ChessUp Shark Tank Update | ChessUp Net Worth

ChessUp is a product that appeared in episode 09, Season 14 of Shark Tank. It is designed to make chess accessible to people of all ages. It features a chess board with customized AI that uses a color-coded light system to indicate the right moves and their levels of potential success. The surrounding squares of a piece indicate whether a move can be advantageous or not.

With ChessUp, people can play chess with each other no matter where they are in the world. The board syncs with a mobile app that allows players to change the play speed, catering to those who enjoy challenges or prefer a more leisurely game.

This product merges the ancient game of chess with cutting-edge technology, making it intriguing to the Sharks on Shark Tank. It eliminates the barrier of intimidation that chess can present, especially to beginners, by providing a self-contained entry point.

It also serves as a reinforcing tool for intermediate and advanced players, eliminating the need for extensive reading or studying on external websites.

ChessUp features physical piece movement for a more immersive experience, an AI system that helps develop strategy by guiding light patterns on the board, as well as customizable skill levels and speed settings.

ChessUp stands out as a more immersive option among chess apps, websites, books, and tutorials. It offers a unique tactile experience of physically moving the chess pieces, enhancing engagement and enjoyment.

ChessUp is suitable for a wide audience. It makes an excellent gift for young children learning the game, thanks to its helpful lighting system that aids in quickly picking up strategies.

Additionally, players of all levels can have fun with ChessUp, as it provides equal footing through the lit squares on the board, indicating the probability of successful moves.

ChessUp is a great choice for chess enthusiasts and beginners alike. Its immersive and interactive nature sets it apart from other options in the market, making it an appealing product for individuals looking to enhance their chess-playing experience.

Company NameBryght Labs
FounderAdam Roush, Jeff Wigh, and Justin Farrell
ProductA smart device that teaches you chess through artificial intelligence
Investment Seeking$300,000 for 5% equity
Final Deal Accepted$300,000 for 5% equity and repay 3% of every sale until paid back 1.5 times $450,000
Shark NameLori Greiner
EpisodeSeason 14, Episode 09
Business StatusIn Business
WebsiteVisit Website
Net Worth$3 Million (estimated)

What Is ChessUp?

ChessUp is a smart, connected chess board designed to enhance the chess-playing experience for players of all skill levels. It serves as a chess coach, game analyst, and opponent, providing a range of features and functionalities.

The ChessUp board is equipped with a built-in instructor that teaches players at their level. When a player touches a piece, the board lights up with three possible moves: green for the best move, blue for the next best move, and red for unfavorable moves. This visual guidance helps players make informed decisions.

ChessUp Shark Tank Update | ChessUp Net Worth

In addition to guiding gameplay, ChessUp analyzes the player’s moves, providing feedback on what they did right and where they went wrong. This analysis helps players identify their strengths and weaknesses, facilitating improvement over time.

ChessUp offers various playing modes. Players can compete against the computer, with the difficulty level adjusted to match their skills. For those seeking human opponents, ChessUp connects players from around the world, matching them based on their skill levels.

The ChessUp board is easy to set up. By turning it on and connecting it to a smartphone app, players can quickly start playing. Novices begin at Level 1 and progress as they learn the basics from the built-in instructor. Experienced players can start at their current level.

Apart from its gameplay features, ChessUp provides advanced functionalities through its integrated app. These include an automatic clock, in-game analysis, and post-game analysis.

The clock feature allows players to engage in timed games like Blitz and Bullet, with the clock switching automatically after each move. The in-game and post-game analyses help players understand the strategies behind moves and review their games in chronological order.

ChessUp is an innovative smart chess board that combines instructional features, game analysis, and online connectivity to provide an immersive and educational chess-playing experience for players of all levels.

Who Is The Founder Of ChessUp?

The founders of ChessUp are Jeff Wright, Adam Roush, and Justin Farrell. They all have a passion for technology and chess. Jeff and Adam met while working together at Garmin in 2019.

