What Happened to xCraft After Shark Tank?

This post may contain affiliate links and I may receive a small commission if you make a purchase using these links – at no extra cost for you. Please read my disclaimer here.

One of my favorite companies from Season 6, episode 5 was JD Claridge, an aerospace engineer and his partner Charles Manning, a software developer.

The goal of xCraft is to bring innovation to the drone industry by introducing small, high-end, and powerful drones to make drones commercial equipment.

In this episode of Shark Tank, they were seeking $500,000 for a 20% equity stake in their company xCraft Drone Corp (XC). 

The sharks loved what they saw, but none seemed interested in investing at that price point. Mark Cuban offered them $50K for a 5% equity stake.

What happens after Shark Tank? How do these companies fare after their big moment in the spotlight? Are they able to live up to their promises and make it big?

What is xCraft?

XCraft is a large-scale manufacturer of breakthrough drone technologies. The X PlusOne, its flagship product, combines a helicopter's hovering capabilities with an aircraft's speed. 

What Happened to xCraft After Shark Tank

Smaller drone with all the functions found on most smartphones to released in the fall of 2016. 

XCraft intends to dominate the drone industry by capitalizing on recent advances in unmanned and autonomous flying and improving camera quality and accessibility.

xCraft features

xCraft has a feature that combines a helicopter's hovering capabilities with an aircraft's speed. A smaller drone with all of the functions found on most smartphones. 

xCraft intends to dominate the drone industry by capitalizing on recent advances in unmanned and autonomous flying and improving camera quality and accessibility.

In this post, we'll go over what happened after JD and Charlie appeared on Shark Tank and how they were able to make the most of their time in front of the Sharks!

xCraft Before Shark Tank

The project was established in late 2014 with a $50,000 financing objective. Instead, xCraft raised over three times this amount during a month-long campaign.

In addition, backers contributed an average of $545.25 for various benefits, including final product pre-orders, development kits, accessories, and periodic progress updates.

However, Kickstarter seldom provides enough funding to support a firm of this magnitude. R&D spending and inventory and personnel hires indicate a more robust demand for venture capital.

JD and Charles will require additional money to launch new creative goods and grow drones into a range of consumer applications.

xCraft on pitching Shark Tank?

JD and Charles made a grand entrance into the Shark Tank, flying the X PlusOne into the area ahead of them. While many previous drones could hover, the ability to change into a plane allowed the device a wide range of uses. 

xCraft on pitching Shark Tank

The X PlusOne could do everything, from photographing a moving vehicle to traveling a more considerable distance on a single battery.

It could even switch between modes in mid-flight and be programmed to take a precise flight route. JD and Charles asked for a $500,000 investment in exchange for a 20% stake in XCraft.

Daymond and Robert wanted to look for any red signs right away. When asked about the flying range of the X PlusOne, the business partners mentioned autonomous flight alternatives.

A flight route might be planned ahead of time, eliminating the need for people to follow it.

Robert wondered if this was legal. According to the regulations, users must respect other aircraft, maintain it when used for recreational purposes, keep the XOne Plus under the line of sight and fly no higher than 400 feet.

The sharks enquired about its profitability. JD mentioned the Kickstarter campaign and an additional $30,000 in pre-sales as product confirmation. The co-founders said their backgrounds are in aeronautical engineering and software.

Robert needed assistance in framing the company. Who was the target consumer, and what was XCraft's "secret sauce" that distinguished it from competitors?

Charles mentioned the intellectual property underlying both devices' designs and licensing potential, which Kevin described as "music to my ears." But XCraft appeared to be too flawless. 

So why did they require sharks? While early-stage start-ups typically turn investors off, they often avoid getting on board too late.

JD stated that half of the funds would be used to expand production to cut costs, while it would use another half to complete PhoneDrone development.

Kevin showed initiative by making the initial offer and understanding the worth of this market.

Kevin offered seven hundred fifty thousand dollars for twenty-five percent. Daymond began the discussions at a million dollars for twenty-five percent, predicting a "nasty, ugly shark battle," which Kevin instantly matched. 

Lori countered with an even more fantastic offer, a million dollars for 20%, which Kevin accepted. The company's worth had quadrupled to $5 million in less than two minutes.

Daymond began to voice doubts, describing the strategy as greedy. However, he appeared to be still interested in a transaction, adding another million to the previous highest offer.

His value cap was six million dollars. For Kevin, the floor was 5% of the firm. XCraft would not be worth his attention at any lower equity level. Charles appraised Mark's interest by his silence during the negotiations. 

They proceeded with a smile and a "we'll see." Robert and Mark were both reluctant at $300,000 for a five percent stake. Robert raised privacy issues, while Mark wanted to hear JD and Charles out.

Everyone was ready to depart after the two returned from a quiet talk in the hall.

In an almost unusual action, every shark collaborated to reach an agreement that satisfied all sides. "You're going to control this market," Kevin predicted. JD and Charles were overjoyed with the transaction.

They received a more considerable value, more upfront funding, and five key partners to promote their technology from every possible aspect.

Their achievement demonstrates the power of a flawless pitch. They had an innovative product in a new industry. They did exceptionally well. They were technically savvy. 

They executed everything correctly except for a minor tactical error in bargaining too hard. Any digital entrepreneur should look to XCraft's success as a model for success.

xCraft, what happened after Shark Tank?

The Sharks never completed the transaction with xCraft. But that hasn't stopped their success.

xCraft, what happened after Shark Tank

They are still in business as of September 2022, albeit they have abandoned retail items to focus on creating drones for corporations and military forces

According to our research, they presently have a valuation of over $17 million, a substantial rise from when they were featured on Shark Tank ($6 million).

XCraft also established a Kickstarter campaign for their phone drone project, which successfully garnered more than $170,000, well above their goal of $100,000.

They've also received financing from venture capital firms such as Meyer Equity and Mountain Man Ventures. They also raised almost $1 million through a StartEngine campaign.

They now offer six products: the Panadrone, Matrix RTK, Nano One, Shadow, Matrix SE, and Maverick Mapper.

xCraft pricing

The average price of $545.25 for a variety of perks, including pre-orders of the finished product, development kits, accessories, and periodic progress updates.

xCraft pros & cons

The xCraft has launched six different types of drones in the market already. So here are some of the pros and cons of their product.

Pros

  • It has the speed of an aircraft.
  • They're easy to use
  • It has a long battery life

Cons

  • It is quite expensive.
  • It's not for everyone.
  • It's heavy, and it takes a lot of room in the trunk of your car

xCraft alternatives

The xCraft One is an impressive technology, but it's not for everyone. It's expensive, heavy, and takes up a lot of room in the trunk of your car (or the backseat).

xCraft alternatives

Try looking for an alternative to the xCraft One; check out these options:

DJI Spark

This drone is smaller than the DJI Mavic Air and much cheaper than any other DJI drone on the market today

It comes with semi-autonomous features like ActiveTrack and TapFly, as well as being able to fly. Its Obstacle Avoidance system means it can avoid trees or other large objects when flying outside. 

Without having to be manually controlled by someone holding onto it while standing on top of something high up like a building rooftop or tall tree branch, if you want something small that can do more than follow someone around, then this might be right up your alley!

The bottom line

As you can see, xCraft's Shark Tank appearance resulted in an uptick in sales, but it's not something that happened overnight.

The company had been working hard to build its brand and presence for years before the episode aired, and they continue to do so with the help of its dedicated community.

I"m so glad we got to see xCraft on Shark Tank! I hope you enjoy watching as much as I did—and thanks again for reading!

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}