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Aira Shark Tank Update

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Aira is an Arizona-based wireless chargers manufacturing company that was introduced as a “Free Powered” wireless smartphone charging solution. It is called “Free Powered” because it doesn’t use any type of wires and cables to charge any device.

It was presented as a wireless charging pad that can recharge multiple devices at the same time. The founders pre-launched their business and planned to sell and distribute their product in the market later this year.

Aira at a glance

SeasonSeason-11, Episode-03
Business IdeaFree-Powered Wireless Charging Solution
FoundersJake Slatnick and Eric Goodchild
Asked For$500,000 for 07% of Equity.
Accepted Deal$500,000 for 15% of Equity.
SharksLori Greiner, Kevin O’Leary, and Robert Herjavec
Business IdeaIn Business.
WebsiteAira
Buy on AmazonBuy Now!

Index:

Founder Story:

Aira is founded and developed by two young entrepreneurs named “Jake Slatnick” and “Eric Goodchild”. They started their business in late November 2017. Jake is a former entrepreneur and has a background in the menswear line. He founded a honey sack business and previously worked in a wireless contact exchange app.

Eric has a background in the technology industry. He also was an active Electrical engineer by profession. He had experience working with embedded electronic systems. He has other businesses too such as Goodchild Engineering, which designs high voltage stages and theatrical special effects for museums and educational exhibits. He also holds a Guinness World Record to manufacture the world’s most powerful Bi-Polar Tesla Coil.

Did Aira Get a Deal on Shark Tank?

The founders of Aira entered the show and introduced their products to sharks and explained their products and their specifications. They also demonstrated their product to the sharks and asked for an investment of $500,000 in exchange for a 7% equity share of their company. Sharks really liked the idea, technology, and specifications of their product as the products are based upon the mechanism of Tesla Coil technology.

But, they didn’t find their company’s valuation up to $30,000. The sharks asked about their sales and they told them they already had pre-launched their product and they have planned to launch their products “later this year”. Sharks found their product and its technology interesting and started making offers to them. Kevin and Lori immediately offered them an investment of $500,000 at 9% interest as a loan, they also wanted a 15% share in their company.

Founders hesitated to accept their offer then Robert offered them $500,000 for 10% equity. Later, Kevin and Lori also changed their terms and offered them $500,000 without any loan condition but, they still wanted a 15% share of the equity. Founders countered them and asked Kevin, Lori and Robert to join together and they collectively take 15% equity for $500,000 and they all agreed to them. Hence, they got a deal on the Shark Tank show.

See also  Define Bottle: What Happened After Shark Tank?

What Happened to Aira after Shark Tank?

After the Shark Tank show, Aira received a massive hike in the sales of its products as their product is new and unique in the market. The owners dispatched their very first batch of “Normal Base Station Pro” only to those customers who pre-ordered it at the beginning of the year.

However, they lost their potential customers because of the high price of their product, priced at $229 per unit. Then, they started selling their product online on Amazon at cheaper prices. However, the deal with Sharks was completed with Robert only and Kevin & Lori didn’t close the deal.

Competitors of Aira

Aira is a wireless charging device manufacturing company for smartphone and mobile devices which comes under the hardware and equipment technology industry. This particular industry is heavily crowded with existing small and big players. Thus, Aira faces really tough competition in the open market. Various competitors of Aira are:

Powermat, Ossiq, Energous, Solace Power, Chargifi, Plugless Power.

Net Worth of Aira

The company’s valuation has increased up to five times since they appeared on the show, as they were valued just at $3.3 million at the time of their Shark Tank appearance. Later on, when they started their operations, they received over $35.3 million of investment from nine investors, including Sharks. The annual gross revenue of Aira is estimated to be $4 million.

Is Aira Still in Business?

Yes, Aira is still surviving in the business world and doing well good in its domain. As Aira has partnered with a well-known and well-established technology and lifestyle brand named “Nomad” and launched its own Aira-powered base station in the third quarter of the year 2020.

Aira Social links:

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FAQs:

What is Aira?

Aira is an Arizona-based wireless chargers manufacturing company that was introduced as a “Free Powered” wireless smartphone charging solution.

Who founded Aira?

Aira is founded and developed by two young entrepreneurs named “Jake Slatnick” and “Eric Goodchild”. They started their business in late November 2017. Jake is a former entrepreneur and has a background in the menswear line.

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