Shark Tank US | The Sharks Are HUNGRY for Chefee Robotics Product
Summary
TLDRIn the pitch for Cheffy Robotics on Shark Tank, Assaf presents a robotic chef that automates meal planning, cooking, and grocery ordering. Seeking $500,000 for 4% equity, he demonstrates the system's capabilities, which include dispensing, weighing, and cooking meals. The sharks are impressed by the technology but express concerns about market fit, execution, and maintenance. Kevin O'Leary ultimately offers $500,000 for 15% equity, which Assaf counters down to 12.5%, leading to a deal. The product targets high-end kitchens, with costs ranging from $9,500 to $50,000 depending on the version.
Takeaways
- 🤖 Assaf is seeking $500,000 for 4% equity in his company, Cheffy Robotics, which aims to bring robotic chefs into homes.
- 🍽️ Cheffy is a robotic system that handles meal planning, cooking, and even grocery ordering, automating the kitchen experience.
- 🍛 The robotic chef can prepare various dishes like Spanish paella, spicy ratatouille, and tofu tikka masala, which were demonstrated live.
- 🛠️ Cheffy integrates with an app for customization, including ingredient selection, portion control, and scheduling meals.
- 💰 The initial price for Cheffy is around $9,500 for a basic version, while a premium model could cost between $40,000 to $50,000.
- 📦 The company has not yet launched but has a $500,000 Letter of Intent (LOI) from a kitchen remodeling company and has installed three prototypes.
- 🔧 The robots are built with off-the-shelf components, but Assaf insists that Cheffy is an original robotics company with patents pending.
- 📈 Assaf aims to raise more funds to move into manufacturing, with a current cost of around $1,500 for materials and $1,000 for labor per unit.
- 🛠️ Kevin O'Leary (Mr. Wonderful) offers $500,000 for 15% equity, eventually agreeing to a deal at 12.5%, focusing on licensing opportunities.
- 👨🍳 Assaf believes Kevin is the perfect match due to his connections and strategic insight, while other sharks felt uncertain about the market fit and maintenance challenges.
Q & A
What is the name of the company Assaf is raising funds for?
-The company Assaf is raising funds for is called Cheffy Robotics.
What problem does Cheffy Robotics aim to solve?
-Cheffy Robotics aims to solve the problem of cooking healthy, fresh meals while managing a busy lifestyle, targeting parents who care about nutrition but may lack time or skills to cook.
What is unique about Cheffy's product?
-Cheffy's product is an embedded robotic chef that handles meal planning, cooking, tracking nutrition, and even ordering groceries, making the cooking process extremely easy and automated.
How much equity is Assaf offering in exchange for the $500,000 investment?
-Assaf is offering 4% equity in Cheffy Robotics for the $500,000 investment.
What are the customization options available with Cheffy's robotic chef?
-Cheffy's robotic chef allows users to customize recipes based on ingredients, adjust the number of servings, and even schedule cooking times through the Cheffy app.
What is the cost range for the Cheffy robotic chef system?
-The cost for the Cheffy robotic chef system ranges from $9,500 for the value-engineered version to a premium version priced between $40,000 and $50,000.
How does Cheffy handle the integration with existing kitchen appliances?
-Cheffy is designed to integrate with existing kitchen appliances, such as induction cookers, without reinventing the wheel, focusing on creating a robotic ecosystem that automates kitchen tasks.
What is the status of Cheffy Robotics in terms of sales and revenue?
-At the time of the pitch, Cheffy Robotics is pre-revenue and has not yet launched the product to the market.
What is the maintenance plan for Cheffy's robotic chef?
-The maintenance plan for Cheffy's robotic chef is not explicitly detailed in the script, but it suggests that the system is designed to be easily maintained, potentially leveraging existing plumbing and handyman services.
What is the relationship between Cheffy Robotics and high-end kitchen appliance companies?
-Cheffy Robotics has presented their product to high-end kitchen appliance companies like Wolf and Sub-Zero, and they are open to strategic partnerships, licensing, or rebranding opportunities with such companies.
What was the final deal struck between Assaf and the sharks?
-The final deal was made with Kevin O'Leary, who offered $500,000 for 15% equity in Cheffy Robotics.
Outlines
🍳 Introducing Cheffy Robotics: The Future of Automated Cooking
Assaf, the presenter, introduces Cheffy Robotics, seeking $500,000 for 4% equity. Cheffy aims to revolutionize cooking by creating an automated kitchen system that handles meal planning, cooking, nutrition tracking, and grocery ordering. The system is designed to be easy to use, with users simply restocking ingredients and using the Cheffy app to order meals. Cheffy then takes care of weighing, combining, dispensing, and cooking the ingredients. Assaf demonstrates the system by showing three dishes prepared by Cheffy and discusses the customization options available. The presentation also covers the system's components, including a refrigeration module and an induction cooker, and the potential for integration with grocery delivery services. The cost of the system is discussed, with a range from $9,500 for a basic version to $40,000-$50,000 for a premium version.
🤖 Cheffy's Business Model and Market Strategy
The discussion shifts to Cheffy's business model and market strategy. Assaf explains that they are pre-revenue and have a signed Letter of Intent (LOI) from a high-end kitchen remodeling company. He outlines their marketing approach, which includes social media and organic marketing, as well as strategic partnerships with celebrity chefs, builders, and designers. Assaf also addresses the concerns about shipping and manufacturing, stating that they are raising funds to move into production. The cost to manufacture the $10,000 unit is revealed to be around $2,500, including materials and labor. The sharks question the company's identity as a robotics company versus an integration company, and Assaf defends their position by highlighting their patents pending and the extensive work that went into creating the robotic system. The sharks express concerns about the product's execution, market potential, and maintenance, leading to some declining investment while others express interest.
