xCraft Enterprises Crunchbase Company Profile & Funding

The computerized locker system ensured all your laundry and deliveries remained safe inside the cubicles while you worked. Since appearing on Shark Tank, iLumi returned to Kickstarter to raise money for its new iLumi Smartstrip product. That item, along with the rest of the iLumi catalog, can be ordered from the company’s website. Smart lightbulb maker iLumi followed up its $200,000 success on Kickstarter with an even bigger win in the Shark Tank. The company’s smartphone-controlled light bulbs attracted offers from three Sharks.

• JD Claridge, the CEO, is an aerospace engineer with experience at Volant Technica and Quest Aircraft.
• At the time of the shark tank appearance, xCraft was valued at around $6 million.
• The duo developed their first Drone, X PlusOne, and marketed it well.
• Currently, xCraft has a net worth of $17 million (approximately).

Today, many different computerized locker systems have the same concept as the Clean Cube. The PIN-code-activated lockers keep the parcels safe and secure even when you’re away. XCraft stands in an expansive market — if it plays its cards right. Even so, the company has dug itself into a formidable hole, and past failures are weighing down its reputation among past supporters. It will need to win back the faith of these disappointed consumers and make up for the loss of past clients. To its credit, xCraft has pledged to use the funds for this raise to pay off the remaining liabilities from its failed Kickstarter.

A full-priced, two-Shark deal

As a result, the company combines massive liabilities with sparse cash on hand. Therefore, XCraft Enterprises has been rated an Underweight Deal. Simply put, xCraft is in a financially tenuous situation due to recent failures — which could be enough to put off most investors. It holds no active patents to capitalize on its plans to develop flying cars, even should technological breakthroughs make the market open up in the near future. The Sharks’ interest in X-Craft was sparked when the entrepreneurs unveiled phonedrum. Additionally, their design admission that they have the capacity to patent their unique design prompted the first offer of 750,000 dollars for a 25 percent stake in their company.

XCraft has seen many developments after appearing on Shark Tank. They also encountered a mixup of order numbers as they used three different platforms (Kickstarter, IndieGoGo, and their website). The X PlusOne is a powerful piece of technology and has been featured in several magazines and publications, such as Popular Science and Wired Magazine. X PlusOne, manufactured by xCraft, is a remote-controlled drone that can fly up to an altitude of 10,000 feet and has a maximum speed of 60 MPH. I hit rock bottom first though, long before before I found the strategies that Actually Work to create lasting success.

Did the company fall apart without the sharks?

In 2015, the team decided to take their model to Shark Tank to induce mass production of their drones. They entered the tank seeking $500,00 for 20% at a $2.5 million valuation but instead hit $1.5 million for 25%. They persuaded them towards the unique idea they have for the company with the introduction of UAS. Their proactivity and answers urged the sharks to enter the deal, with all five of the mega investors collectively investing in the drone. The entrepreneurs asked the sharks to invest half a million dollars in their drone company (X-Craft). In exchange, the investors were to get 25 percent equity share in the company.

At the time, the company held a net worth of $3 million, and the co-founders were looking for a $300,000 investment in exchange for 10 percent equity. If someone were just introduced to the idea of start-ups, venture capital, and entrepreneurship, Shark Tank would take them by surprise. After all, start-ups are all in the tech sphere, pushing emerging technologies like augmented reality and machine learning.

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The drone services market is growing rapidly, with the Business Insider projecting a $63.6 billion market size by 2025. At the moment, drones are a rapidly-growing technology and an exploding market. Since the Wright Brothers’ successful plane launch at Kitty Hawk, entrepreneurial inventors have sought to create the ultimate innovation in modern transportation — the flying car. In 1940, Henry Ford predicted its imminent emergence into the market.

It was also extensively used for grocery deliveries, picking up laundry, and dry cleaning without physically going to the store. Simply drop your stuff in the locker and pick it up at the scheduled time after returning home. It was a simple yet effective idea, and almost 40 buildings in New York had these locker systems. The Clean Cube was designed for office workers or people who had to stay all day home only to wait for a delivery.

Did the sharks follow through on their investment?

However, the company is still going strong, sells various products and has obtained funding from other sources like crowdfunding to keep going, as reported by Gazette Review. For one thing, what made them different than many other emerging drone manufacturers? The pair mentioned their intellectual property and licensing opportunities, which swayed some of the sharks in wanting part of the business.

The xCraft Drone also has a high-definition camera, perfect for aerial photography and videography. XCraft was founded by two passionate entrepreneurs with a strong vision for making drones accessible xcraft net worth to everyone while introducing innovative solutions to help make them easier to use. Various customized Unmanned Aerial System (UAS) drones are designed and manufactured by xCraft.