Bot-It Update | Shark Tank Season 15
Bot-It co-founders Maurice Bachelor and Joel Griffith pitched their company on Shark Tank 15. It is an automation software that performs several tasks faster than humans.
People use Bot-It for online ticket bookings and other automation tasks. The company had generated over $30,000 in revenue in the last three months.
The co-founders demanded $150,000 in exchange for a 10% stake in the company. However, they secured a $300,000 investment for 30% equity from Mark Cuban and Michael Rubin.
It has been a few months since the episode aired, and we’ve got some Bot-It updates after the Shark Tank.
| Company Name | Bot-It |
|---|---|
| Founders | Maurice Bachelor, Joel Griffith |
| Founded | 2023 |
| Business | Automation bot software |
| Ask | $150,000 for 10% equity |
| Deal | $300,000 for 30% equity |
| Sharks | Mark Cuban, Michael Rubin |
Bot-It Company Update
Bot-It already had 350 subscribers when they appeared on Shark Tank. They have doubled their subscribers every month since their operations began.
The founder’s original ask was $150,000 for 10% equity. But, they took home $300,000 for 30% equity from Mark Cuban and Michael Rubin.
In terms of Bot-It updates, the company is still in business. In mid-November 2023 (after a few weeks of airing), the company website was re-designed, and more subscription plans were added.
Bot-It got 60 new subscribers within 48 hours of airing the episode on the ABC network. As far as the Shark Tank deal is concerned, Mark and Michael invested in Bot-It and gave some valuable business advice.
Maurice told us, “It has been a great working experience with both sharks. Mark has helped grow our sales channels, and Michael has introduced us to the Fanatics team.”
We’re grateful to Maurice and Joel for giving us a fresh Bot-It update after Shark Tank. We’ll follow up with both entrepreneurs for future updates on this company.
Meanwhile, you can read more company updates that appeared in Shark Tank Season 15:
About Bot-It
Maurice Bachelor and Joel Griffith are the co-founders of Bot-It. It is a website and mobile app that uses artificial intelligence to complete online tasks.
A bot often outcompetes humans in booking seats and tickets for various events or reservations.
Using Bot-It software to start automating such tasks in seconds. The company also provides custom bots for specific purposes.
Bot-It Shark Tank Pitch
The founders started the pitch with an asking for about $150,000 for 10% equity.
Barbara: Help me understand why a bot beats you when booking reservations. Why it has such an advantage?
The founders explained that using their bot, an online robot, a user can go to any website and create an automatic set of tasks to be performed without any manual inputs.
Kevin: So, famous female singers that sell out in a second, if you have bot-it, you can be in that stack too.
Founder: Absolutely.
Kevin: So, humans don’t really matter anymore.
Michael intervenes and says that this is really a big issue. They probably have billions of dollars of products that bots try to buy every year.
Michael: At Topps, bots come to get everything when we make a card release. We have built software to eliminate that. And aren’t all the more prominent companies going to build something to really eliminate bots?
The founder clarified that they had built the undetectable technology. Their bots can get on any website they need to run their automation.
Mark: So, what you are saying is that you can get whatever you want from a drop at ‘fanatics.’
Founder: Yeah. We follow all the standard practices when it comes to automation, and we make sure that we don’t do anything that’s outside of what’s regulated.
The discussion then moved on to revenue and sales. Michael asked about the company’s current sales.
Founder: Right now, we have a subscription-based model. So, currently, we have over $30,000 in sales. We just started 3 months ago and have over 350 subscribers.
The founder also revealed that they also do B2B. They have signed up the largest shipping logistics company.
Lori: What does a subscription cost?
Founder: The cost for one subscription will be up to $40 for a standard package, then up to $300 for the Pro package.
Michael: If I want to do this as a consumer, or if I want to buy a Travis Scott release at Nike, how quick is it for me to sign up?
The founder replies that it would take only a few seconds to do that. Their bots build themselves. However, sometimes you do have to set it up manually.
The technology was developed by one of the co-founders himself, who has a background in software engineering. The sharks wanted to know more about the founders:
Founder: I have started and scaled the business over the last 15 years.
Michael then asked whether there was a competitor product to Bot-It. Is somebody else doing it for consumers?
Founder: So, on the B2B side, yes. But we also provide our bots for consumers.
Kevin: Let me ask you a simple question: In today’s society, the use of bots is becoming a moral issue. What does it say about us who are supporting this for those who think you’re cheating?
The founders said they want to change consumers’ negative perceptions of bots.
Founder: Bots aren’t always the bad guys. You can do one too and do the same thing.
Michael: We at Fanatics have been working on eliminating them, to be honest. I’d much rather an individual try to get us with a bot than a business try to get us with a bot.
Kevin: But how do you feel about the world knowing that Michael Rubin invested in Bots?
Michael: I don’t know. I’d rather disrupt myself than have someone else disrupt me. Right now, we’re doing everything we can to stop B2B bots.
Mark says that with AI stuff coming up, people will be more interested in such bots if they have an exemplary interface. He gives an offer of $150,000 for 20%.
Michael then gives his offer of $150,000 for 15%. Michael and Mark then came together and gave a new offer of $300,000 for 30% equity, and the founders agreed.
Final Words
Bot-It got a deal of $300,000 for %30. They now have two experienced sharks on board. And, with it, they can ride the AI wave and make something big out of this deal.
