Billionaire entrepreneurs Mark Cuban and Michael Rubin have invested in the AI startup Bot-It on the popular TV show Shark Tank. Maurice Bachelor, the founder of Bot-It, aims to change people’s perceptions of AI bots while tackling the controversial issue of bot-driven shopping experiences.
Bot-It is a web and mobile application that utilizes artificial intelligence to automate online tasks, such as booking appointments or making restaurant reservations. In addition, their pro subscription offers the ability to jump the line for sneaker release draws or secure concert tickets within seconds. However, these features have raised concerns due to the negative impact of bots on the shopping experiences of consumers worldwide, particularly in the sneaker and live events industries.
With billions of dollars’ worth of products being targeted by bots each year, Rubin, the CEO of sports retailer Fanatics, acknowledged the challenges faced by businesses like his. He saw potential in Bot-It’s technology, which could empower individuals to combat large-scale buying attempts by bots and level the playing field for regular consumers.
Both Cuban and Rubin were impressed with Bot-It’s AI platform and its ability to perform tasks swiftly. Cuban made the first investment offer, proposing $150,000 for a 20% equity stake. Rubin then joined the bidding by offering $50,000 for a 15% stake, valuing Bot-It higher than Cuban’s offer. The competition between the billionaires intensified, leading to a joint deal in which Cuban and Rubin agreed to invest $300,000 for a 30% stake in the company.
Bachelor and his partner, Joel Griffith, accepted the offer and expressed their excitement about having both Cuban and Rubin on board. They believe the partnership will propel Bot-It to new heights.
The investment in Bot-It highlights the growing interest in AI technology and its potential to revolutionize various industries. By using AI for automation, Bot-It aims to enhance consumer experiences while challenging the negative stereotypes associated with bots. The involvement of influential entrepreneurs like Cuban and Rubin further validates the importance and potential of AI startups in shaping the future of business.
Disclaimer: This article is generated by OpenAI’s language model.