Although the Aira co-founders originally asked for a $500,000 investment in exchange for a 7% ownership stake, they eventually settled on $500,000 for a 15% share, reasoning that the influence and input of three different sharks were worth ceding additional ownership. Now four years later, was investing in Aira a wise decision?
To begin, Aira was rebranded to the name FreePower shortly after the Shark Tank episode aired. In 2020, the company rolled out its first production wireless charger called the Base Station Pro in partnership with cell phone accessory purveyor Nomad. Although the functionality of the device was praised, critics felt that it was overpriced at $229, though the price was subsequently reduced.
The company was also prominently featured in the business media outlet Fast Company along with AMD, Samsung, and Apple on a list of 2021’s most innovative companies. Also in 2021, FreePower revealed that private investors provided an additional $12 million in funding, including further contributions from sharks Lori Greiner and Robert Herjavec.
FreePower states that the seed capital will be used to develop version 2.0 of its charging technology, as well as diversifying away from standalone charging pads. For example, the company is exploring alternate vessels for the technology such as furniture and automobiles. Some headway has already been made into the automotive world via a relationship with parts supplier Motherson.
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