|SEASON 7 EPISODE 5|
|Pitch||customized unmanned aerial systems – drones|
|Asked For||$500,000 for 20%|
|Deal||$1.5 million for 25%|
|Shark||Kevin O’Leary, Mark Cuban, Lori Greiner, Daymond John, and Robert Herjavec|
What is xCraft?
xCraft is a successful drone developer company. It designs and manufactures customized Unmanned Aerial System (UAS) in the U.S.A. xCraft aims to innovate high-end, small, and powerful flying machines and open commercial application doors.
Who Owns xCraft?
The innovative flagship product was produced by aerospace engineer JD Claridge and his partner and software development expert, Charles Manning. Today JD remains the CEO while Charles remains a director on xCraft’s board as well as the founder of Kochava – a company specializing in mobile marketing and advertising analytics.
xCraft was formed in 2014 after JD Claridge and Charles Manning met and bonded over their passions for business and flying. Around this time, there had been growing interest in drones and the two saw an opportunity to utilize drones in everyday life activities. Together they developed the first product, the X PlusOne and took it to Kickstarter.
xCraft’s Kickstarter campaign was a massive success and reached nearly 300% of its initial goal. The following year in 2015, the they decided it was time to take xCraft to Shark Tank.
What Happened After Shark Tank Update
Did xCraft Get a Deal on Shark Tank?
xCraft entered Shark Tank seeking $500,000 for 20% ($2.5 million valuation) and left the Shark Tank with a deal from all 5 Sharks of $1.5 million for 25% – a $6 million valuation.
The deal with the Sharks did not go through and it appears none of the Sharks have taken flight with xCraft.
Is xCraft Still in Business?
Aside from the few drones on Amazon and on their website, xCraft has discontinued its retail product development.
The company is now solely focused on developing drones for its primary market – enterprise and military customers in the defense, energy, security, and public safety.
Xcraft Revenue, Sales, Valuation
Since appearing on Shark Tank, xCraft has been hard at work securing investments from a number of organizations including Mountain Man Ventures, Meyer Equity and a StartEngine campaign for a total of $1.1 million in funding.
In 2018, xCraft launched a second StartEngine campaign which successfully concluded with over $1 million in funding from over 1000 individual investors. The company has an estimated valuation of $17 million.
Most drone enthusiasts are thrilled by the flying machines’ incredible speed and room for customization. Additionally, once you read through the instructions, the components assembly is a relatively easy task. You can switch your drone to either the beginner, intermediate, or insane mode based on your experience. However, some users find the product price quite expensive, and the drone speed hard to control. To effectively handle customers’ concerns and inquiries, the company has hired a complete customer service team and a community manager, which has proven helpful.
According to co-founder JD Claridge, since its last funding round, xCraft has been working on developing two new drone systems that they hope to bring to market soon.
Claridge states that the company is positioned well to succeed as a UAV leader in the $100 Billion drone market despite global economic issues related to the pandemic. xCraft is currently working on build new business partnerships and securing contracts with the Department of Defense.