Billionaire Sharks Mark Cuban and Michael Rubin Back AI Startup Bot-It on ‘Shark Tank’, US

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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.

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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.

Frequently Asked Questions (FAQs) Related to the Above News

What is Bot-It?

Bot-It is a web and mobile application that utilizes artificial intelligence to automate online tasks and improve consumer experiences.

What tasks can Bot-It perform?

Bot-It can perform various tasks, such as booking appointments, making restaurant reservations, and even helping users secure concert tickets or jump the line for sneaker release draws.

Why are there concerns about bots in shopping experiences?

Bots have negatively impacted shopping experiences, particularly in industries like sneakers and live events. They can quickly purchase limited-edition items or tickets, leaving regular consumers at a disadvantage.

How does Bot-It address these concerns?

Bot-It's technology empowers individuals to combat large-scale buying attempts by bots. By using their AI platform, regular consumers can level the playing field and have a fair chance at purchasing sought-after products or tickets.

Who are the investors in Bot-It?

Billionaire entrepreneurs Mark Cuban and Michael Rubin have invested in Bot-It.

What was the investment deal made by Cuban and Rubin?

Cuban initially offered $150,000 for a 20% equity stake, and Rubin followed with an offer of $50,000 for a 15% stake. Eventually, they reached a joint deal to invest $300,000 for a 30% stake in the company.

How do the founders of Bot-It feel about the investment deal?

The founders, Maurice Bachelor and Joel Griffith, accepted the offer and expressed excitement about having both Cuban and Rubin on board. They believe the partnership will take Bot-It to new heights.

What does the investment in Bot-It signify?

The investment highlights the growing interest in AI technology and its potential to revolutionize industries. It also validates the importance and potential of AI startups, as influential entrepreneurs like Cuban and Rubin recognize their significance in shaping the future of business.

How can I use Bot-It?

You can access Bot-It through its web and mobile applications. Simply sign up, explore its features, and start utilizing the AI-powered automation to streamline your online tasks and improve your consumer experiences.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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