xCraft is a reputable drone development company. This company specializes in the design and manufacture of custom UAS (unmanned aerial systems) in the United States of America.
The goal of xCraft is to develop small, powerful, and high-end flying machines that can be used for commercial purposes.
xCRAFT Net Worth
The xCraft company has an estimated net worth of $17 million (Last Updated 2022).
A number of organizations have invested in xCraft since appearing on Shark Tank, including Meyer Equity, Mountain Man Ventures, and the StartEngine campaign; a total of $1.1 million has been raised.
Over 1000 investors contributed more than $1 million to the second StartEngine campaign of 2018.
Charles Manning, a software development expert, and partner of aerospace engineer JD Claridge, invented the groundbreaking flagship product.
Currently, JD serves as CEO, and Charles presently serves as a director on the board of xCraft, and is the founder of Kochava, which specializes in advertising analytics and mobile marketing.
How is XCRAFT doing?
xCraft no longer develops retail products, except for a few drones available on their website and on Amazon.
At present, the company exclusively develops drones for its main customers – enterprises and military organizations in the fields of defense, security, energy, and public safety.
Facts about the founder
Business and flying passions led JD Claridge and Charles Manning to form xCraft in 2014. Drones were gaining popularity at the time, and the two came up with a way to use them in everyday life. The first product they created together was the X PlusOne, which they launched on Kickstarter.
With over 300% of its original goal reached, xCraft’s Kickstarter campaign was a tremendous success. They made a decision the following year to take xCraft to Shark Tank in 2015.
Competitors of XCraft
Due to the large number of drone companies like DJI and Cheerwing in the drone industry market, xCraft has struggled to stand out. In the near future, xCraft plans to launch two new drone systems, according to co-founder JD Claridge.
According to Claridge, the company is well-positioned to lead the $100 Billion UAV market in spite of global economic concerns. Currently, xCraft is working to establish new business partnerships and secure defense contracts.
XCraft Shark Tank update
The company entered Shark Tank asking for $500k for 20% (a valuation of $2.5 million) and came away with a profit of $1.5 million for 25% (an estimated value of $6 million). As of now, none of the Sharks’ deals with xCraft have been successful.