Quick Shark Tank Update on ENAUTIC
- Shark Tank Pitch: ENAUTIC, a marine tech innovator, sought $1 million for a 6% stake. This valued their company at $16.7 million during their appearance on Season 6 of Shark Tank Australia.
- Founders: Paul Steinmann and Joshua Cribb, pioneers in electric vehicle and marine technology.
- Flagship Product: WaveFlyer, the world’s first two-seater electric hydrofoil, equipped with the patented WaveDrive system. It offers unmatched agility and efficiency.
- Outcome on Shark Tank: No deal was secured due to concerns over valuation, pre-order figures, and ownership structure.
- Recent Achievements: Successfully raised $1.3 million through crowdfunding and other sources. This signals robust support for their eco-friendly marine technology.
ENAUTIC, the brainchild of Paul Steinmann and Joshua Cribb, is redefining the marine industry with their innovative electric hydrofoil, the WaveFlyer. The company is based in Perth, Western Australia, and it is built on years of experience in electric vehicle and marine technology.
The WaveFlyer features the cutting-edge WaveDrive system, offering “unmatched maneuverability and simplicity” to watercraft users.
With the potential to reduce energy consumption by 75-90%, this eco-friendly solution targets both recreational and commercial markets.
As Joshua Cribb puts it, “Combining my love for water and nearly a decade of experience building electric vehicles, I built WaveFlyer from the ground up.” ENAUTIC is well-positioned to lead the transition toward sustainable marine travel.
ENAUTIC Journey Before Shark Tank
Founded in 2022, ENAUTIC was born out of a vision to transform marine transportation with its revolutionary WaveFlyer.
The WaveFlyer was designed by Joshua Cribb and combines “advanced flight control systems, battery electric power systems, and human-machine interface technology.”
Its W-Foil arrangement stands out, providing “world’s best agility in handling” and enabling highly maneuverable performance.
The hydrofoil’s retractable foils allow operation in shallow waters, while the geofencing feature ensures safety by preventing collisions and controlling operational zones.
The startup achieved significant early milestones. It secured 160 pre-orders, generating $16,000 in deposits.
They developed a rapid charging system that recharges in under an hour, ensuring 15 minutes of operation for every hour charged.
The company also engaged with Curtin University’s Ignition program, which provided foundational business guidance.
Despite these advancements, the company faced challenges. Concerns emerged about its valuation, as well as the limited 10% equity available for new investors.
Shark Tank Pitch Recap
The October 2024 pitch on Shark Tank Australia was a pivotal moment for ENAUTIC. Paul Steinmann and Joshua Cribb introduced their two-seater electric hydrofoil.
They sought a $1 million investment for a 6% stake. Highlighting their patented WaveDrive technology, they emphasized its “superior maneuverability, stability, and simplicity.” This left the Sharks intrigued.
Robert, a boating enthusiast, remarked, “You had me at crazy mode,” referring to the hydrofoil’s thrilling features.
However, concerns quickly emerged when the founders claimed “millions of dollars in orders.” It was revealed they had only secured $16,000 in deposits from 160 pre-orders, each secured with a mere $100 deposit.
David labeled the sales claim as “deceptive.” Nick dismissed the valuation as “Monopoly money.” The Sharks also learned that over 90% of the company was already owned by other partners.
This left little room for investors. Despite Robert’s admiration for the product, he explained, “For me to get my money back, you’ll have to spit out $200 million in profit.” Ultimately, all the Sharks passed on the opportunity. ENAUTIC left without securing a deal.
ENAUTIC Shark Tank Update
Despite the Shark Tank setback, ENAUTIC continued to thrive and showcase resilience.
After the show, the company successfully raised $1.3 million through crowdfunding and private investors. This included $262,669.30 from 97 investors during a campaign that closed on October 3, 2024.
As Joshua Cribb stated during the campaign, “We aim to commercialize our innovative WaveDrive Technology, making sustainable watercraft both enjoyable and accessible.”
ENAUTIC utilized these funds to enhance the WaveDrive system, focusing on “modularity, serviceability, and safety.” They built partnerships with marine designers to expand technology adoption. The team also actively promoted their “commitment to drastically decarbonizing marine passenger transport.”
Future Plans
ENAUTIC is charting an ambitious path for the future. They plan to scale production globally to meet international demand for sustainable marine solutions.
The company will also continue advancing the WaveDrive’s battery-agnostic design, which ensures compatibility with evolving battery technologies for longer range and faster charging.
Licensing the proprietary W-Foil technology to marine builders will drive broader adoption. Their goal is to become an industry leader in the transition to “eco-friendly and high-performance marine travel.”
As stated in their mission, “ENAUTIC is committed to transforming the maritime industry with innovative, sustainable electric hydrofoil technology.”
Closing Remarks
ENAUTIC’s journey is a testament to perseverance and innovation. Their groundbreaking WaveFlyer and focus on green technology have placed them at the forefront of marine innovation.
Despite challenges on Shark Tank, they continue to make waves in the industry. With its focus on sustainability and unmatched performance, ENAUTIC is not just designing boats it’s designing the future of marine travel.
As they expand globally and enhance their technology, the possibilities are boundless. “Invest in ENAUTIC to drastically decarbonize marine passenger transport!”