TekDry Shark Tank Update | TekDry Net Worth

TekDry is a safe and fast way to dry cell phones. TekDry system utilizes low pressure, controlled heat, and beads to create a safe environment to drain all the water from your phone. It works better than sticking your phone in a bowl of rice to dry it.

TekDry is a drier technology company that has developed a machine that can handle gadgets that have been accidentally dropped in water. TekDry machines can dry gadgets in 20 minutes or less.

The advent of modern technology and innovation has allowed corporations to manufacture waterproof products, which have proven incredibly valuable in many situations.

A lack of thorough market research has led to an exorbitant price tag for most products, including cameras, mobile phones, and laptop computers, among other important technologies.

TekDry Shark Tank Update | TekDry Net Worth

Luxury has become prohibitively expensive for many users due to the financial implications.

Company NameTekDry
EntrepreneurCraig Beinecke and Adam Cookson
ProductDrying and repairing wet electronics and phones
Investment Asking For$500,000 For 5% equity in TekDry
Final Deal$500,000 Loan At 13% For 5% Equity After Loan Is Repaid
SharkKevin O’Leary
Episode Season 8, Episode 3
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of TekDry?

TekDry was founded in 2014 by Adam Cookson and Craig Beinecke, who are also co-founders.

TekDry offers fast, dependable, and safe mobile phone dry-out services, thus preventing water damage to internal components.

TekDry uses low-pressure, regulated heat and beads to remove 100 percent of the moisture from wet devices.

There is a way to recover deleted data from a device, and users are adopting it since it meets a common need.

The first phase in the water-removal process involves the beads softly generating some heat, followed by removing possible air deposits inside the chamber.

Once the vacuum has been created, the gentle heat will cause the liquid to become a gas later evaporate, leaving the cell phone completely dry.

It is not uncommon for people to express dissatisfaction about submerged electronic devices by trying to save them by submerging them in rice, a method that is rare to succeed.

Cookson and Beinecke raised $2.3 million before appearing on Shark Tank to start and run their company.

There were already 80 Staples locations with these machines, and customers could mail them in for repair, and they would only be charged if the machine could be fixed.

They needed additional funding from investors and lenders to keep their company profitable and make breakthroughs in manufacturing.

TekDry Before Shark Tank

Adam Kochson and Craig Bineckie appeared on Shark Tank requesting an investment of $500,000 in exchange for a 5% stake in TekDry.

The toilet next to Adam and Craig is accused of murder, and Andy believes it is to blame. Most people lose their phones because of water damage caused by their porcelain protectors.

There’s more: statisticians estimate that 22,3 million phones die each year due to toilets, swimming pools, and washing machines.

Craig and Adam have developed a machine that can reanimate phones, tablets, computers, watches, and pretty much anything else that fits inside the machine. There is no such thing as magic, only science.

They view a sample video that converts liquid into gas that can be used to restore the functionality of a phone in less than 30 minutes. This method does not require any disassembling or even drying!

Craig decides to put his money where his mouth is by using his cell phone. It does not have any additional protection, so he is not concerned. The Sharks are screaming in exasperation as he flushes the phone down the toilet.

They conclude that this is an opportunity they don’t want to miss out on. It is a heartbreaking moment for his customers, explains Craig, as he removes his phone from his pocket and puts on a glove.

You must bring your device to us as soon as possible since it starts to rust upon contact with water. 

Metallic beads inside the chamber surround anything placed inside with a pleasant and soft heat.

The device is inserted into the chamber, and then the machine is used to remove all the air from it. 

The phone begins to function again after the liquid transforms into gas coupled with modest heat.

How Was The Shark Tank Pitch Of TekDry?

Adam and Craig appeared on Shark Tank requesting an investment of $500,000 in exchange for a 5% stake in TekDry. 

Adam Cookson and Craig Beinecke appeared on the free show Shark Tank season eight episode three to sell their company.

They said they could restore phones to functioning order using a machine that could do this.

Adam and Craig Cookson developed a machine, TekDry that could remove liquid from phones that were dropped in water, and they claimed that they could restore their phones to working order.

Basically, a user would put their phone in the TekDry machine and leave it there for about 30 minutes, after which the water in the phone will become a gas.

TekDry allows the phone to be used again. This works by drawing out liquid from the phone and allowing it to work once again.

TekDry placed a box in a total of 82 stores at the time of the Shark Tank pitch and was planning to expand to a few more stores later that year.

