In 2015, drone manufacturer xCraft made an appearance on the ABC show Shark Tank. In exchange for only 20% ownership, JD Claridge and Charles Manning sought $500,000 in funding.
Each of the five “sharks” offered $300,000 in exchange for 5% of the company, for a total of $1.5 million in exchange for 25% of xCraft. The founders agreed to the terms of the arrangement. That meant the $6 million valuation xCraft received on Shark Tank.
xCraft’s success and creativity have only increased since their appearance on Shark Tank. In 2019, consumer and commercial drone industry leader 3D Robotics purchased xCraft.
As of the year 2023, xCraft is still in operation and has made its name in the defense and military drone industry. As of the year 2023, xCraft has a net worth of $17 million, as reported by SEOAves.
What is Xcraft? Who founded Xcraft?
The American firm XCraft designs and manufactures unique drones, generally known as Unmanned Aerial Systems (UAS). Their goal is to design miniaturized drones with great performance that can be put to use in the business world.
JD Claridge and Charles Manning became friends in 2014 after bonding over their mutual love of flying and business. Drones were becoming more and more common, so they saw a chance to include them into regular procedures. They collaborated on the X PlusOne, the company’s first offering.
Former Quest Aircraft employee and aeronautical engineer JD Claridge developed the X PlusOne drone. However, Charles Manning leads mobile analytics technology firm Kochava as its chief executive officer. He joined X PlusOne because of its cutting-edge technology and design.
XCraft was founded by JD Claridge and Charles Manning, who saw a need in the market for specialized UAVs and set out to fill it.
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What Happened to Xcraft at the Shark Tank Pitch?
The X PlusOne drone, unveiled by XCraft, is a hybrid between a drone and a remote-controlled airplane; it can reach speeds of 60 mph and altitudes of 10,000 feet. The sensors on board allow it to tilt by 90 degrees, allowing it to hover like a drone while also allowing it to fly like an airplane.
The automated stabilizer and GoPro camera connection make it possible to film fast-paced aerial footage and then swiftly return to hovering. The drone has a flight time of 12-22 minutes (speed dependent) and a removable battery.
The X PlusOne can be preordered now for anything from $1,549 for a do-it-yourself kit to $2,199 for a fully loaded version. JD and Charles flew the X PlusOne drone in “drone mode” during the pitch and sought for $500,000 in exchange for 20% ownership of the company.
The Sharks were taken aback by the X PlusOne and its revolutionary potential in the drone industry. Kevin made an immediate offer of $750K for a 25% ownership, and Lori offered $1 million for a 20% stake, among other proposals.
In a Shark war, Daymond and Kevin both offered $1 million for 25% of the company. All five Sharks eventually settled on investing $1.5 million for a 25% interest in the business after some haggling.
XCraft also showcased their Phone drone, which uses the sensors already built inside cellphones to enable for flight. They needed an extra $250,000 to complete development of the Phone Drone.
Mark kept quiet at first, but later agreed to participate in the transaction along with the other Sharks. The Sharks’ investment was highly valued since, unlike other possible investors, they weren’t afraid to get their hands dirty. All five Sharks agreed to spend $1.5 million in exchange for a 25% share in XCraft, sealing the transaction.
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