Sharks Mark Cuban And Michael Rubin Invest $300K in Startup Bot-It That Automates Golf Tee Times, Pickleball Reservations And Sneaker Releases

"Shark Tank's" investors frequently hear pitches from physical products like Squatty Potty and Scrub Daddy, but it was a new artificial intelligence (AI)-powered app that caught their attention. Bot-It is a website and mobile app that uses AI to help people automate online tasks such as making restaurant reservations or booking golf or camping reservations. 

Don’t Miss:

• This Kevin O’Leary-backed startup lets you become a venture capitalist with $100. StartEngine OWN offering closes on November 15.
• Elon Musk and Richard Branson explore early-stage startups. Don’t miss out on this exciting investment opportunity just like these visionaries.

Two Billionaires Interested

The company's unique solutions generated interest among two billionaire sharks: Michael Rubin and Mark Cuban. Rubin sits at No. 157 on the Forbes Real-Time World Billionaires list with a net worth of $11.5 billion, while Cuban is at No. 526 with a net worth of $5.2 billion, as of Oct. 20.

On a recent episode of ABC's "Shark Tank," Maurice Bachelor, founder of Los Angeles-based startup Bot-It, pitched his company alongside Joel Griffith, his founding partner and head of growth. The company's core offering is a bot that automates time-consuming tasks. Bots, or internet bots, are software applications that run simple scripts that can complete various actions, sometimes for benevolent or malicious purposes. 

Democratizing Line Jumping

Bot-It also offers a pro subscription that allows people to jump online waiting lists for sneaker release draws or snag concert tickets at the moment they're released online. But the company's involvement in these industries and this type of bot usage raised concerns among some of the sharks. 

"This is a real issue," said Rubin, the CEO of sports retailer Fanatics and a guest judge on the episode. "We have probably billions of dollars of products that bots try to buy from us each year. … Bots come to get everything."

"What does it say about us if we're supporting this, for those that think you're cheating?" Kevin O'Leary added to the conservation. 

The founders defended their firm's practices and suggested they're operating a different model that helps the consumer circumvent cheaters by getting them ahead of armies of bots. 

Trending: Get equity and front row seats to the startups and small businesses you love —⁠ for as little as $100.

"We want to help change the perception of bots amongst consumers," Griffith said. "Bots aren't always the bad guy. You can have one, too."

The founders' argument resonated with Rubin, who said that most of the bots on the Fanatics platform are large-scale attempts to buy up new products and are likely to resell them on third-party platforms at a high markup. 

Rubin said arming consumers with bots could help give regular people a fighting chance to buy items at fair prices.

"I'd rather disrupt myself than have someone else disrupt me," Rubin said. Beyond sneaker releases and concert tickets, Bot-It also can reserve camping spots when they're released, snag hard-to-get restaurant reservations and reserve the most in-demand tennis courts.

Cuban was the first investor to make an offer based on his interest in Bot-It's artificial intelligence platform, which helps it carry out tasks in seconds. He offered $150,000 for 20% equity in the startup. 

"With all the new AI stuff that's coming out, people are going to be more aware and more interested in doing these types of things if you can create the right interface," Cuban said.

Rubin also expressed interest and wanted to engage with Cuban about a partnership. After initial hesitation, Cuban and the founders of Bot-It agreed to a $300,000 investment for 30% of the company. 

Read Next:

• Many NBA players, including LeBron James, have ventured into fine wine investments as an alternative asset. Now you can too with just $25.
• Oprah, Madonna, and DiCaprio have turned to the alternative asset that is outperforming the S&P 500. Discover the potential of this market before other investors.