Xcraft Net Worth: From The Shark Tank To Military Defense
A drone business named xCraft made an appearance on Shark Tank in 2015. JD Claridge and Charles Manning, the company’s founders, requested $500,000 for 20% stock.
Each of the five sharks offered $300,000 for 5% equity, totaling $1.5 million for a 25% stake in xCraft. The founders agreed to the deal. That meant xCraft had a valuation of about $6 million when it appeared on Shark Tank.
xCraft has carried on expanding and developing since its Shark Tank appearance. In 2019, 3D Robotics, a well-known manufacturer of consumer and business drones, purchased xCraft.
Xcraft Net Worth
xCraft is still in operation as of 2023 and focuses on producing drones for the military and defense. As of 2023, xCraft’s net worth was $17 million. However, we do not have any solid evidence to prove this.
What Is Xcraft? Who Founded Xcraft?
The American company XCraft specializes in creating and manufacturing unique Unmanned Aerial Systems (UAS), generally called drones. Their goal is to develop compact, high-performance drones that may be used for business.
Charles Manning and JD Claridge first connected in 2014 via a love of business and aircraft. They saw an opportunity to integrate drones into routine operations at the time because they were getting more and more popular. They collaborated to create the X PlusOne, the first item.
The X PlusOne drone was developed by aeronautical engineer JD Claridge, who formerly worked at Quest Aircraft. On the other side, Kochava, a provider of mobile analytics technologies, is led by Charles Manning. He decided to join X PlusOne due to its cutting-edge technology and design.
xCraft UAV is always active on its Twitter handle and shares many posts:
How many drones broke trying to get this shot🤔
— xCraft UAV (@xCraftUAV) May 3, 2023
The creators of XCraft, a well-known drone development company that creates specialized UAS for various commercial purposes, are JD Claridge and Charles Manning.
What Happened To Xcraft At The Shark Tank Pitch?
The X PlusOne drone from XCraft was on display. It combines the functions of a drone and a remote control airplane and has a top speed of 60 mph and a maximum altitude of 10,000 feet. Due to sensors on board that tilt it 90 degrees, it hovers like a drone yet can fly like an airplane.
It contains a GoPro camera attachment that makes it possible to film fly-bys in a split second and an automated stabilizer that makes it simple for users to switch back to hover mode. Depending on the speed, the drone can fly for 12 to 22 minutes, and its battery can easily change.
Pre-orders for the X PlusOne can now be made at costs ranging from $1,549 for a DIY kit to $2,199 for a machine with all the bells and whistles.
xCraft UAV is also active on its Instagram handle and shares many posts:
View this post on Instagram
JD and Charles used the X PlusOne drone in “drone mode” during the pitch and demanded $500K in exchange for a 20% ownership of the business. The X PlusOne won the Sharks over with its ability to change the drone industry completely.
They made many proposals, including an immediate offer of $750K for a 25% ownership from Kevin and a bid of $1M for a 20% stake from Lori.
Daymond and Kevin engaged in a Shark war after matching each other’s offers of $1 million for a 25% interest. After some haggling, the five Sharks contributed $1.5 million in exchange for a 25% ownership stake in the business.
Additionally, XCraft showed out its Phone drone, which uses the sensors built inside cellphones to enable flight. A further $250K was requested to create the Phone Drone. Mark was initially mute but later joined the other Sharks in the transaction.
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The Sharks’ involvement was highly valued since, unlike other possible investors, they were unafraid to get their hands dirty. All five Sharks agreed to contribute $1.5 million toward a 25% interest in XCraft, and the agreement was finalized.
Xcraft After The Shark Tank Pitch
The X PlusOne website encountered technical issues following the Shark Tank pitch, but it was running again the next day. The Phone Drone Kickstarter campaign was successful, generating approximately $170,000 in the days after the presentation, exceeding its fundraising target.
Despite the failure of the five-Shark transaction, the company raised more than $1 million on StartEngine in 2018.
Since then, Xcraft has introduced new models,s including the Maverick Cinema, which has a high-resolution camera and can autonomously map up to 40 acres in a single 25-minute flight, and the Panadrone, which has a tethered power line for an infinite flying duration in tight spaces.
The business is apparently in talks with the Department of Defense about using drones as of May 2021, and it predicts $5 million in annual revenue.