On a recent episode of ABC’s “Shark Tank,” artificial intelligence (AI) company, Bot-It, managed to secure a deal from billionaire judges Mark Cuban and Michael Rubin.
As reported by CNBC, Bot-It founders, Maurice Bachelor and Joel Griffith, pitched their Los Angeles-based company, which uses AI to automate online tasks such as booking appointments or making reservations.
Bot-It’s technology, which is also capable of helping users secure high-demand items such as concert tickets and sneakers, was presented as a tool to give individuals an edge against large-scale bot operations. This attracted the attention of Cuban and Rubin.
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The founders initially sought $150,000 for a 10% equity stake. Cuban was the first to make an offer, suggesting $150,000 for 20% equity. However, Rubin proposed $150,000 for 15% of Bot-It, valuing the company higher than Cuban’s offer.
"It's a Shark fight. It's the battle of the billionaires,” judge and billionaire Kevin O’Leary.
Caught between the two offers, Bachelor and Griffith encouraged Cuban and Rubin to make a joint deal. The billionaires agreed, offering $300,000 for 30% of the company. After some hesitation, the Bot-It team accepted the deal.
“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,” Bachelor said.
Photo by Shutterstock
Note: A previous version of the article wrongly mentioned Michael Rubin’s final offer as $50,000. We sincerely regret the error.
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