Renters pay a minimum of $80 per month to rent out their boxes. Additionally, the store has to pay TekDry 60% of its revenue from the box.

In 2015, TekDry generated sakes worth just $29,000. Although, since the company was developing, it was on track to make over $600,000.

TekDry has grown steadily in the years since its inception and its merchandise sales have topped $650,000. The company raised more than $2 million in funds.

Most of the sharks did not want to invest in TekDry, so Lori Greiner suggested that TekDry try to set up a system where customers could send their phones to a repair shop for them to be fixed.

Kevin O’Leary was interested and offered to give TekDry $500,000 as a cash loan. The offer was for a maximum of 13% interest and 5% of TekDry’s total equity.

Adam and Craig enjoyed the way Kevin organized the deal and TekDry was able to leave the panel with a deal from Kevin.

Final Deal: Kevin O’Leary agreed to invest a $500,000 Loan At 13% For 5% Equity After Loan Is Repaid in TekDry.

What Happened To TekDry After Shark Tank?

TekDry is a unique example of a company that primarily provides a service rather than a product. 

TekDrys are still quite rare (and difficult to come by), and they appear to be more prevalent on the west coast.

On the other hand, the company’s headquarter is in Denver, Colorado. There is a price of $39.99 for small devices (such as a USB drive or car keys) and $69.99 for medium devices (such as a cellphone). 

It costs $99.99 to keep large devices (such as a laptop or television) (such as laptops, tablets, or other devices).

It is backed up by the promise that the product will be shown to you in a working condition before any money needs to be transferred.

It is not convenient for me to find a TekDry near me in Ohio, as the only ones I’ve found are in far-off Pennsylvania and on the northern peninsula of Michigan. This seems like a harsh oversight in terms of coverage gaps.

TekDry devices are often available only at Staples (that’s all I could find within a 500-mile radius of the TekDry website).

You can mail your phone to TekDry for $70 to have it repaired if there isn’t a TekDry location near you.

If your phone doesn’t work, the company will reimburse you the $70 and return your phone by priority mail.

Kevin is no longer a commanding entity in TekDry, according to what I’ve been able to discover, and my instincts tell me that he is not participating.

Staples seems to be the only place that is shipping things out. A person such as Kevin could have raised awareness and built up manufacturing if he had been involved.

Kevin might be a more conservative investor, and he may gradually scale-out TekDry to decide when he can no longer grow the current model any further.

Craig and Adam’s firm, TekDry, will probably be around for a very long time. However, Lori makes a valid point here – changes in telephone technology could easily put them out of business.

TekDry Shark Tank Update

TekDry posted this update following it being featured on Shark Tank. TekDry is still in business and seems to be doing quite well.

The deal between Kevin O’Leary and TekDry was finalized after the Shark Tank show. Kevin helped the TekDry team to expand its services and even marketed the product on various platforms.

You can find TekDry in various stores around the United States. More than 600 TekDry machines are currently in Staples stores, most of them located on the east and west coasts.

Tekdry now offers a service that allows you to send in your phone and have it fixed within 24 hours if it gets wet.

TekDry provides services for small devices, such as flash drives and keyboards, but also for large devices, such as laptops and desktop computers. TekDry generates approximately $1 million in revenue annually.

Is TekDry Still In Business?

TekDry has grown substantially since its appearance on Shark Tank, raising funds to invest in developing new technology and expanding its operations.

The Company has progressed further and hired additional employees to service a more comprehensive network of stores.

TekDry has faced some difficulties in the marketplace, similar to other businesses that specialize in providing services rather than products. This is true even though it is relevant and necessary for the market.

What Happened To FitDeck After Shark Tank?

TekDry, which is based outside of Denver, Colorado, continues to face significant coverage gaps in the areas it serves. Many of its most basic products are not readily available throughout the country.

TekDry’s website specifies when customers can return their gadgets and receive $70 if they do not work. TekDry also ensures that the phone is returned to its rightful owner.

TekDry experts recommend that if a gadget is submerged in water, it is rescued as soon as possible, powered off to prevent short-circuiting, the water is brushed away, and then transported to the nearest TekDry staple for drying.

TekDry is still in business with annual revenue of $1 million.

What Is the Net Worth Of TekDry?

TekDry’s net worth is estimated to be $5 million. The valuation of TekDry was $2.77 million after securing an investment on season 08 of Shark Tank.