Cycloramic Panoramic Image App
DEAL
EPISODE SUMMARY
🕓 Air Date: January 31, 2014
Asking For:
$90,000 for 5%
Investor:
Lori Greiner, Mark Cuban (50/50)
Deal:
$500,000 for 15%
PRODUCT SUMMARY
Cycloramic is a smartphone app that captures hands-free 360-degree panoramic photos using the phone's vibration without the need for a tripod.
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Background Story
Cycloramic, founded by Bruno Francois, emerged from a blend of innovation and necessity. Bruno, a tech entrepreneur, developed the app to tackle the challenge of capturing panoramic photos without cumbersome accessories. Bruno’s entrepreneurial journey likely began in a tech hub or innovation center where he could access resources and talent. Bruno’s background in technology and entrepreneurship provided a solid foundation for developing Cycloramic.
His experience likely includes software development, product design, and possibly prior ventures in the tech industry. The idea for Cycloramic stemmed from Bruno’s recognition of a gap in the market – the lack of a hands-free solution for capturing immersive panoramic photos on smartphones. Driven by his passion for innovation and problem-solving, Bruno assembled a team to develop Cycloramic. Through experimentation and leveraging the capabilities of smartphones, they devised a solution that utilized the phone’s vibration to rotate and capture images seamlessly.
This innovative approach not only eliminated the need for tripods but also made panoramic photography more accessible and convenient for users. As Cycloramic gained traction and success, Bruno’s vision expanded beyond just capturing photos. He saw potential applications in gaming and other industries, indicating his strategic thinking and foresight in leveraging the technology for broader purposes. Bruno’s entrepreneurial journey and technical expertise positioned him as a leader in the mobile photography space, driving Cycloramic’s growth and success.
The Product
Cycloramic is a revolutionary smartphone app designed to simplify and enhance panoramic photography. The app utilizes the phone’s vibration to rotate and capture 360-degree panoramic photos hands-free, eliminating the need for cumbersome tripods or additional accessories. Users simply launch the app, place their smartphone on a flat surface such as a countertop, and Cycloramic does the rest, automatically rotating the phone to capture stunning panoramic images.
One of Cycloramic’s key features is its ability to capture panoramic photos effortlessly, making it ideal for capturing immersive landscapes, architectural marvels, and group shots without the hassle of manually positioning the phone. The app’s intuitive interface and seamless stitching technology ensure that users can create high-quality panoramic images with ease.
Cycloramic is available for purchase on the iTunes App Store for a nominal fee of $0.99, making it accessible to a wide range of smartphone users. With over 660,000 downloads and a projected sales target of $1 million, Cycloramic has already garnered significant attention and popularity among photography enthusiasts and casual users alike.
The app’s affordability, ease of use, and impressive results make it a must-have tool for anyone looking to capture breathtaking panoramic photos with their smartphone. Whether for personal enjoyment, professional projects, or social media sharing, Cycloramic offers unparalleled convenience and quality in panoramic photography.
How It Went
The company’s position before Shark Tank
Cycloramic has demonstrated robust performance and positioned itself as a leader in the mobile photography app market. With over 660,000 downloads and $175,000 in income, the company has achieved significant success since its inception. Bruno Francois, the founder, emphasized a sales target of $1 million for the fiscal year, indicating ambitious growth plans. As a startup, Cycloramic primarily relies on revenue from app sales on the iTunes App Store for funding. Bruno’s decision to seek $90,000 in exchange for 5% equity suggests that the company is seeking external investment to fuel its expansion and development efforts.
The company’s customers span a diverse range of smartphone users, including photography enthusiasts, casual users, and professionals seeking innovative tools for panoramic photography. Cycloramic’s affordability, ease of use, and impressive results appeal to a broad audience, driving its popularity and adoption. Cycloramic’s current structure likely consists of a small team of developers, designers, and marketing professionals dedicated to further enhancing the app and expanding its market reach.
Its presence on the iTunes App Store suggests a direct-to-consumer distribution model without significant reliance on wholesalers. However, the company may explore strategic partnerships with smartphone manufacturers, photography brands, or tech companies to further leverage its innovative technology and expand its reach. Overall, Cycloramic’s strong performance, innovative product offering, and ambitious growth plans position it for continued success in the competitive mobile photography market. With strategic investments and partnerships, the company aims to capitalize on its momentum and solidify its position as a leader in panoramic photography solutions.
The Negotiations:
The negotiations for Cycloramic on “Shark Tank” were dynamic and competitive, reflecting the Sharks’ keen interest in the innovative product and its potential for success. Bruno Francois initially sought $90,000 for 5% equity, valuing Cycloramic at $1.8 million. The Sharks responded with a flurry of offers, each vying to secure a stake in the company. Lori Greiner and Mark Cuban teamed up to make a joint offer of $500,000 for 15% equity, which ultimately sealed the deal.
This offer provided a substantial investment amount while also leveraging the combined expertise and connections of two prominent Sharks in the business and technology industries. Kevin O’Leary proposed a unique offer of $90,000 for a 15% royalty on revenues, without taking any equity, which Bruno declined in favor of the equity-based offer from Greiner and Cuban. Mark Cuban presented the highest individual offer of $1 million for 30% equity, valuing Cycloramic at over $3 million.
However, Bruno ultimately chose the joint offer from Greiner and Cuban, recognizing the value of having two Sharks with complementary skill sets and networks. Throughout the negotiation process, Bruno carefully considered the financial terms, strategic benefits, and potential synergies offered by each Shark. The competitive nature of the negotiations highlighted the appeal of Cycloramic’s innovative product and its potential for significant growth in the mobile photography market.
