By now, everyone knows about xCraft after all five sharks from Shark Tank, a program where aspirants can pitch their products to big-time business conglomerates for their investments, had invested in xCraft Enterprises, LLC drones. The American tech company is well known for its drone production and has been gaining a foothold in a plethora of industries, from mining to surveying and mapping, and even defense. The company has a history that goes beyond US-made remote-controlled airborne vehicles.
The enterprise has established its passion which has been a dream come true for JD Claridge, the founder of xCraft. A desire to fly and a passion for flying things have been the core of xCraft Enterprises. JD has been building toy aircraft and fitting wings to them since his early childhood. He stated that he had sold candy to his classmates to make money to fund his Aerial hobby, this led to him studying Electrical and Aerospace engineering after adolescence. At college, he got involved with entrepreneurship to promote his models.
The Phone Drone is one of the most popular designs of the ‘xCraft’ team with many others like X PlusOne. Gaining popularity with his ability to mount a phone on an aircraft and film with its camera. The majority of the drones are designed for businesses and business holders. The company uses UAS (Unmanned Aerial Systems) technology to fly their drones which are also customizable with removable and attachable elements for their drones.
The company was co-founded by JD and software developer Charles Manning in 2014 when the duo reflected on their interests in aviation and business. As said by the founders, the company aims to bring a revolution to the drone business by the introduction of powerful compact high-end drones to take advantage of the versatile commercial era. The team has kickstarted its first product after being crowdfunded, earning investments worldwide. The growing popularity of the company has raised the initial subsidy to more than 300%.
Shark Tank Invests In xCraft
Now we get to the most interesting part. 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%. The experience was surreal. To get a firm confirmation of their idea for the venture, the shark probed them with multiple questions, taxing them in different ways like what do they think sets them apart from their competition in the drone industry? They persuaded them towards the unique idea they have for the company with the introduction of UAS. They were further asked if they had received offers from other investors and, if they did, why xCraft had rejected them, this was replied with a shrug by saying that the former investors’ vision for the drone company was vastly different from their own. Their proactivity and answers urged the sharks to enter the deal, with all five of the mega investors collectively investing in the drone.
Though attested in the reality show, most believe that behind the cameras, the deal did not go through and had since fallen out. While no official information has been released about any fallout, the viewers can assume that the deal was carried through in light of the fruitful expansion of the company and its product manufacturing.
xCraft Net Worth
The company of xCraft started with an initial investment of $3 million from the StartEngine Campaigns and its desire to change the face of flying and flight technology. The two founders had expressed their goal to grow their company to be worth $100 billion. While this dream of theirs seems a little farfetched, as of now, the net worth of the enterprise is $17 million, which has grown from $6 million since they appeared on Shark Tank. The company raised $170,000 on the Kickstarter campaign, $1 million on the StartEngine campaign, and $1.5 from different ventures. The founder has mentioned that the manufacturing cost of a single drone stands at $400, while their xCraft drone is sold at a retail of $1899 due to its advanced features. Whatever hopes the founders and investors have for the company, we wish xCraft Enterprises will be worth it