What Happened to Singtrix after the Shark Tank Pitch? Singtrix Shark Tank Update
What is Singtrix?
Singtrix is a smart home karaoke machine located in New York. The Singtrix kit allows users to play music by plugging in a smartphone or tablet.
Whether you’re listening to music from your own collection, YouTube, or the 13,000+ songs in the Singtrix app’s library.
To allow you to sing along, the device immediately eliminates the vocal recordings.
The Singtrix Party Bundle has everything you’ll need to get started rocking out: 40-watt 2.1 channel speaker with built-in subwoofer, two bespoke microphones, an adjustable mic stand, and phone and tablet holders
Singtrix differs from other karaoke machines in that it allows users to add harmony or even replicate their favourite artist’s voice.
People may change the degree of harmonic vocal compensation, which makes mediocre singers sound like professionals and great vocalists sound like rock gods. This tool transforms anyone into a true rock vocalist.
Who are the Founders of Singtrix?
Singtrix was founded by John Devecka and Eric Berkowitz of New York City, who also happen to be the inventors of the original Guitar Hero.
It all began with a Karaoke drumming game called Drumscape, which they created in the 1990s.
John had created the initial prototype in his parent’s garage, and the couple had then applied for and been granted patents on their invention.
‘MTV Drumscape,’ the world’s first drumming video game, was released in 1999 and became an instant smash in arcades throughout the world.
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.
They were not happy with only providing millions of individuals with fake rock glory, so they turned their imaginative gaze to the singing profession.
Karaoke is a global craze that began in Japan and has now spread throughout the entertainment industry.
When it initially arrived in America and Europe, it rapidly became a frequent and joyful event for fun-loving individuals of all ages, as well as a source of countless horrible performances from those whose blood-alcohol level well exceeded their ability.
The impact of Karaoke on numerous generations cannot be overstated, but can such a pleasurable experience be improved further?
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 went on Shark Tank six months later, in October of that year.
What Happened to Singtrix at the Shark Tank Pitch?
John and Eric appeared on Shark Tank season 6 episode 7 in search of $1.5 million in exchange for a 5% stake in the firm. This translates to a $30 million valuation.
They describe the Singtrix and demonstrate the product. When John sings without Singtrix, the Sharks chuckle.
The Sharks are astounded when he sings via the Singtrix! The Sharks are impressed as they go over some of the unique voice effects.
They describe how they sold their patents to Activision for Guitar Hero and inform the Sharks that they had sold $1.2 million in the last six months.
A significant consumer electronics distributor with a goal of distributing 30,000 units this year.
The lads claim they want to work with partners who will help them improve. Mark promises he’ll be a client, but he’s already gone.
Mr. Wonderful offers a $1.5 million investment, but only in return for 50% stock at first. Once his investment was recovered, his interest in the firm would be reduced to 10%, and he would get a royalty of $2.50 per unit sold.
Robert Herjavec had a superior bargain; he regarded his involvement as a long-term investment and provided $1.5 million for a 20% ownership in Singtrix with no further conditions.
Lori then offers $1.5 million for 30% and then backs down to 10% with a $2.50 royalty after 18 months.
The Sharks dispute, and then Daymond offers $1.5 million in return for a 25% stake in the firm. He would also finance the company’s orders, so that none of his money would have to be used to support manufacturing.
The men respond with $1.5 million for a 7% stake.
The sharks immediately lost interest as the lack of flexibility in John and Eric’s approach became evident, and they all withdrew their bids and pulled out in short succession, leaving Singtrix without a deal in the tank.
What Happened to Singtrix after the Shark Tank Pitch?
The transaction with the distributor stated in the Tank did come to fruition.
In late 2014, VOXX Electronics obtained international distribution rights.
Their Chinese factory burnt down in August of 2017.
For months, the location was entirely blocked off while the incident was investigated.
The factory owner refused to provide any information and avoided all interaction. It re-entered the market in late 2017 and shipped a few thousand units.
Shortly after that, the plant closed down again for Chinese New Year. They then announced that they will be closed until the end of the summer of 2018 to upgrade.
The Singtrix boys kept their problems close to the vest, straining their relationship with VOXX.
In 2018, VOXX ended the arrangement. Because they lacked manufacturing insurance, the company was forced to suffer the sales losses.
They had a hugely successful IndieGoGo campaign in 2019 that raised $330,739.
Because of the crowdsourcing, they were able to create a less priced system with the same functionality as the original product.
They also established a new partnership with a separate Chinese firm.
IndieGoGo assisted them in regaining their footing and resuming full-fledged production.
Fast forward to November 2021, and they are back in business with an annual revenue of $5 million.
What is 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.
Who are the Competitors of Singtrix?
There are no competitors identified for Singtrix.
What is Singtrix?
Singtrix is a karaoke machine that is meant to sound like a million dollar recording studio and feel like a live musical event.
It employs the same live voice tech that the pros use to ensure that they sound wonderful.
Their home karaoke system seamlessly syncs with their preferred mobile device, giving them fast access to hundreds of songs.
Who founded Singtrix?
John Devecka and Eric Berkowitz founded Singtrix.
How much were they seeking in the Shark Tank?
They were seeking $1,500,000 investment in exchange for 5% stakes in the firm.
Did they get the deal from the Sharks?
They did not received 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.
Can they interface 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 website address of Singtrix?
The website address of Singtrix is www.Singtrix.com
Do they offer free shipping?
Yes, they offer free shipping on contiguous United States.
Will they ship internationally?
No, they only ship within the United States and its territories.
What is net worth of Eric Berkowitz?
Eric Berkowitz’s net worth is unavailable.
What is net worth of John Decka?
John Decka’s net worth is unavailable.