What Happened to NexerSys After the Shark Tank Pitch?
What is NexerSys?
NexerSys is a next-generation exercise system particularly built for boxing and mixed martial arts.
It’s a cross between an interactive gaming platform and an intelligence component focused on fitness.
It delivers a short, enjoyable, and effective workout for people of all ages and abilities, making it suitable for the weekend warrior fitness enthusiast or professional athlete.
Users select an activity, and a virtual personal trainer guides them through exercise programs, rewarding them along the way, similar to a video game.
At debut, two versions were available: a smaller version for home use and a bigger version for gym use, priced at $2995 and $7000, respectively.
Who is the Founder of NexerSys?
Terry Jones established and leads NexerSys. He graduated from Texas A&M University with a bachelor’s degree in business.
Terry has a background in sales and marketing, having held top positions at a variety of organizations.
He continues to work as Chief Executive Officer and as Managing Director of a manufacturing and distribution company today.
Terry has always had a strong interest in physical activity and fitness.
He was looking for a fun and engaging way to include MMA/Boxing into his home routine; however, nothing on the market fulfilled his requirements.
As a consequence, Terry formed XFit Inc, which acts as the parent company for NexerSys, and elected to strike out on his own.
In the spring of 2013, he sought to gather funding via Kickstarter but was only able to raise $13,000 of his $150,000 goal.
While the Kickstarter campaign was critical of NexerSys, the company’s testimonial website is brimming with wonderful praise from delighted customers.
He advertised the product on television shopping channels and through digital and print media marketing after patenting and producing it.
In the first 18 months following his launch, he made $4.2 million in sales. Nonetheless, the business failed because too expensive manufacturing and advertising costs; he also had a substantial shareholder commitment.
What Happened to NexerSys at the Shark Tank Pitch?
Terry Jones made an appearance on Shark Tank season 5 episode 16 in return for $2 million and a 10% share in the NexerSys technology company. This equates to a $20 million valuation.
Jones invites Olympic athlete Marlen Esparza to show his technique, which entails attaching a series of cushions to a human-shaped frame.
The user input their data into the computer, and the computer generates a workout tailored to their needs.
The gadget indicates the position of the user’s strike on the pads with a sequence of lights. Following that, the system sends data to the computer for analysis in preparation for further workouts.
Jones asks the Sharks to test the system, noting that he has provided a “one-of-a-kind” avatar.
Kevin O’Leary admires him, referring to him as a “good looking guy.” Naturally, Mr. Wonderful serves as the avatar, and Mark Cuban is ready to offer to beat up the digital equivalent.
While O’Leary like the avatar, he is intrigued by the valuation. Sales have totalled $4.2 million during the previous 18 months.
Although the firm is not profitable at the moment, he aims to turn a profit within a few months.
Mark seeks the cost of production; the commercial unit is manufactured for somewhat less than $2,000 in total.
Kevin notices that the NexerSys is essentially a digital punching bag and inquires about the cost – $7,000 for the commercial version, $2,995 for the personal version.
Daymond John has enquired about his debt. The Sharks are concerned about shareholder debt, which was $7.5 million at the time of the broadcast.
Jones owns around 35% of the business. O’Leary has reservations about the $20 million valuation in light of the company’s current debt load. Jones expresses confidence in his capacity to repay the debt.
Guests of the Shark Steve Tisch observes, “Excellent product, but way too much debt.” “I am departing.”
O’Leary is convinced that stockholders will drive him into bankruptcy and take his assets. He has left.
Mark Cuban – alleges they are attempting to bankrupt him and seize everything he has. Mark is confused by his $7.5 million investment in producing this device. He has left.
Daymond John – believes he is fighting Mike Tyson in the third round and is about to knock you out. He has left.
Lori Greiner is certain Jones would repay his debts, but she “doesn’t want to put herself in that situation.” Jones departs the Tank without a Shark deal since she is no longer present.
What Happened to NexerSys After the Shark Tank Pitch?
NexerSys reports an increase in sales of 450 %. Revenue growth enabled the company to reach profitability months ahead of expectations.
Numerous Convertible Subordinated Notes have been converted to stock, reducing the business’s debt load while maintaining cash flow-based debt payment.
Jones has a sizable social media following and has expanded its sales into a number of overseas markets.
NexerSys appears to be doing rather well on its own.
They debuted a variety of products, including a boxing trainer and an affordable cross fit trainer ($295).
They are still selling “industrial” versions intended for use in gyms. In August 2021, annual sales will reach $5 million.
What is the Net Worth of NexerSys?
The firm was valued at $20 million on Shark Tank.
Who are the Competitors of NexerSys Competitors?
Pro Fitness, Yowza Fitness, TRUE Fitness, Advanced Fitness Group, ProMaxima Manufacturing, Stamina Products, Horizon Fitness, and At Home Fitness are among NexerSys Corporations’ top competitors.
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What is NexerSys?
NexerSys is a fitness product that allows users to create custom training programs. The technology employs laser beams to direct the user’s kick or punch.
Who is the founder of NexerSys?
Terry Jones is the founder of NexerSys.
How much was he asking in the Shark Tank Pitch?
He was seeking a $2 million investment in exchange for a 10% interest in the business.
Did NexerSys get a deal from the Sharks?
He didn’t received an investment from Sharks.
Is NexerSys still in debt?
They have maintained a debt-free status and continued to develop over the previous five years, all while concentrating on their core mission of client happiness. Additionally, they’ve introduced the NEW N3 SERIES.
Was NexerSys successful?
In the first 18 months, he made $4.2 million in sales.
Does Terry Jones still own NexerSys?
The Sharks are concerned about shareholder debt, which was $7.5 million at the time of the broadcast. Jones owns around 35% of the business.
Where is NexerSys located?
The Company is headquartered in Austin, Texas.
What is the company’s website?
Nexersys’ website address is www.nexersys.com
Who is the Chief Executive Officer of NexerSys?
Terry Jones is the CEO of the Company.
How many difficulty levels are there?
There are three levels to the course: beginner, intermediate, and advanced.
How many rounds can they do in a workout?
A workout may have up to 15 rounds.
How many different types of workouts can they do with NexerSys?
There are hundreds of different training situations using NexerSys.
What program should they use for their workouts?
They urge everyone to start from the very beginning. If required, they can always progress to the intermediate or advanced levels.
A minimum of five rounds will offer them with the most full workout experience, but they should modify the number of rounds to their level of comfort or available time.
How often should they use their NexerSys?
Experts recommend that active persons engage in at least 150 minutes of moderate-intensity aerobic physical activity or 75 minutes of vigorous-intensity aerobic physical activity each week.
NexerSys training regimens are high-intensity exercises, and as such, five cycles per week are advised.
Three days a week is the absolute bare minimum.
Is it possible to hit the NexerSys too hard?
Yes. NexerSys is not a game for children. They risk harming themselves or inflicting damage to the unit if they strike it too hard.