Bruno Francois created a panoramic photo app technology that makes an iPhone move on its own to take scenic pictures. Will this cool concept earn Bruno a deal on
Shark Tank Cycloramic Update
- Entrepreneurs: Bruno Francois
- Business: Panoramic photo mobile app
- Ask: $90,000 in exchange for 5% equity
- Result: $500k in exchange for 15%, split equally among sharks
- Sharks: Mark Cuban and Lori Greiner
Bruno brought his Cycloramic mobile app to the tank. The app allows the phone to take a 180-degree panoramic photo without human intervention. He was able to calibrate the iPhone’s gyroscope, compass, and vibration systems in such a way that makes the phone move on its own.
Bruno sold the app on iTunes in the app store. It sold for $0.99 and had 660,000 downloads. His income from the sales was $175,000, and he projected the app to make $1 million in sales during the year of filming. It had received 300,000 views in a couple days. Bruno said that because the company was a brand-new startup, it was hard to put a valuation on it, but he estimated it to be $1.8 million.
Lori Greiner said she knew what it took to do what Bruno was doing, and she made him an offer of $200,000 in exchange for 10% equity. The other sharks tried to dissuade Bruno from making a deal with Lori, saying she didn’t understand mobile apps.
Daymond John offered $250,000 in exchange for 10%. Kevin O’Leary offered $90,000 in exchange for a 15% cut of the royalties of the application alone, not the company itself. Guest shark Steve Tisch asked Lori to partner with him. The two then split the investment and the 10% between themselves, with Steve promising Bruno double the connections from the two sharks.
Just when we thought all offers were on the table, Mark Cuban squeezed into the picture, offering $1 million for 30% equity. The other sharks scrambled to make more offers that might appeal to Bruno, and it became an all-out bidding war.
Bruno asked if Lori could become a 50/50 partner with Mark. Lori agreed without hesitation, to the chagrin of her now ex-partner Steve. At that point, Daymond, Kevin, and Steve decided to partner together, but hadn’t yet settled on what to offer.
Bruno contemplated the offer as the chaos unfolded around him, and he decided he didn’t want to give up 30% of his company. He countered Mark and Lori with an offer for 15% of the company in exchange for $500,000, and they accepted. Keep reading our Cycloramic update to find out what happened next!
We have interesting news to share! Soon after the show aired, the app hit 10 million downloads. Like all good things however, the app eventually came to an end, but Bruno wasn’t done. He then developed Car360, which let users take 360-degree photos of their cars, and was purchased by Carvana’s CEO for $22 million. This will be our final Cycloramic update.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!