Singtrix Shark Tank Net Worth 2023
The Singtrix cofounders, John Devecka and Eric Berkowitz, appeared on the television show “Shark Tank” with the intention of securing an investment of $1.5 million in exchange for a 5% stake in their company.
They valued their business at $30 million, based on their experience and knowledge of the industry, which they believed gave them the potential to earn significant profits.
Unfortunately, it is not currently known what the net worth of Singtrix is at this time.
What is Singtrix? Who are the Founders of Singtrix?
Singtrix is a smart karaoke machine that can be found in New York.
The Singtrix kit allows users to play music by connecting a smartphone or tablet, whether it’s from their own collection, YouTube, or the Singtrix app’s library, which contains over 13,000 songs. The device immediately eliminates vocal recordings so that users can sing along.
The Singtrix Party Bundle includes everything you need to get started, such as a 40-watt 2.1-channel speaker with a built-in subwoofer, two bespoke microphones, an adjustable mic stand, and phone and tablet holders. Singtrix is unique in that it allows users to add harmony or replicate their favorite artist’s voice.
Users can adjust the degree of harmonic vocal compensation, which can make mediocre singers sound like professionals and great vocalists sound like rock gods. This tool can transform anyone into a true rock vocalist.
Singtrix was founded by John Devecka and Eric Berkowitz of New York City, who were also the inventors of the original Guitar Hero.
It all began with a karaoke drumming game called Drumscape, which they created in the 1990s. John initially created the prototype in his parent’s garage, and the pair then applied for and were granted patents on their invention.
‘MTV Drumscape,’ the world’s first drumming video game, was released in 1999 and became an instant hit in arcades worldwide.
Activision purchased all of John and Eric’s music game patents in 2004, and the first Guitar Hero game was released in 2005 for the PlayStation 2.
However, they were not content with merely providing millions of people with fake rock glory and decided to turn their imaginative gaze to the singing profession. Karaoke is a global craze that originated in Japan and has now spread throughout the entertainment industry.
When it first arrived in America and Europe, it quickly became a common and joyful event for fun-loving people of all ages, as well as a source of countless terrible performances from those whose blood-alcohol level far exceeded their ability.
The impact of karaoke on many generations cannot be overstated, but can such an enjoyable experience be improved upon?
John and Eric believed it could and created an electrical toolbox capable of transforming even the most dissonant shriek into a perfectly tuned vocal. They launched Singtrix in 2014 and appeared on Shark Tank six months later, in October of that year.
Singtrix Shark Tank Pitch
John and Eric made an appearance on season 6 episode 7 of Shark Tank to seek a $1.5 million investment in exchange for a 5% stake in their company, which would result in a $30 million valuation.
They showcased their product, Singtrix, and amazed the Sharks with its unique voice effects. The Sharks were impressed when John sang using Singtrix and offered various investment options.
Mr. Wonderful offered $1.5 million for 50% stock at first, while Robert Herjavec provided $1.5 million for a 20% ownership in Singtrix with no further conditions.
Lori initially offered $1.5 million for 30% but later reduced her stake to 10% with a $2.50 royalty after 18 months. Daymond offered $1.5 million for a 25% stake in the firm and also agreed to finance the company’s orders.
However, the deal fell through as John and Eric were inflexible in their approach, which led to all the Sharks withdrawing their bids.
Singtrix did not get a deal in the Tank, but they were able to secure a transaction with a significant consumer electronics distributor.
The distributor later sold the international distribution rights to VOXX Electronics, but the Singtrix factory in China was destroyed in a fire in August 2017. The factory owner refused to provide information, which strained the relationship with VOXX.
In 2018, VOXX ended the partnership, and Singtrix suffered losses due to the lack of manufacturing insurance.
However, they had a successful IndieGoGo campaign in 2019 that raised $330,739, and they established a new partnership with a separate Chinese firm.
They were able to create a less expensive product with the same functionality as the original Singtrix due to crowdsourcing. As of November 2021, Singtrix is back in business with an annual revenue of $5 million.
