Cycloramic Shark Tank Net Worth 2023
The Cycloramic App company experienced tremendous growth after an initial investment of $3 million from BIP Capital and further funding of a total of $700,000 from Radical Investments.
By altering their product and business strategy, the company was able to secure a lucrative contract worth $22 million which resulted in its value soaring to around $1.8 million – as seen on Shark Tank.
This remarkable milestone was topped when Carvana purchased the company for a net worth of $22 million, a staggering transformation from its original beginning.
What is Cycloramic? Who is the Founder of Cycloramic?
Cycloramic is both a website and an application that allows users to view full-screen 360-degree panoramic images. It was developed by the startup Egos Ventures as a part of the Advanced Technology Development Center situated in Tech Square. The app is designed to work with the iPhone camera and is available for free download on the Apple App Store.
Cycloramic made an appearance on Season 5, Episode 16 of Shark Tank in January 2014, where it secured one of the largest deals in the history of the show. Mark Cuban and Lori Greiner invested $500,000 for a 15% stake in the company.
The founder of Cycloramic is Bruno Francois, a 50-year-old entrepreneur from Canada. Francois was born in Montreal, Canada, but later moved to France.
What Happened to Cycloramic at Shark Tank pitch?
Francois presented his company on Shark Tank and requested $90,000 in exchange for a 5% ownership stake, with a company valuation of $1.8 million.
Lori Greiner proposed an alternative offer of $200,000 for a 10% stake, which increased the company’s valuation to $2 million. Daymond John also made an offer of $250,000 for a 10% stake, which raised the company’s valuation to $2.5 million. Another investor also made an offer of $250,000 for a 10% stake.
Mark Cuban joined the negotiations and proposed an offer of $1 million for a 30% stake in the company. Daymond increased his offer to $300,000 for a 10% stake, while Steve and Lori offered $250,000 for a 10% stake, which would be reduced to 5% once they recouped their initial investment.
As tensions grew during the negotiations, Daymond offered $350,000 for a 12% stake. In the end, Lori Greiner, Mark Cuban, and Francois of Cycloramic reached an agreement for $500,000 in exchange for a 15% ownership stake in the company.
What Happened to Cycloramic after the Shark Tank?
Cycloramic, a mobile application company, has experienced a surge in popularity in Canada and the United States. This growth can be attributed to an investment of $500,000 by Lori Greiner and Mark Cuban in exchange for a 15% stake in the company.
The app is widely available on both Apple App Store and Google Play Store across multiple countries around the world.
Cycloramic has garnered over 8 million downloads since its inception, and during its debut on the TV show Shark Tank, it received an additional 100,000 downloads within an hour. This implies that Cycloramic generated approximately $200,000 in revenue during that 60-minute period.
The app and its companion have reached the top positions in the App Store, achieving a total of over 20 million downloads with the help of Mark Cuban’s support.
Cycloramic competes with many other companies in the same industry, including those that offer 360 cameras (both tripod and selfie types), 360 virtual tour apps that include accompanying images, and virtual reality devices like Google Cardboard, HTC Vive, Facebook Camera, and Oculus Rift.
Net Worth of Cycloramic
The Cycloramic App company saw significant growth in net worth from an initial investment of $3 million from BIP Capital and additional funding from Radical Investments, totaling $700,000.
Through a shift in product and business strategy, the company was able to secure a $22 million contract.
Cycloramic Shark Tank Updates
Cycloramic is a panoramic photo app that appeared on Shark Tank in 2014. The app uses the iPhone’s internal gyro and vibration to spin the phone and take a 3D panoramic photo. Cycloramic also shoots video.
Bruno Francois, the inventor of Cycloramic, asked for $90,000 in exchange for 5% equity in his company. All five sharks made offers, and Mark Cuban and Lori Greiner teamed up to offer Francois $500,000 for a 15% equity stake, which he accepted.
After Cycloramic appeared on Shark Tank, the app was downloaded 100,000 times within an hour of the deal. Cycloramic became the most downloaded app during Shark Tank’s weeklong engagement due to this and the show’s popularity.
Cycloramic was promoted internationally via app store promotions5. Cycloramic was well-received in the months following its premiere.
As of 2023, Cycloramic is no longer available on the app store. However, it may actually be a good thing seeing as how many users experienced issues with the app. The net worth of Cycloramic was $22 million when Carvana acquired it.
Cycloramic Shark Tank Table Summary:
|Product||A panoramic photo and video app|
|Shark Tank Investment||Mark Cuban and Lori Greiner invested $500,000 for a 15% stake in the company|
|Competitors||360 cameras, 360 virtual tour apps, virtual reality devices|
|Net Worth||$22 million|
|Updates||Cycloramic is no longer available on the app store; Carvana acquired it for $22 million.|
What Is Cycloramic And How Does It Work?
Cycloramic is a panoramic photo and video app that was created by a start-up called “Egos Ventures” in December 2012. It is available for iOS and Windows Phone and allows users to take 360-degree panoramic photos and videos without user intervention.
The app uses the phone’s internal gyro and vibration to spin the phone around its vertical axis and track the rotation angle. The phone must be set to “Vibrate on Silent” and “Vibrate on Ring” to function properly.
Cycloramic stitches together a sequence of images to create one photo or video. The app stores each individually stitched photo for editing and allows users to convert their panoramic photos into 24-second videos.
The app also has features to store, edit, and share panoramic pictures. Cycloramic was designed for the iPhone 5’s lightweight form factor, but it will work with the iPhone 4/4S.
In Shark Tank Season 5, Bruno Francois unveiled Cycloramic and asked for a $90,000 investment in exchange for 5% of his company. He received an offer from Mark Cuban and Lori Greiner for $500,000 for a 15% equity stake, which he accepted.