Jeff’s daughter started learning chess, which made Jeff wonder why the AI in chess games was always an opponent and not a coach. This sparked the idea for ChessUp, an AI-powered board game that could serve as both an opponent and a teacher.

The founders of ChessUp have a strong background in technology. They have a combined experience of 48 years in tech, with 20 issued patents. Their expertise includes developing various tech products such as smartwatches, fitness trackers, sonar technology, radar launch monitors, and action cameras.

Motivated by their desire to improve the chess learning process, the founders put their heads together and came up with ChessUp. They developed five prototypes before finally creating pilot units. Through their IndieGoGo campaign, they were able to share their innovative product with the world.

Before appearing on Shark Tank, ChessUp gained attention through a successful Kickstarter campaign. The founders raised an impressive $1,703,168, surpassing their initial goal of $30,000. This overwhelming support led the trio to quit their jobs and focus on developing ChessUp full-time.

ChessUp is a revolutionary smart chess board with a built-in chess engine and instructor. It helps players learn and improve their skills by lighting up all possible moves according to their strength. The board is designed to make learning chess faster and easier for all skill levels.

In addition to the smart board game, ChessUp is also working on building a comprehensive chess lesson library through its ChessUp Academy app. This library will feature interactive content created by world-class chess talent, enhancing the learning experience for users.

The founders’ appearance on Shark Tank Season 14 Episode 9 provided them with an opportunity to pitch their innovative product to the Sharks. While it remains to be seen if they were able to strike a deal, the brand’s sales numbers and profit margins would be crucial factors in the Sharks’ decision to invest.

ChessUp has gained a loyal fanbase and continues to grow in popularity. With its unique features and dedication to revolutionizing the chess learning process, ChessUp has made a significant impact in the world of chess.

How Was The Shark Tank Pitch Of ChessUp?

During their Shark Tank pitch, Jeff Wigh and Adam Roush presented ChessUp, a chess game that incorporates AI technology to train new players. They sought a $300,000 investment for 5% equity in their business.

ChessUp Shark Tank Update | ChessUp Net Worth

The Sharks expressed concerns about the implied $6 million valuation of ChessUp and requested more information about the company’s finances.

Jeff and Adam revealed that they sold each ChessUp unit for $399, with a production cost of approximately $120 per unit.

They also disclosed that they had raised over $1.7 million through a successful Kickstarter campaign and generated an additional $400,000 in sales during 2022. However, they mentioned the presence of royalty payments to other partners, which affected the business’s profitability.

Barbara Corcoran and Mark Cuban decided not to invest, while Kevin O’Leary expressed interest but found the royalty structure too complex to pursue.

Ultimately, Jeff and Adam made an offer to Lori Greiner: 5% equity for $300,000 and a 3% royalty until she recouped 1.5 times her investment. Lori accepted this deal, becoming a partner in ChessUp.

Here’s a table summarizing the Shark’s investments:

SharkInvestment OfferedCounter Offer by FoundersFinal Deal Accepted by Founder
Lori Greiner$300,000 for 5%3% royalty until recouping 1.5x investmentYes
Barbara CorcoranNot interestedN/AN/A
Mark CubanNot interestedN/AN/A
Kevin O’LearyNot interestedN/AN/A

ChessUp’s appearance on Shark Tank resulted in a significant boost in sales during the 2022 holiday season. By partnering with Lori Greiner, Jeff and Adam hope to expand their marketing reach and continue growing their brand.

Did ChessUp Get a Deal on Shark Tank?

Yes, ChessUp did get a deal on Shark Tank. Co-founders Adam Roush and Jeff Wigh appeared on Season 14 Episode 9 of Shark Tank with their product ChessUp, an AI-based smart electronic device that helps users learn chess. They asked the sharks for $300,000 in exchange for a 5% equity stake in their company, Bryght Labs.

After a negotiation, Lori Greiner offered a royalty deal of $300,000 for 5% equity plus a 3% payback on every sale until she recoups 1.5 times her initial investment of $450,000. The deal was finalized, and Lori Greiner invested in ChessUp.