What is the Net Worth of Singtrix?
Singtrix cofounders John Devecka and Eric Berkowitz entered the tank seeking $1.5 million for 5% shares, valuing their firm at $30 million.
They explain that it’s worth this much since they know what they’re doing and are in a position to make a lot of money.
Current net worth is unavailable.
Singtrix Shark Tank Shark Tank Updates
SingTrix is a karaoke machine that was pitched on Shark Tank in season 6 by John Devecka and Eric Berkowitz, the creators of Guitar Hero. SingTrix differs from traditional karaoke machines because it allows users to modify their voices to mimic their favorite singers and add harmonies.
Users can also plug in a phone or tablet to play music. During their pitch, John shared his terrible singing voice with the sharks before singing into the SingTrix unit, which created a remarkable transformation. However, none of the sharks made a deal with them.
After experiencing manufacturing woes between 2017 and 2019, SingTrix entered into a new relationship with a different Chinese factory and launched a campaign on IndieGoGo to get back into production.
As of August 2022, SingTrix is back in business with $5 million in annual revenue. SingTrix products are available on its website and on Amazon, and it is estimated that the company generates more than $4 million in gross revenue.
The SingTrix cofounders entered the tank seeking $1.5 million for 5% shares, valuing their firm at $30 million. However, the deal fell through as John and Eric were inflexible in their approach, which led to all the Sharks withdrawing their bids.
Who are the Competitors of Singtrix?
There are no competitors identified for Singtrix.
Singtrix Shark Tank Pitch and Company Overview
| CATEGORY | INFORMATION |
| Company Name | Singtrix |
| Founders | John Devecka and Eric Berkowitz |
| Product | A smart karaoke machine that eliminates vocal recordings and allows users to add harmony or replicate their favorite artist’s voice |
| Shark Tank Pitch | Seeking a $1.5 million investment in exchange for a 5% stake in their company, valuing it at $30 million |
| Shark’s Response | All Sharks withdrew their bids |
| Net Worth | Unknown |
| Recent Developments | Singtrix suffered losses due to a fire in their factory in China, ended a partnership with VOXX Electronics, had a successful IndieGoGo campaign, and now has an annual revenue of $5 million. |
Singtrix FAQS
What Is Msingtrix Shark Tank Shark Tank?
SingTrix is a karaoke machine that was pitched on Shark Tank in season 6 by John Devecka and Eric Berkowitz, two of the creators of Guitar Hero.
The SingTrix kit allows users to plug in a smartphone or tablet to play music and modify their voice to mimic that of their favorite singers. The SingTrix machine has voice-enhancing features that can make even the worst singers sound like rock stars.
During their pitch, John and Eric asked for $1.5 million for 5% of the company, giving their company a $30 million valuation. However, none of the Sharks made a deal with them.
Despite not securing a deal on Shark Tank, SingTrix became a viral sensation and sold tens of thousands of units between 2014 and 2017.
SingTrix also partnered with a distributor mentioned on Shark Tank, VOXX Electronics. In 2023, SingTrix is still available for purchase and is sold for $345.00.
How Does Singtrix Shark Tank Shark Tank Work?
Singtrix is a karaoke machine that was pitched on Shark Tank by John Devecka and Eric Berkowitz, two of the creators of Guitar Hero. The SingTrix kit allows users to plug in a smartphone or tablet and sing along to their favorite songs with studio-quality vocal effects.
The SingTrix machine can turn anyone into a real rock vocalist. During their pitch on Shark Tank, John and Eric asked for $1.5 million for 5% of the company.
The Sharks were impressed with the SingTrix machine and cycled through some of the special vocal effects. However, the SingTrix founders did not accept any of the Sharks’ offers and left the show without a deal.
After their appearance on Shark Tank, SingTrix became a viral sensation and was on a trajectory of growth and profitability, selling tens of thousands of units between 2014 and 2017.
