xCraft is a company that produces drones and other aircraft. They appeared on Shark Tank in 2016 and received an investment from Mark Cuban.
xCraft was founded in 2014 by Claridge. The company started with $50,000 of its own money and soon raised $1 million in angel investments. In 2015, xCraft appeared on Shark Tank.
Since appearing on Shark Tank, xCraft has continued to grow. They have released new products, including the xPlusOne, which combines a quadcopter with a fixed-wing plane. The company has also partnered with 3D Robotics to create a drone that can be used for mapping and surveying.
xCraft presented their drone X PulseOne, considered the future of uncrewed vehicles (UAV), on Shark Tank Episode 5, Season 7. xCraft is a company that manufactures different kinds of drones and has seen a significant rise in its customer base and even has advanced products over time.
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.
Also, the X PlusOne is mounted with a drone camera to help you record super-fast flying videos. The xCraft Drone has a total flight time of 12-22 minutes. However, the flight time reduces the faster you go.
Let us see how the Shark Tank presentation of xCraft goes and whether they get a deal from Sharks.
What is xCraft?
xCraft is a drone manufacturer specializing in designing and developing uncrewed aerial systems (UAC). The goal of xCraft is to bring innovation to the drone industry by introducing small, high-end, and powerful drones to make drones commercial equipment.
xCraft, a professional-grade drone manufacturer, recently appeared on the popular American television series Shark Tank. The company is best known for its revolutionary X PlusOne model, an advanced aerial drone capable of both vertical take-off and landing (VTOL) and transitioning from hover to airplane-like flight.
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.
xCraft provides customers with top-quality drones in different sizes and configurations to meet their needs. They also provide customers with the latest updates on product features, accessories, maintenance tips, software updates, safety guidelines, and more.
xCraft was founded by two passionate entrepreneurs with a strong vision for making drones accessible to everyone while introducing innovative solutions to help make them easier to use.
xCraft is a leading provider of high-performance drones and drone technology. The company was founded in 2014 by Chris Byers and Charles Manning, who met while working on their PhDs in aerospace engineering at Stanford University.
xCraft’s flagship product is the xCraft Drone, a quadcopter that can fly for up to 45 minutes and reach speeds of up to 60 mph. The xCraft Drone is also equipped with a high-definition camera, making it perfect for aerial photography and videography.
xCraft has also developed several other drone products, including the xCraft FireFLY, a mini drone that can be launched by hand; the xCraft XPlusOne, a fixed-wing drone with vertical takeoff and landing capabilities; and the xCraft XTreme, a rugged drone designed for extreme conditions.
In 2015, xCraft was featured on the ABC reality TV show Shark Tank, where the company secured an investment of $1.5 million.
Since then, xCraft has continued to grow and innovate, releasing new products and partnering with major companies in the drone industry. In 2019, xCraft was acquired by 3D Robotics, a leading provider of consumer and commercial drones, for an undisclosed sum.
Today, xCraft is at the forefront of the drone industry, helping to shape the future of this rapidly growing technology.
|Company Name||xCraft Drones|
|Product||unmanned aerial drones|
|Investment Asking For||$500,000 for 20% equity in xCraft|
|Final Deal||$1.5 for 25% equity in xCraft|
|Shark||Kevin O’Leary, Mark Cuban, Lori Greiner, Daymond John, and Robert Herjavec|
|Episode||Season 6 Episode 5|
|Business Status||In Business|
Who is the Founder of xCraft?
JD Claridge, an aerospace engineer, and his partner Charles Manning, a software developer, are the founders of xCraft. Currently, Charles serves as the Director of the xCraft, while JD is the CEO responsible for the day-to-day operation of xCraft.
JD Claridge and Charles Manning founded xCraft in 2014 after meeting and bonding over their shared love for business and aviation.
The two recognized that drones were growing in popularity and were looking for ways to incorporate them into their daily lives. A Kickstarter campaign successfully crowdfunded the first product, X PlusOne, produced by the pair.
XCraft’s Kickstarter campaign was hugely successful, raising almost 300 percent of the initial funding goal. The following year, in 2015, they decided it was time to take xCraft to Shark Tank.
xCraft Before Shark Tank
JD Claridge and Charles Manning founded xCraft in 2014 with a joint interest in the drone industry. The drone industry has been growing over time with the increased interest of people in drones and flying objects.
The duo developed their first Drone, X PlusOne, and marketed it well. However, the lack of funding took them to Kickstarter to raise funds for xCraft’s mass production and distribution.
The Kickstarter campaign of xCraft was highly successful and generated more than 300% of the initial amount they expected.
However, the Kickstarter campaign was not enough for them to start mass scaling of xCraft. Hence, they decided to take xCraft to Shark Tank to get additional funding and produce mass manufacturing of Craft.
Let us see how their presentation of xCraft goes and whether sharks seem interested in xCraft or not.
Charles and JD will need additional funding to launch new creative products and increase drones in consumer applications.
How Was The Shark Tank Pitch Of xCraft?
The founders xCraft JD and Charles appeared on Shark Tank requesting an investment of $500,000 for a 20% stake in the X PlusOne xCraft drone.
Final Deal: An investment of $300,000 for 5% of xCraft from every shark, making it $1.5 million for a 25% stake in xCraft.
Did xCraft get a deal on Shark Tank?
Yes, xCraft was able to secure a deal of $300,000 for a 5% stake in xCraft, with every shark making a total of $1.5 million for a 25% stake in xCraft.
What Happened to xCraft After Shark Tank?
The sharks never closed the deal with the founders of xCraft, which hasn’t stopped them from becoming successful. However, the popularity of xCraft boomed after shark tank aired on television.
As of 2023, xCraft is still in business and is focused on manufacturing drones for enterprise and military use. xCraft is currently valued at $17 million. That is a significant increase from the value they earned when they appeared on Shark Tank, which was $6 million.
A successful Kickstarter campaign for their phone drone project raised over $170,000, significantly more than the $100,000 they originally set as their goal.
The group managed to obtain investments from venture capital firms, notably Meyer Equity and Mountain Man Ventures. During that time, they raised over one million dollars through a crowdfunding campaign on StartEngine.
There are six models of drones available that you can purchase Panadrone, Matrix RTK, Nano One, Matrix SE, and Maverick Mapper.
The website of xCraft crashed as soon as the episode aired on television. JD and Charles started a Kickstarter campaign to start their Phone Drone project and generated over $170,000, reaching sky-high above their initial goal of $100,000.
The company operated smoothly, introduced various new models of drones, and even raised $1,068,687.08 on StartEngine in 2018.
Is xCraft Still in Business?
Yes, xCraft is still in business and has been focused on designing and developing various new models of drones for commercial purposes.
xCraft mission is to design drones that serve enterprises and military clients in the defense, energy, and security sectors as of October 2021.
What are the Sales, Valuation, and Revenue of xCraft?
xCraft was able to secure investment from different venture capitalist firms. Some well-known firms that invested in xCraft are Meyer Equity, Mountain Man Ventures, and the StartEngine campaign, which raised $1.1 million in funding.
xCraft Shark Tank Update
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).
They saw a steep rise in the business of xCraft and new orders as people were interested in getting a drone. The founders of xCraft soon set up a team for the management and production of xCraft, and they started selling their drones in the summer of 2016.
What Is the Net Worth of xCraft?
The valuation of xCraft was $6 million when it appeared on Shark Tank. The net worth of xCraft is $17 million as of 2023.