ChessUp Valuation – Update after Shark Tank Pitch!

ChessUp is a smart chess board that analyzes your game and helps you make the right moves with a built-in teaching system. Founders Jeff Wigh, Adam Roush, and Justin Farrell showcased their innovative product on Shark Tank Season 14 and landed a deal with Lori Greiner. ChessUp is estimated to be worth $3 million by 2024.

Founder

The three entrepreneurs behind the product are all from Olathe, Kan. Jeff Wigh holds an MBA from MIT and has worked on product development teams at Allegro Microsystems, Herzog, and Garmin.

Adam Roush holds a bachelor’s degree in Industrial and Product Design from the University of Kansas. After graduation, he became a product architect and eventually a creative executive.

Justin Farrell holds a bachelor’s degree in electrical engineering from DeVry University. Not much is known about his early career, but he specialized in web development.

Founding ChessUp

They met at work and got along well because they loved chess and everything STEM-related. When Jeff needed to teach his daughter how to play chess, he and his partners invented ChessUp.

This is a smart chessboard that uses AI capabilities built on Stockfish, considered the world’s strongest chess AI. When you touch a chess piece, it lights up the best position to move.

The device tracks your movements and gives guidance on how to improve your game. Chessup was officially launched in 2019 by product development company Bryght Labs.

Appeared on Shark Tank

605 million adults play chess regularly, and ChessUp is one of the few inventions that could attract more players to the game. But to make it popular, the founders needed to raise money. In March 2021, they launched a Kickstarter campaign and reached 100% of their funding goal in 25 minutes!

As of the end of 2022, the campaign had raised $1.7 million from 5,657 backers, making it the most funded chess project on the platform. In addition to funding, founders also need exposure to help them break into the market.

After Shark Tank

The three Kansans entered the Tank competition hoping their invention would be given the justice it deserved. Their show aired in December 2022 and the product was well received by viewers. The company has already completed shipping orders to backers on Kickstarter.

Apparently, the $300,000 deal with Lori has been completed, according to Pitchbook.com, and they raised money from Missouri Technology.

The smart chessboard is available on Amazon and its website PlayChessUp.com. The product retails for $349 and comes with an app. Currently, it is sold out on Amazon. Competitors include Chesscademy, GoChess and Chesster.

On Amazon, ChessUp has 6 reviews with an average rating of 4.1 stars. On Kickstarter, most reviews from backers are positive, with some users praising the quality of the materials. Chessup is thriving and is valued at $3 million. According to LinkedIn, the company has 7 employees.

Categories: Shark Tank
Source: dut.edu.vn