SingTrix is the world’s only plug-and-play karaoke system that uses studio-quality vocal effects designed to make “bad singers sound good and good singers sound great”. SingTrix is available for purchase on Amazon and other online retailers.
What Happened To Singtrix Shark Tank Shark Tank?
Singtrix, a karaoke machine for the 21st century, was pitched by John Devecka and Eric Berkowitz in Shark Tank episode 609. They asked for $1.5 million for 5% of the company, but the Sharks did not make a deal.
However, the deal with the distributor they mentioned in the Tank did materialize. VOXX Electronics acquired worldwide distribution rights in late 2014.
After the Shark Tank appearance, Singtrix was on a trajectory of growth and profitability, selling tens of thousands of units between 2014 and 2017.
In August 2017, Singtrix’s Chinese factory burned to the ground, and the scene was completely shut down for months while the fire was investigated.
In an exclusive interview with Inc., Devecka, and Berkowitz revealed the story of how two years of production mishaps brought the company to the brink. It’s a cautionary tale about not planning for worst-case scenarios.
It’s also a tale of two founders who are determined to make a comeback. They launched an Indiegogo campaign in March 2019, asking supporters for $30,000 to bring Singtrix back.
Is Singtrix Shark Tank Shark Tank Still In Business?
Yes, Singtrix is still in business as of April 2023. After appearing on Shark Tank in 2014, Singtrix experienced manufacturing woes between 2017 and 2019.
However, they entered into a new relationship with a different Chinese factory and were able to get back into production full force with the help of IndieGoGo.
In August 2022, Singtrix reported $5 million in annual revenue. Singtrix is available for purchase on their website and Amazon.
What Is The Current Valuation Of Singtrix Shark Tank Shark Tank?
Singtrix appeared on season 6 episode 7 of Shark Tank to seek a $1.5 million investment in exchange for a 5% stake in their company, which would result in a $30 million valuation.
The Sharks were impressed with Singtrix’s unique voice effects, and Mr. Wonderful offered $1.5 million for a 50% stake, while Robert Herjavec provided $1.5 million for a 20% ownership in Singtrix with no further conditions.
However, the Singtrix founders counter-offered so low that it suggested they were not interested in a deal with the Sharks.
As of 2022, Singtrix’s founders Eric Berkowitz and John Decka have a net worth of $5 million annually. There is no information available on the current valuation of Singtrix after its appearance on Shark Tank.
How much were they seeking in the Shark Tank?
They were seeking a $1,500,000 investment in exchange for 5% stakes in the firm.
Did they get the deal from the Sharks?
They did not receive any investment from the Sharks.
Where is Singtrix located?
They are located in New York City.
What payment methods does the Singtrix online shop accept?
They accept VISA, MasterCard, Discover, AMEX, PayPal, Apple Pay, Diners Club, and JCB credit cards, as well as gift cards. Debit cards will not be accepted.
When will their order ship?
In-stock orders are processed and sent within 48 hours.
When their order is dispatched, they will receive an automated shipment confirmation e-mail with a tracking number.
Make sure they add info@singtrix.com to their contact list so that alerts do not end up in their spam or garbage bins.
Can they interface with Singtrix with other software, apps, and systems?
Singtrix connection is only based on analog communications.
The music fed into Singtrix must be analog, and the audio output from Singtrix must also be analog.
There is no digital interlace that may be used with recording software, applications, or other systems.
Do they recommend a remote battery pack for Singtrix?
Yes! They tested Singtrix with the DURACELL POWERPACK 600 BACKUP UNIT backup battery pack, which allowed them to listen to music at maximum volume for 10+ hours on a single charge.
What is the website address of Singtrix?
The website address of Singtrix is www.Singtrix.com
Do they offer free shipping?
Yes, they offer free shipping in the contiguous United States.
Will they ship internationally?
No, they only ship within the United States and its territories.
What is the net worth of Eric Berkowitz?
Eric Berkowitz’s net worth is unavailable.
What is the net worth of John Decka?
John Decka’s net worth is unavailable.
