In a 'Shark Tank' episode that drew in millions of viewers, AI startup Bot-It faced a 'battle of the billionaires' as Mark Cuban and Michael Rubin went head-to-head with a $300,000 offer. This intense showdown has marked a significant milestone for Maurice Bachelor and Joel Griffith, the entrepreneurs behind Bot-It, and their mission to reshape public opinion about AI bots.
Bot-It, a Los Angeles-based company, offers a website and mobile app powered by artificial intelligence. The platform's primary goal is to streamline online tasks, ranging from booking appointments to making restaurant reservations. What sets Bot-It apart is its 'pro' subscription, designed to give users an edge in activities like sneaker release draws and the race for concert tickets, enabling them to secure these coveted items in a matter of seconds.
However, it's in these capabilities that Bot-It also stirs controversy. Bots have historically complicated the shopping experiences of consumers, particularly in industries such as sneakers and live events. Michael Rubin, the CEO of sports retailer Fanatics and a guest judge on 'Shark Tank,' emphasized the scale of the issue. "We have probably billions of dollars of products that bots try to buy from us each year," he said. "Bots come to get everything."
The question of ethical usage looms large. Kevin O'Leary joined the conversation by asking what it says about consumers who employ such technology, implying they might be perceived as "cheating."
Maurice Bachelor, the lead software engineer at Bot-It, and Joel Griffith, the company's founding partner and head of growth, defended their business by highlighting the platform's ability to counteract large-scale bot usage. They argued that their technology helps real individuals face these faceless bot armies and aims to change the perception of bots among consumers.
The episode featured a captivating twist when Cuban and Rubin made separate investment offers. Cuban, intrigued by Bot-It's AI platform, offered $150,000 for a 20% equity stake. Rubin joined in, proposing $50,000 for a 15% stake, presenting a higher valuation than Cuban's initial offer. This sparked what Kevin O'Leary called the "battle of the billionaires."
Caught between these two offers, Bachelor and Griffith ultimately convinced Cuban and Rubin to collaborate on a joint deal. The outcome was a $300,000 investment in exchange for a 30% stake in the company. This deal signifies a significant boost for Bot-It, as both billionaire investors bring their expertise and networks to help the AI startup advance to the next level.
As Maurice Bachelor remarked, "This is the most important day of the Bot-It life. To have both of those Sharks on our team right now is going to take us to the next level."
Disclaimer: The information provided in this report is for informational purposes only and should not be considered as financial advice or endorsement.