ChessUp is still in business and working on growing its product. The estimated worth of Bryght Labs, the parent company of ChessUp, is between $1 million and $2.5 million. The company is headquartered in Overland Park, Kansas, United States and employs a total of 6 people.

What Happened To ChessUp After Shark Tank?

After appearing on Shark Tank, ChessUp, a smart chessboard created by Bryght Labs, experienced significant developments in its business.

Despite initial hesitation from the Sharks, Lori Greiner made a deal with ChessUp, providing the financial investment the creators sought. This exposure on “Shark Tank” led to a surge in sales, with ChessUp boards selling out shortly after the show aired.

ChessUp Shark Tank Update | ChessUp Net Worth

In addition to the investment from Greiner, Bryght Labs also received a venture capital investment from the Missouri Technology Corporation’s IDEA Fund. ChessUp is still in business and continues to ship smart chessboards internationally.

The company has expanded its product line to include accessories such as a board carrying bag, a branded phone stand, and smart checker pieces compatible with ChessUp.

ChessUp continues to be successful due to positive consumer feedback and favorable reviews. Looking ahead, Bryght Labs plans to iterate and improve ChessUp while also exploring the possibility of launching other STEM-related products, potentially in the smart instrument space.

ChessUp Shark Tank Update

After appearing on Shark Tank in December 2022, ChessUp, the smart chess board created by founders Jeff Wigh, Adam Roush, and Justin Farrell, experienced a significant boost in exposure and interest. The episode received positive feedback from viewers, generating a lot of love for the product.

ChessUp had already gained traction before appearing on Shark Tank through a successful Kickstarter campaign. Launched in March 2021, the campaign reached 100% of its funding goal in just 25 minutes.

By late 2022, the campaign had raised $1.7 million from 5,657 backers, making it the most funded chess project on the platform.

The founders’ appearance on Shark Tank provided them with the opportunity to secure a deal with Lori Greiner, further boosting their business prospects. With Lori’s expertise and guidance, ChessUp gained valuable support and resources to break into the market.

Currently, ChessUp is available for purchase on multiple platforms, including Amazon and their official website, PlayChessUp.com.

The product retails for $299 and comes with an accompanying app. It is worth noting that ChessUp is still fulfilling orders from their Kickstarter campaign, so there may be some delays in shipping.

ChessUp has received generally positive reviews. On Amazon, the product has an average rating of 4.1 stars from six reviews. Kickstarter backers have also praised the quality of materials used.

With its innovative features, such as AI-powered analysis using Stockfish, ChessUp has positioned itself as a valuable tool for chess enthusiasts. As of 2024, ChessUp is estimated to be worth $3 million, showcasing its success and potential in the market.

ChessUp experienced increased exposure and interest after appearing on Shark Tank and securing a deal with Lori Greiner. The product is available for purchase on various platforms, continues to fulfill Kickstarter orders, and has garnered positive reviews. With its innovative capabilities and market value, ChessUp has established itself as a prominent player in the chess industry.

Is ChessUp Still In Business?

Yes, ChessUp is still in business. ChessUp is an AI-based smart electronic device developed by Bryght Labs, a tech startup headquartered in Overland Park, Kansas, United States.

The company was founded in 2020 with a focus on creating STEM teaching game products. ChessUp, their flagship product, is a smart chess board that uses color highlighting to suggest different possible moves to players.

ChessUp Shark Tank Update | ChessUp Net Worth

It supports both online and on-board play, and through its mobile app, users can analyze their moves and strategies. ChessUp successfully raised over $1.7 million through a Kickstarter campaign and has generated over $400,000 in sales.

With continued investment and growth, ChessUp aims to help chess players of all levels improve their skills.

What Is the Net Worth Of ChessUp?

According to our research, ChessUp’s net worth is estimated at $3 million. The valuation of ChessUp was $6 million after securing an investment from Lori Greiner on Shark Tank season 14.

Also, read about other businesses that appeared on episode 09 of season 14 of Shark Tank:

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