XCraft Update | Shark Tank Season 7

While working in aerospace, JD Claridge saw that drones could hover but weren’t fast, and planes could fly fast but couldn’t hover. He wanted something that could do both, so he created X PlusOne, a drone that lifts off like a helicopter and flies like a plane. This makes it great for filming fast-moving objects and covering more ground in one flight. After raising money on Kickstarter, he and Charles Manning now need a shark’s investment to scale. Let’s dive into our XCraft update and pitch recap to find out if any of the sharks made an offer.

If you’re short on time, here’s a quick overview of what happened to XCraft after Shark Tank.

JD and Charles entered Shark Tank Season 7, seeking $500,000 for 20% equity in XCraft. After their pitch, they snagged a deal with all five sharks for $1.5 million for 25% equity.

In terms of an XCraft update, the company successfully leveraged its Shark Tank exposure to raise significant funding through crowdfunding and venture capital. By shifting their focus from retail drones to enterprise and military applications, they grew their valuation to $17 million.

Shark	Result
Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and Robert Herjavec	Accepted offer of $1.5 million for 25% equity

Shark Tank XCraft Pitch

• Entrepreneurs: JD Claridge and Charles Manning
• Business: An unmanned personal aircraft that is part airplane and part drone
• Ask: $500,000 for 20% equity
• Result: $1.5 million for 25% equity
• Sharks: Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and Robert Herjavec

JD and Charles dramatically opened their pitch, flying their drone, X PlusOne, into Shark Tank before making a smooth landing.

They needed an investment to reduce production costs and finalize development on their second product, PhoneDrone Ethos.

The entrepreneurs explained that XCraft was redefining the drone industry by combining traditional hovering capabilities with high-speed flight.

This allows their product to cover greater distances and seamlessly switch between modes mid-flight.

They could fly at up to 60 miles per hour, and up to heights of 10,000 feet; which made them ideal for tracking fast-moving objects

Daymond John and Robert Herjavec immediately asked about the X PlusOne’s flight range and control features.

JD explained that it could fly autonomously with pre-programmed flight paths, eliminating the need for constant manual control.

Robert then questioned whether such operations were legal, and JD clarified that as long as the drone remained below 400 feet and within sight, it complied with regulations.

Each vehicle sold for $1,899 retail, but only cost around $400 to manufacture.

Kevin questioned whether the retail price tag would limit the customer base. JD pointed to their successful Kickstarter campaign and $30,000 in pre-sales as proof of demand.

He also highlighted his and Charles’ backgrounds in aerospace engineering and software, emphasizing their expertise in both hardware and flight software development.

At this point, JD introduced their second product, PhoneDrone Ethos, a collapsible drone that utilizes a smartphone’s GPS, gyroscopes, and cameras to provide an affordable consumer-friendly alternative at $300.

Kevin asked if X PlusOne could incorporate high-quality cameras. JD confirmed that camera integration was already in development.

Robert asked about XCraft’s target audience and unique advantage in the competitive drone market.

Charles explained that their intellectual property and licensing potential set them apart, a response that Kevin found promising.

However, Robert raised concerns about privacy issues with consumer drones, while Mark remained quiet, observing the negotiations.

Seeing the potential, Kevin made the first offer of $750,000 for 25% equity. Daymond quickly countered with $1 million for the same stake, and Lori soon followed with $1 million for 20% equity.

Kevin matched Lori’s offer, and within minutes, the company’s valuation doubled to $5 million.

Sensing a bidding war, Robert suggested JD and Charles step outside to regroup.

However, JD made a bold move, increasing their valuation request to $10 million. This nearly derailed negotiations, as Daymond accused them of being greedy, but he still offered a deal at a $6 million valuation.

The entrepreneurs asked if the sharks would invest $1.5 million collectively for 5% equity each.

Mark, still on the fence, asked if XCraft had received other investment offers. Charles responded that while venture capital firms showed interest, they lacked the execution expertise that the sharks brought to the table.

Robert agreed, noting that many investors were smart but didn’t have real business experience.

Ultimately, all five sharks come together for a huge deal! Did it all work out in the end? Keep reading our XCraft update to find out.

Shark Tank XCraft Update

Our XCraft update found that the deal with the sharks never closed, but that didn’t slow them down.

After their Shark Tank episode aired, their website crashed from the surge in traffic, and they launched a successful Kickstarter campaign that raised $170,000; far surpassing their $100,000 goal.

In 2018, they raised over $1 million through a StartEngine funding campaign, eventually securing more than $4.4 million from crowdfunding.

Since then, XCraft has shifted away from retail drones to focus on enterprise and military applications.

At the time of this writing, the company has grown to a $17 million valuation, a big jump from the $6 million they had during Shark Tank.

They’ve also secured investments from venture capital firms like Meyer Equity and Mountain Man Ventures, further solidifying their position in the industry.

Today, XCraft offers six drone models, including the Panadrone, Matrix RTK, Nano One, and Maverick Mapper.

They reportedly generate around $5 million in annual sales and are in discussions with the Department of Defense, which could take their growth even further.

While the deal with the sharks didn’t close, XCraft proved they didn’t need one to succeed. We’re calling this XCraft update a success.

Want to know what happened to the other companies featured in Season 7 Episode 5? You’ll find our company updates here:

• Three Jerks Jerky Update
• The Skinny Mirror Update
• Switch Witch Update

Before you go, be sure to check out our list of all the Shark Tank Season 7 products.