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What Happened to Xcraft After Shark Tank?

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Xcraft at a glance:

Business Idea Drone developing company
FoundersJD Claridge
Asked For$ 500k for 20% equity
Accepted Deal$1.5 million for 25% equity
SharksKevin, Lori, Mark, Daymond, and Robert (all Sharks)
Business status Not in Business
WebsiteXcraft

Index:

Who is the founder of xCraft?

xCraft was founded by JD Claridge, an aerospace engineer, and Charles Manning, a software development expert. JD is the CEO and Charles is the director of xCraft. Charles is also the founder of a company that deals in advertising analytics and mobile marketing named Kochava.

JD and Charles met and over their love for flying, they bonded easily. They wanted people to take benefit of drones. Hence, they started xCraft in 2014 and launched their first product X PlusOne which proved to be a huge success in the market.

What is xCraft?

xCraft is a company that develops drones in the USA. Various customized Unmanned Aerial System (UAS) drones are designed and manufactured by xCraft.

xCraft wants drones to be used commercially and to innovate powerful drones. In 2014, X PlusOne, the first product of xCraft, managed to earn a 300% success rate on a Kickstarter campaign.

Did xCraft get a deal on Shark Tank?

The founders appeared in season 7 episode 5 of Shark Tank, in the year 2015. They came seeking an investment of $500,000 for 20% equity in the business. All the sharks were impressed by their ideas, passion, and demonstration of the product.

Kevin O’Leary, Lori Greiner, Robert Herjavec, Mark Cuban, and Daymond John, all the sharks in the tank decided to offer $1.5 million for 25% equity which made the valuation $6 million for the company. The founders took a moment to discuss and they accepted the deal. The deal was done and they left the stage full of hope.

See also  Bon Affair Wine Shark Tank Update

What happened to xCraft after Shark Tank?

The deal with the sharks didn’t really work after the show. In 2018, xCraft founders started a StartEngine campaign that raised over $1 million in funds from over 1000 investors. There is only limited stock available on the official website and on Amazon.

The exposure from the show helped the company secure additional funding and partnerships, allowing them to further develop and improve their products. XCraft continued to innovate and released new products such as the X PlusOne Platinum, which had even greater range and capabilities than their original drone.

They also expanded their product line to include custom drones for industrial and commercial use, such as aerial mapping and surveying. In addition, XCraft became involved in research and development for unmanned aerial vehicles (UAVs) for military and defense applications.

Overall, XCraft’s appearance on Shark Tank helped them gain momentum and establish themselves as a leader in the drone industry.

xCraft is not dealing in retail currently and is manufacturing drones for military and defense and now has a valuation of around $17 million. Seeing these numbers, it is safe to say that xCraft is going to do great in the future as well.

Competitors of xCraft:

The competitors that are posing a challenge for xCraft in the market are:-

  • DJI
  • Cheerwing

How much is xCraft worth now?

At the time of the shark tank appearance, xCraft was valued at around $6 million. Currently, xCraft has a net worth of $17 million (approximately).

Is xCraft still in business?

xCraft is not in the commercial business but it is manufacturing flying devices for the military customer in defense, energy, public safety, and security.

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Related Articles:

What is Xcraft?

xCraft is a company that develops drones in the USA. Various customized Unmanned Aerial System (UAS) drones are designed and manufactured by xCraft.

Who founded Xcraft?

xCraft was founded by JD Claridge, an aerospace engineer, and Charles Manning, a software development expert. JD is the CEO and Charles is the director of xCraft.

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