Cycloramic enjoyed a boost in popularity after the episode aired. As of 2023, Cycloramic is no longer available on the app store, but it was acquired by Carvana for $22 million.
Who is the Founder of Cycloramic?
The founder of the Cycloramic is a man named Bruno Francois.
Francois is 50 years old in 2021 Canadian entrepreneur is the founder of Cycloramic. Francois was born in Montreal, Canada and later moved to France.
How Does Cycloramic Use The Phone’s Vibrator To Rotate The Phone?
Cycloramic is an iOS and Windows Phone application that makes the Apple iPhone and compatible Windows Phones rotate 360 degrees without user intervention.
The app uses the phone’s vibrator at a specific frequency to make the phone spin around its vertical axis and track the rotation angle. The app uses the gyroscope, compass, and accelerometer while taking panoramic images.
The hands-free feature works only on the iPhone 5 and iPhone 5s standing on one of its flat edges. When the phone is balanced on a flat surface such as a granite countertop, the phone will spin on its own, capturing a hands-free 360-degree video using either the front-facing or rear camera.
The surface has to be really smooth, so non-laminated wood or tiles may not work. Once the user presses “GO,” the app will make the phone vibrate at just the right frequencies to force the phone into a twirl. The iPhone will continue to spin in a circle, recording video until the user presses the “STOP” button.
What Was The Outcome Of The Cycloramic Shark Tank Pitch?
During the Cycloramic Shark Tank pitch, Bruno Francois asked for a $90,000 investment in exchange for 5% of his company. Mark Cuban and Lori Greiner offered $500,000 for a 15% equity stake, which Francois accepted.
Cycloramic enjoyed a boost in popularity after the episode aired, with the app being downloaded 100,000 times within an hour of the deal. Cycloramic was promoted internationally via app store promotions and became the most downloaded app during Shark Tank’s weeklong engagement.
Cycloramic was downloaded more than 8.5 million times within a short time after its introduction on Shark Tank. As of 2023, Cycloramic is no longer available on the app store. However, it was acquired by Carvana for $22 million.
What Happened To Cycloramic After Its Appearance At The Shark Tank?
After Cycloramic’s appearance on Shark Tank, the app enjoyed the “Shark Tank Effect” and was downloaded 100,000 times within an hour of the deal.
Cycloramic became the most downloaded app during Shark Tank’s weeklong engagement due to this and the show’s popularity. Cycloramic was well received in the months following its premiere and was promoted internationally via app store promotions.
Cycloramic was acquired by Carvana for $22 million in 2018. As of 2023, Cycloramic is no longer available on the app store. However, Cycloramic’s inventor, Bruno Francois, returned to Shark Tank in Season 10 to give an update on Cycloramic’s progress.
Cycloramic was downloaded about 660,000 times before its Shark Tank appearance, bringing in about $175,000 in total income. Cycloramic enjoyed the “Shark Tank bump” and rocketed to the number one spot on iTunes after its original episode aired.
Why do they need Sharks?
Cycloramic App Company needs investors in order to grow and expand in sales.
Will there be any after Shark Tank or possible?
Cycloramic returned the additional investment money and would like to return in Shark Tank when they manage to find a new way to promote their app’s sales.
When will they complete this product?
Cycloramic will complete this product when around 20 million downloads around the world completed.
What will happen to the INVESTED amount of money from the Shark Tank?
Cycloramic will return this money from the invested into their business.
Will there be collaboration with Shark Tank?
Cycloramic will most likely collaborate with Mark Cuban again.
When will the app be available for Android?
Cycloramic wants to complete their business with this product before their company expands into other countries.
How do they already know that Mark Cuban is a Shark?
Cycloramic went to Shark Tank with Mark Cuban, other sharks and two other investors.
Doesn’t this app have been around since 2012?
Yes, Cycloramic App has been around just a year before the Shark Tank episode happened.
How did the app get downloaded into iPhones?
The app was available for free through the Apple Store and other online resources.
Why did they go on Shark Tank?
Cycloramic App Company saw the Shark Tank show and decided to try to build a business with this show.
What was their investing plan at the time?
The Cycloramic App Company was looking for $90,000 for 5% offers to grow their business.
Why did they need to go to Shark Tank?
Cycloramic is a company that has difficulty in growing into larger sales prices.
How did they get into Shark Tank?
The producers of Shark Tank contacted Cycloramic and asked whether they wanted to be on the show.
How did the Sharks react to the shark tank?
Lori Greiner, Mark Cuban and Daymond John were all interested in investing in Cycloramic.
How did this affect the sales of Cycloramic App?
Cycloramic App sold more units after their first Shark Tank episode.
Cycloramic App sold more units after the second season of the Shark Tank.
How did this affect the company?
Cycloramic made more sales because of Shark Tank, thus increasing their business.
What is the net worth of Cycloramic App Company?
Cycloramic App Company has reached $22 million in equity valuation.
Who won the deal?
Lori and Mark won the deal and Cycloramic App was funded by two investors.
What was the deal called?
The name of the deal is “Cycloramic: The Wheel of Invention.”
What does it do?
It helps inventors and people who want to come up with new products and ideas.
Who invented this idea?
Cycloramic App idea came from Francois.
How many things do Cycloramic produce?
Cycloramic App Company made hundreds of items, including the Cycloramic for desktop software, the Cycloramic for mobile software and the Cycloramic Screensaver.
Who is Francois?
Francois is a twenty-four year old from France.
What country did he come from?
Francois is from France.
What was his childhood like?
Francois lived a normal life during his childhood years.
How did he become interested in inventing?
Francois worked for his family’s business and had a passion for the different items he had to invent.
Is it a private or public corporation?
Cycloramic App is a private corporation.