On a recent episode of ABC’s Shark Tank, the founders of Bot-It, Maurice Bachelor and Joel Griffith, pitched their AI-powered automation app to the judges.
Based in Los Angeles, Bot-It assists users in automating various online tasks, including booking appointments and making restaurant reservations.
The app also offers a “pro subscription” that allows users to gain advantages such as jumping the line for sneaker release draws and securing concert tickets quickly.
Interest from the Judges:
The pitch garnered the interest of investors Mark Cuban and Michael Rubin, who recognized the app’s potential to counter large-scale bot operations.
Rubin emphasized that the issue of bots attempting to purchase billions of dollars in products each year is a genuine problem.
Kevin O’Leary raised concerns about the ethics of supporting such practices. Joel Griffith, Bot-It’s founding partner and head of growth, emphasized that bots aren’t inherently negative and can benefit users.
Negotiations and Deal:
Bachelor and Griffith initially sought $150,000 in trade for a 10% equity stake in their company. Mark Cuban and Michael Rubin made separate offers, with Cuban proposing 20% equity for $150,000 and Rubin valuing the company even higher at $50,000 for a 15% equity stake.
The founders successfully persuaded the two investors to join forces, resulting in a joint offer of $300,000 for 30% equity. After some hesitation, the founders agreed to this deal.
The Future of Bot-It:
Bachelor expressed his excitement about the deal, calling it “the most important day of the Bot-It life.”
He believes that having Mark Cuban and Michael Rubin on board will propel the company to the next level, marking a significant milestone for the AI-powered automation app.
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