What Happened to Xcraft After the Shark Tank Pitch?
What is Xcraft?
The company XCraft is well-known for its drone development. Its headquarters are in the United States, and the company designs and manufactures customized Unmanned Aerial Systems (UAS).
XCraft aims to create high-end, compact, and powerful flying machines that may be utilized for commercial reasons.
Who is the Founder of Xcraft?
Xcraft was founded by JD Claridge and Charles Manning. JD Claridge and Charles Manning met in 2014 and became friends because they shared a passion for business and flying.
Around this time, drones were becoming more popular, and the two saw a chance to employ them in day-to-day operations.
They worked together to create the first product, the X PlusOne.
Claridge is the inventor of the X PlusOne XCraft and an aviation engineer.
He formerly worked at Quest Aircraft.
Manning is the CEO of Kochava, a mobile analytics technology company, and he joined X PlusOne because of the groundbreaking design and technology of the devices.
The X PlusOne XCraft is a drone-drone hybrid that can reach speeds of up to 60 miles per hour and heights of 10,000 feet.
Thanks to onboard sensors that tilt it 90 degrees, it hovers like a drone and flies forward like an airplane.
Super-fast fly-by recordings are feasible because of the high speeds and GoPro Camera connection.
Users may instantly return the X PlusOne XCraft to hover mode by switching a switch.
The flight time spans 12 to 22 minutes; the quicker you go, the faster the battery drains – but it is quickly replenished.
Based in Sandpoint, Idaho, the company wishes to keep all of its production in the United States.
Currently, they are hiring and selling on a “pre-order” basis. A DIY kit costs $1,549, while a fully equipped, ready-to-fly model with all the bells and whistles costs $2,199.
Camera mounts, extra batteries, flying control boards, and spare propellers are available accessories.
They will almost definitely need to invest in increasing their manufacturing capacity. Will a shark be joining X PlusOne?
What Happened to Xcraft at the Shark Tank Pitch?
For $500,000, JD and Charles fly the X PlusOne XCraft Drone in “drone mode” in return for a 20% ownership in the firm. This implies a valuation of 2.5 million of the company.
According to some, the drone has been redefined, ushering in a new era of flight.
The XCraft can reach speeds of up to 60 mph and has a range of 10,000 feet.
They show the Sharks the wing, how it spins, and the benefits of speed in recording fast-moving objects on camera.
It can run on its own if the user prepares a flight plan.
They advise the Sharks (and the rest of the public) that recreational fliers must keep their drones within 400 feet of airports and in line of sight.
They raised $173,500 on Kickstarter for pre-orders and sold them for $1899 at retail.
The drones cost only $400 to make.
After the pitch, they exhibit the Phone drone. It allows a smartphone to fly by leveraging the sensors that are already available in smartphones.
It’s still in the works, but it’ll cost less than $100 to make. They want to charge $300 for it. Their information technology is their “secret sauce,” They want to license it out.
Daymond is perplexed as to why they’ve arrived.
They estimate that $250,000 will be required for inventory for the XCraft and another $250,000 to create the Phone Drone.
Kevin makes an immediate offer of $750,000 in return for 25% ownership of the company.
Daymond foresees a disastrous Shark war and offers $1 million for a 25% share, which Kevin immediately matches.
Lori makes a $1 million bid for a 20% interest, and Kevin matches it!
After seeing the Sharks struggle, JD and Charles wonder if all five sharks will go in at a $10 million price. “I smell a bunch of scumbags!” Daymond bursts out laughing.
After a brief break, the narrator describes how the company’s worth grew from $2.5 million to $10 million.
Daymond tells the story of a SHELLFISH little crab that refused to share his dinner.
JD and Charles ask about the Sharks, but they seem uninterested.
Mark keeps silent as they approach the corridor at Kevin’s suggestion.
Each Shark, according to Robert, could do $300,000 for a 5% commission.
When JD and Charles arrive, the Sharks offer what Robert proposed, bringing the total to $1.5 million for a 25% ownership, with each Shark paying 5%.
Except for Mark, the Sharks are all in.
Mark inquires as to who else has offered them money, to which Charles says that they have had additional bids from institutional investors interested in assisting with the firm’s development.
Because venture capitalists prefer not to get their hands dirty, Charles and JD appreciate the Sharks’ contribution more highly.
Mark agrees with that attitude and expresses his willingness to participate!
And all five Sharks agree to split the $1.5 million contract for a 25 percent stake.
What Happened to Xcraft After the Shark Tank Pitch?
Shortly after this segment aired on the east coast, the X PlusOne website went down. It was back up and running the next day.
The Phone Drone Kickstarter project raised about $170,000 in the days after the presentation, well above its $100,000 goal.
The five Sharks agreement fell through, and the company went on to fund $1,068,687.08 on StartEngine in 2018.
New models have been introduced.
The Panadrone features a connected power connection that allows it to fly indefinitely in a tiny space.
The Maverick Cinema employs a high-resolution camera. The Maverick Mapper can map up to 40 acres autonomously in a single 25-minute flight.
The company is reportedly negotiating with the Department of Defense about deploying drones as early as May 2021, with annual earnings of $5 million predicted.
What is the Net Worth of Xcraft?
As of 2021, Xcraft’s net worth is $6 million.
Who are the Competitors of Xcraft?
With hundreds of rivals in the drone industry, including DJI and Cheerwing, XCraft has struggled to establish itself in the retail drone market.
Who founded Xcraft?
JD and Charles are the creators of Xcraft.
What is Xcraft?
Xcraft offers low-cost aerial drone solutions to customers in various industries, including real estate, construction, agriculture, sports, wildlife conservation, and entertainment.
How much does it cost?
The entry-level DIY kit costs $1,549. In limited quantities, the higher-end pre-order kit option costs $2,199.
Who are the competitors of Xcraft?
Xcraft competes in the drone sector with firms such as Aerofex, Ehang, Parrot, and Yuneec.
Where are the office/factories/manufacturing?
Their headquarters are in Sandpoint, Idaho. They have separate manufacturing that caters to our project’s requirements.
What Happened to Xcraft after Shark Tank?
Since the program aired a few months ago, XCraft has gone through various changes. Kickstarter funders are starting to get their development kits and PlusOne drones.
What is X PlusOne made of?
The X PlusOne is constructed of Expanded PolyOlefin (EPO). EPO is an extremely tough, lightweight expanded foam that is comparable to Styrofoam but is more flexible and may be attached using CA glue.
How is X PlusOne made?
The X PlusOne is entirely handcrafted at our offices in downtown Coeur d’ Alene, Idaho. Upon delivery, each product is test flown and thoroughly examined to assure a quality product.
How fast can X PlusOne go, and what is the range?
The X PlusOne has a top speed of 60 mph and can fly up to a mile away from the remote. The battery life is around 20 minutes.
When was Xcraft aired on Shark Tank?
On December 1, 2015, the Xcraft episode aired.
Who are the owners of Xcraft?
JD and Charles Clark, two brothers, own Xcraft.
JD and Charles founded the firm five years ago while manufacturing drones in their parents’ garage.
After graduation, they returned to their roots when they moved to Idaho to start their own business, eventually relocating into an open office space.
Which episode was Xcraft aired on Shark Tank?
Season 7, Episode 5 featured Xcraft.
Is Xcraft still in business?
As of May 2021, the firm is still in business with estimated annual earnings of $5 million.