Xcraft Shark Tank Net Worth 2023 – What Happened After the Shark Tank Pitch?

What is the Xcraft Shark Tank Net Worth in  2023?

xCraft is a drone company that appeared on Shark Tank in 2015. The founders, JD Claridge and Charles Manning asked for $500,000 for 20% equity.

All five sharks offered $300,000 for 5% equity each, making it a total of $1.5 million for a 25% stake in xCraft. The deal was accepted by the founders. That indicated xCraft was valued at around $6 million when it appeared on Shark Tank.

Since appearing on Shark Tank, xCraft has continued to grow and innovate. In 2019, xCraft was acquired by 3D Robotics, a leading provider of consumer and commercial drones.

As of 2023, xCraft is still in business and is focused on manufacturing drones for military and defense. According to SEOAves, the net worth of xCraft is $17 million as of 2023

What is Xcraft? Who founded Xcraft?

XCraft is a company based in the United States that specializes in developing and producing custom Unmanned Aerial Systems (UAS), also known as drones. Their aim is to create high-performance, small-sized drones that can be used for commercial purposes.

In 2014, JD Claridge and Charles Manning met and bonded over their shared passion for aviation and business. At the time, drones were becoming increasingly popular, and they saw an opportunity to incorporate them into everyday operations. Together, they worked on the first product, the X PlusOne.

JD Claridge, who previously worked at Quest Aircraft, is an aeronautical engineer and the creator of the X PlusOne drone. Charles Manning, on the other hand, is the CEO of Kochava, a mobile analytics technology company. He was drawn to X PlusOne’s innovative design and technology and decided to join the company.

JD Claridge and Charles Manning are the founders of XCraft, a well-known drone development firm that produces customized UAS for various commercial applications.

What Happened to Xcraft at the Shark Tank Pitch?

XCraft presented their X PlusOne drone, which combines the features of a drone and a remote control airplane, capable of flying at speeds of up to 60 miles per hour and up to 10,000 feet in height. It hovers like a drone but can fly like an airplane due to the sensors on board that tilt it 90 degrees.

It has a GoPro camera attachment that allows for super-fast fly-by recordings, and an automatic stabilizer that enables users to return it to hover mode quickly. The drone’s flying time ranges from 12 to 22 minutes, depending on speed, and its battery can be easily replaced.

The X PlusOne is currently available for pre-order at prices ranging from $1,549 for a DIY kit to $2,199 for a fully equipped model.

During the pitch, JD and Charles flew the X PlusOne drone in “drone mode” and asked for $500K in exchange for a 20% stake in the company. The Sharks were impressed with the X PlusOne and its potential to revolutionize the drone market.

They made several offers, including an instant offer of $750K from Kevin for a 25% stake, and an offer of $1 million for a 20% stake from Lori.

Daymond and Kevin matched each other’s offer of $1 million for a 25% stake, leading to a Shark battle. After some negotiation, all five Sharks agreed to invest $1.5 million for a 25% stake in the company.

XCraft also demonstrated their Phone drone, which allows smartphones to fly by utilizing the sensors already present in smartphones. They asked for an additional $250K to build the Phone Drone. While Mark initially remained silent, he eventually joined the deal along with the other Sharks.

The Sharks’ contribution was valued highly due to their willingness to get their hands dirty, unlike other potential investors. The deal was closed with all five Sharks agreeing to invest $1.5 million for a 25% stake in XCraft.

Xcraft After the Shark Tank Pitch

After the Shark Tank pitch, the X PlusOne website experienced technical difficulties but was restored the following day. The Phone Drone Kickstarter campaign was a success, surpassing its goal by raising nearly $170,000 in the days following the presentation.

Although the five-Shark deal did not materialize, the company went on to raise over $1 million on StartEngine in 2018.

Xcraft has since launched new models, such as the Panadrone, which features a tethered power line for unlimited flying time in small areas, and the Maverick Cinema, which boasts a high-resolution camera and can autonomously map up to 40 acres in a single 25-minute flight.

As of May 2021, the company is reportedly in discussions with the Department of Defense about deploying drones and anticipates yearly revenues of $5 million.

Xcraft Net Worth

Xcraft net worth is $6 million.

Xcraft Competitors

With hundreds of competitors in the drone sector, including drone giants, DJI and Cheerwing, XCraft has struggled to establish out in the retail drone market.

Xcraft FAQS

Who founded Xcraft?

The Founder of Xcraft is JD and Charles.

What is Xcraft?

Xcraft provides affordable aerial drone solutions for consumers in diverse industries including real estate, construction, agriculture, sports, wildlife conservation and entertainment.

How much does it cost?

The lower-end DIY kit costs $1,549. The higher-end pre-order kit option option in limited quantities costs $2,199.

Xcraft competitors

In the drone industry, Xcraft competes with companies such as Aerofex, Ehang, Parrot and Yuneec.

Where are the office/factories/manufacturing?

Our team is based out of Sandpoint, Idaho. We have an isolated factory that services our needs for this project.

What Happened to xCraft After Shark Tank?

XCraft has gone through many developments since the episode aired a few months ago. Kickstarter backers have begun receiving their development kits and PlusOne drones.

What is X PlusOne made of?

The X PlusOne is made from Expanded PolyOlefin (EPO). EPO is a very strong, lightweight expanded foam, similar to Styrofoam except more flexible and able to be glued with CA glue.

How is X PlusOne made?

The X PlusOne is assembled entirely by hand at our headquarters in downtown Coeur d’ Alene, Idaho. Each product is test flown and thoroughly inspected to ensure a quality product upon delivery.

How fast can X PlusOne go and what is the range?

The X PlusOne can fly up to 60 mph and approximately a mile away from the remote. The battery life is approximately 20 minutes.

When was Xcraft aired on Shark Tank?

The Xcraft episode was aired on December 1, 2015.

Who are the owners of Xcraft?

Xcraft is owned by two brothers, JD and Charles Clark.

The company started with both JD and Charles building drones in their parents’ garage five years ago.

They returned to family roots when they relocated to Idaho to begin their own company after college, eventually moving into a real office space.

Which episode was Xcraft aired on Shark Tank?

Xcraft was aired on season 7 episode 5.