Cycloramic Shark Tank Update

Cycloramic Shark Tank Update: The Inspiring Success Story

Do you remember that magical panoramic photo app that made phones spin on the spot during its iconic Shark Tank pitch? Cycloramic stunned the Sharks with its innovative hands-free imaging capabilities over half a decade ago. 

While the resulting frenzied bidding war in the Tank undoubtedly captivated, the true tale of what happened after the deal was just beginning. So, what happened to Cycloramic after Shark Tank? 

Read on to learn more about the status of Cycloramic.

Cycloramic Shark Tank Profile

Company NameCycloramic
FounderBruno Francois
Founded2012
ProductA mobile app that takes 360o panoramic photos automatically using the phone’s gyroscope
Asked For$90,000 for 5% equity
Final Deal$500,000 for 15% equity 
SharkMark Cuban, Lori Greiner
Cycloramic Shark Tank Episode (Shark Tank USA)Season 5, Episode 16
Air DateJanuary 31, 2014
Business StatusThe creator, Ego Ventures Inc., is still in business.
HeadquartersOriginally Montreal, Canada
Lifetime Worth (Sales)Over $22 million from the acquisition price
WebsiteN/A (apps removed from stores)
Buy NowNot Available
Watch OnAmazon Prime 

How Was Cycloramic on Shark Tank?

The Cycloramic Shark Tank presentation is one of the most memorable investment pitches in the show. Bruno Francois appeared on ABC’s Shark Tank in Season 5, Episode 16, which aired on January 31, 2014. He entered the Tank seeking $90,000 in exchange for 5% equity in Cycloramic. 

How Was Cycloramic on Shark Tank

Francois amazed the Sharks with a live demonstration of the app, and offers came rushing in, with Sharks all eager to invest in Cycloramic. Multiple Sharks partnering together in attempts to outdo competitors, he accepted Mark Cuban and Lori Greiner’s offer of $500,000 for 15% equity.

What Happened To Cycloramic After Shark Tank?

Cycloramic update is a wonderful story to tell. It all started after Bruno Francois pitched his innovative Cycloramic app on ABC’s Shark Tank. 

After the bidding war with the Shark and securing a deal with Mark Cuban and Lori Greiner, Bruno saw his product catapulted to new heights of success. It was downloaded 100,000 times in an hour after the episode aired. 

What Happened To Cycloramic After Shark Tank

Initial Success

Within the first week of airing on Shark Tank, Cycloramic was downloaded over 8.5 million times on the iTunes store. It was far surpassing Bruno’s projections of 1 million downloads for the entire year. 

After the significant exposure catapulted the app to the top spot in app stores worldwide, revenue increased to $1.5 million in sales that year alone.

Shift to New Technology  

After the initial boom, Cycloramic’s popularity began steadily declining over the next year. Downloads and revenue tapered off significantly, and Bruno decided to leverage the core 360 photography technology into a new app. This was to adapt Cycloramic for professional applications.

Car360

Bruno applied the same gyroscope-powered 360 photography system into an app specifically for automotive, the Car360 app. It allows users to easily create high-quality 360-degree virtual tours of vehicles for sale online. Within just a few months, Car360 generated over $1 million in revenue. 

Acquisition by Carvana

At a venture capital conference in 2017, Bruno demoed Car360 and connected with Ernie Garcia, CEO of rapidly growing used car retailer Carvana

Impressed with the app’s capabilities to revolutionize online vehicle browsing, Garcia’s Carvana acquired it in April 2018 for $22 million in an all-cash deal. 

The deal makes it one of the best Shark Tank’s investment stories. Mark Cuban even called it ‘the American Dream’ for how successful it turned out to be. 

Cycloramic Net Worth

When Bruno Francois appeared on Shark Tank in 2014, he valued Cycloramic at $1.8 million. It was just an early-stage startup that had not received any prior investment. By that point, Cycloramic had generated around $175,000 in revenue from over 660,000 app downloads at $0.99 per download. 

In the Tank, Bruno accepted an offer of $500,000 for 15% equity from Mark Cuban and Lori Greiner. This implied a post-investment valuation of $3.33 million for Cycloramic based on the shares-for-cash deal structure. 

Cycloramic Net Worth

In subsequent updates provided after the Shark Tank episode aired, it was reported that Cycloramic’s revenue grew to over $1.5 million within a year. In 2017, Cycloramic raised $3.5 million in a new funding round led by venture capital firm BIP Capital. 

Finally, in 2018, Carvana acquired Cycloramic for $22 million in cash. The substantial acquisition price suggests the startup had achieved considerable financial success and valuation growth from its initial phase through follow-on investments and expansion of the business model.

Cycloramic Sales Data

The table below is a Cycloramic update on the available yearly sales figures for Cycloramic from its early beginnings on Shark Tank through the expansion of its product line.

YearSales
2014 (Prior to Shark Tank)$175,000 from 660,000 app downloads
2014 (After Shark Tank episode)Grew to over $1.5 million within one year
2017Generated over $1 million in sales within a few months of launching the car scanning app Car360

Is Cycloramic Profitable Now?

From the cycloramic shark tank update above, it is safe to say this was a very profitable venture for the owner and the investors. The first few years showed some progress for Cycloramic profitability before the numbers started to drop. 

Is Cycloramic Profitable Now

Because of this, Bruno applied the app invention to another project, Car360, generating over $1 million in sales within months. Ultimately, this progression led Carvana to acquire Cycloramic for $22 million, suggesting it become a valuable asset. 

However, the Cycloramic app is no longer on the app stores. The company has now been fully integrated into Carvana’s operations. Therefore, while profitable through acquisition, Cycloramic, in its original form, is no longer in business as a stand-alone entity.

If you’re intrigued by the exciting world of Shark Tank, be sure to explore our article on Tania Speaks Shark Tank Update to uncover more thrilling stories and updates from the show. Additionally, don’t miss out on our article about the Pluto Pillow Shark Tank Update for insights into the latest innovative products and entrepreneurial journeys.

Conclusion

The Cycloramic Shark Tank update is nothing but a success story. The innovative app benefited from the significant Shark Tank’s exposure. However, Cycloramic’s popularity declined fast. That forced Bruno Francois to capitalize on the ideal and turn it into a gyroscope-powered 360 photography system, the Car360. 

The new app’s capabilities revolutionize online vehicle browsing. Carvana later acquired it for $22 million. While Cycloramic itself is no longer available in app stores today, it makes Cycloramic today one of the most inspiring Shark Tank success stories.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *