SmartPlate Portion Control Device
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 12, 2016
Asking For:
$1,000,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
SmartPlate is the world's first intelligent plate that utilizes food recognition technology and load sensors to instantly analyze meals with up to 99% accuracy, providing users with nutritional information, including calories, carbs, and proteins.
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Background Story
Martin Dell’Arciprete, the founder of SmartPlate, hails from Philadelphia, P.A. The inspiration behind SmartPlate arose from the growing need for a more convenient and accurate way to monitor and improve dietary habits. In a society where individuals, from health-conscious consumers to elite athletes, strive for a healthier lifestyle, Martin recognized the limitations of existing solutions that required tedious manual calorie counting.
The idea for SmartPlate was born out of the desire to simplify and enhance the process of eating smart. Frustrated by the time-consuming and inaccurate nature of current methods, Martin aimed to create a solution that would revolutionize how people approach their nutrition. The product was designed to cater to a wide range of users, from those preparing meals at home to those dining out at restaurants.
The Product
SmartPlate functions by taking a picture of the meal placed on its surface, using food recognition technology to identify and weigh each component. With a database of over 350,000 CPG barcodes and 100,000 restaurant meals, users can obtain accurate nutritional information by either snapping a photo, scanning a barcode, or verbally identifying the food.
Although the technology may have limitations with certain items like oils, SmartPlate aims to provide a comprehensive solution for users aiming to monitor their dietary intake.
How It Went
The company’s position before Shark Tank
At the time of the pitch, SmartPlate was in the pre-order stage, planning to deliver the product in the summer of 2016 at a retail price of $199. The company had raised $225,000 from institutional accredited investors, $80,000 from friends and family, and had soft-circled $550,000 of the funding round from technology partners. The founder emphasized their commitment to automating the manual process of tracking nutrition, offering a unique value proposition in the health and wellness market.
The Negotiations:
Despite Martin’s passionate pitch, the sharks expressed skepticism about the product’s viability and questioned the effectiveness of the technology. Concerns were raised about the company’s reliance on external design firms and the potential risks associated with unproven technology. The sharks ultimately felt uncomfortable with the business’s current position and the uncertainty surrounding the product’s functionality.
No deal was made, and Martin left the tank without securing an investment. In summary, SmartPlate’s pitch showcased an innovative approach to healthy eating but faced challenges convincing the sharks of its technological feasibility and market viability.
