep it within line of sight if you are flying for recreational use.
They cost $400 to manufacture and sell for $1800. JD and Charles have pre-sales on Kickstarter in the amount of $143,000 and an additional $30,000 in sales through their website.
xCraft is working on setting the drone to hover inverted. They also have another product, called phone drone. They can use their smart phone to fly around in your home or outside. The Phone drone is in development with a price point of $300, but it is not for sale yet.
They intend to license the intellectual property for their business. they are scaling their production to get their costs down.
xCraft Episode Data
- Company: xCraft
- Entrepreneurs: JD Claridge and Charles Manning
- Ask: $500,000 for 20% equity
- Episode Season 7 Episode 705
- Companies in this episode:
- Mark Cuban
- Daymond John
- Kevin O'Leary
- Lori Greiner
- Robert Herjavec
- First Aired: 04/10/2014
- Deal: Five Sharks including Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, and Robert Herjavec $1.5 million for 25% equity
What do the Shark Tank Investors say about xCraft?
- Mark Cuban – Mark waits until the end to see if he is on the deal. He is waiting to see what JD and Charles have to say to the Sharks. He wants to know what the others have said when they come with money. Mark is in.
- Daymond John – Smells a nasty Shark fight. Daymond offers a million for 25%.
- Kevin O'Leary – wants to make an offer and he believes they need more money. He offers $750,000 for 25%. Kevin O'Leary steps up and offers a million dollars. Kevin tells them they have to have 5%.
- Lori Greiner – Lori offers a million for 20%. Lori is interested.
- Robert Herjavec – Robert is interested on the deal.
Charles comes back and asks if the Sharks would do a deal with all the Sharks in on the deal but they go from $2.5 million valuation, and now went up to a 10 million dollar valuation. They come back at $1.5 million dollars with 5% each. Mark Cuban is the last person to come in on the deal.
xCraft after Shark Tank
The company has their products available in several different versions of drones available on Amazon at a more affordable price than what they originally pitched in Shark Tank Season 7.