ChessUp Shark Tank Episode 9 Update & Net Worth
ChessUp Shark Tank Episode 9 Update & Net Worth ChessUp, a revolutionary AI-based chess board, was pitched on Shark Tank Season 14, Episode 9 by co-founders Jeff Wigh and Adam Roush. Their goal was to secure $300,000 for 5% equity to bring their innovative product to a broader market. They left the Tank with a…
ChessUp Shark Tank Episode 9 Update & Net Worth
ChessUp, a revolutionary AI-based chess board, was pitched on Shark Tank Season 14, Episode 9 by co-founders Jeff Wigh and Adam Roush. Their goal was to secure $300,000 for 5% equity to bring their innovative product to a broader market.
They left the Tank with a deal from Lori Greiner for $300,000 in exchange for 5% equity plus a 3% royalty until Lori recoups 1.5x her investment. Let’s dive into the details of the ChessUp Shark Tank update and its current status.
What is ChessUp? How Does it Work?
ChessUp is a smart electronic chess board that utilizes AI technology to teach and enhance chess skills at any level. The board highlights potential moves in green, blue, and red colors, guiding players based on the strength of the move.
Green signifies the best move, blue indicates a mistake, and red highlights a poor choice. This technology allows beginners to learn and improve while offering advanced players a tool to sharpen their strategies.
ChessUp is designed to adapt to the player’s skill level, making it a valuable tool for both novices and seasoned players.
ChessUp Shark Tank Episode 9 Season 14: What Happened at Shark Tank Pitch?
During their pitch on Shark Tank, Jeff Wigh and Adam Roush presented ChessUp to the sharks, emphasizing its unique ability to guide players through the game with AI-powered move suggestions.
They asked for $300,000 for 5% equity, valuing the company at $6 million. The sharks were intrigued but cautious, especially regarding the high valuation and the company’s financials.
The co-founders explained that ChessUp was retailing for $399 per unit, with a production cost of $120. They had raised over $1.7 million on Kickstarter and had additional sales of $400,000 in 2022. Despite these impressive figures, the company was burdened by a royalty structure that was draining profits.
ChessUp Shark Tank Pitch Summary
| Company Name | Bryght Labs |
| Founder | Jeff Wigh, Adam Roush, Justin Farrell |
| Product | AI-based chess board |
| Asked For | $300,000 for 5% equity |
| Final Deal | $300,000 for 5% equity + 3% royalty |
| Investor | Lori Greiner |
| Season & Episode | S14 E9 |
| Lifetime Sales | $31 Million (estimated) |
| Business Status | In Business |
| Current Net Worth | $1 million to $2.5 million |
What Happened To ChessUp After Shark Tank?
Following their Shark Tank appearance, ChessUp experienced a significant boost in sales, particularly during the 2022 holiday season. The exposure from the show and the partnership with Lori Greiner contributed to this success. ChessUp continued to attract attention for its innovative approach to teaching and enhancing chess skills through AI.
With Lori on board, Jeff and Adam focused on expanding their marketing efforts and improving their distribution channels. The feedback from customers has been overwhelmingly positive, with many praising the board’s ability to make learning chess both fun and intuitive.
How Much Is ChessUp Worth?
As of April 2024, ChessUp is estimated to be worth between $1 million and $2.5 million. The company’s revenue has grown steadily, thanks in part to the successful Kickstarter campaign and the increased visibility from Shark Tank. The current valuation reflects the potential for further growth as ChessUp continues to expand its market reach and refine its product offerings.
Is ChessUp Still in Business?
Yes, ChessUp is still in business as of April 2024. The company, under its parent brand Bryght Labs, has continued to innovate and release new features and updates for the ChessUp board. The product is available for purchase on their official website and through major online retailers like Amazon. The team is focused on scaling the business, with plans to introduce ChessUp to international markets.
Which Episode Number was ChessUp on Shark Tank?
ChessUp was featured on Shark Tank Season 14, Episode 9, which aired on December 9, 2022. The product caught the attention of the sharks, particularly Lori Greiner, who ultimately secured a deal with the company.