💼 Negotiations and Final Deal with an Investor
The final paragraph covers the negotiations between Assaf and the sharks. One shark expresses interest but is concerned about the high cost and the maintenance requirements, leading to a decision not to invest. Another shark appreciates the design and integration but questions the market and the company's differentiation in the robotics industry, also choosing not to invest. A third shark, however, sees potential in the high-end market and is interested in the possibility of a partnership with Subzero, a high-end appliance company. After some back-and-forth, an agreement is reached with one of the sharks, who offers $500,000 for 15% equity, and Assaf accepts. The paragraph concludes with Assaf expressing excitement about the partnership and the potential for Cheffy's success in the market.
Mindmap
Keywords
💡Cheffy Robotics
💡Equity
💡Meal Planning
💡Nutrition Tracking
💡Grocery Ordering
💡Robotic Chef
💡Customization
💡Integration
💡Induction Cooker
💡Strategic Partnerships
💡Maintenance Contract
Highlights
Assaf is raising $500,000 for 4% equity in his company, Cheffy Robotics.
Cheffy Robotics introduces a self-cooking kitchen system with embedded robotic capabilities for meal planning, cooking, and grocery ordering.
Cheffy allows users to customize meals, track nutrition, and use app integration for easy meal preparation.
The robotic system weighs, combines, dispenses, and cooks ingredients without the user needing to intervene.
Cheffy's upper part stores and dispenses ingredients, and it fits into standard kitchen cabinets.
The system includes refrigeration for fresh ingredients and integrates with services like Instacart and Amazon Fresh.
The cost of Cheffy ranges from $9,500 for the value-engineered version to $40,000-50,000 for the premium version.
Pre-revenue stage with $500,000 signed letter of intent (LOI) from a high-end kitchen remodeling company.
Cheffy has three installations in investor homes and headquarters but is not yet shipping.
Assaf clarifies that Cheffy is a robotics company, with patents pending in the US and abroad for the entire system.
Cheffy's estimated production cost for the $10,000 unit is about $2,500, including labor and materials.
The Cheffy system is described as elegant and simple to maintain, and its components can be installed by general handymen.
One of the sharks, Kevin, offers $500,000 for 15% equity, and after negotiation, they settle on 12.5% equity.
Kevin agrees with Assaf's strategy for Cheffy, focusing on licensing and maintenance for scalability.
Assaf expresses excitement about working with Kevin, believing that Cheffy has great potential for high-end kitchen markets.
Transcripts
[Applause]
first into the tank is a product that
takes cooking into the
[Music]
future hi sharks my name is Assaf and
I'm here raising $500,000 for 4% equity
in my company cheffy robotics wow sharks
we all know how hard it can be to cook
healthy fresh meals while juggling our
busy life
how many millions of parents around the
world care about the nutrition of their
families but they hate cooking don't
know how to do it don't have time to do
it or just plain suck at it but what if
all of that could change what if cooking
was so easy you could literally walk
into your home and talk to your kitchen
nice sounds like science fiction not
anymore forget self-driving cars and
start thinking selfcooking kitchens
introducing cheffy the world's first
embedded robotic chef from meal planning
and cooking to tracking nutrition and
yes even ordering the groceries cheffy
will do it all here's how easy it is to
use just once a week you'll restock
ingredients then open the cheffy app to
place in order cheffy will do the rest
weighing combining dispensing and
cooking so sharks who's ready to bring
personal private chefs to everyone with
cheffy oh my you got to show us got to
show us how it work oh of course let's
do it in front of you are three dishes
that cheffy prepared we have Spanish paa
spicy ratou and tofu Tika Masala so
cheffy made this yes and as my mom would
say beton which means Bon wow it's good
P's good the chicken p is amazing can
you add like spices and stuff of course
of course so you can customize it here
based on an ingredient if you're
allergic to anything and so forth this
tastes great let's see it work all right
I'm going to customize the recipe I'm
going to select the number of servings I
can even schedule it I'm going to say
right now and cheffy receives the order
that Curry is delicious really good
isn't it really it's my
favorite
Tada just like magic what cheffy comes
out of your counter and the first thing
it does it picks up the lid of the
cooker it's going to invert it no way it
seems unbelievable the future is here
Barbara wow cheffy has made a two parts
upper and lower the upper stores and
dispenses ingredients the upper fits
into a standard upper kitchen cabinet
okay right what's it doing now so right
now it's dispensing and weighing so it
goes under yep and based on what you put
in the app it's going to put the
materials in correct what about fresh
things like proteins right so the left
side is refrigerated so we have a
refrigeration module built specifically
for cheffy but you're not ordering from
you no we're a robotics company for the
groceries that's a subscription model
one of them is integration with
instacart or Amazon Fresh you're in the
robot business that's what we do we do
the tech so now it has the material
what's it doing pour it right into the
cooker is that a standard cooker or
yours we don't reinvent the wheel we're
not here to build a cooker we're here to
build a robotic ecosystem that automates
your appliances so it's a vending
machine connected to a bowl far more
than that but yes if it looks that
simple then we've done a great job in
hiding the complexity it works with any
stove top no so these are cookers they
ins but these are yours correct it's an
induction cooker okay so it's all
Incorporated all Incorporated you can
install these in any modern kitchen on
the planet so what is this going to cost
me if I say I love cheffy I saw it on
Sharp tank I want the whole thing
including installation and I hope a
maintenance contract there a lot of
moving Parts what's that going to cost
me for the value engineered version of
sheffy as low as $9,500 is what we want
to launch with 10 grand right all the
way up to that's 10 grand yes everything
I see here the refrigeration will
probably not be included in the 10 grand
because it goes from 9500 all the way up
to a premium version which we want to
which is how much is the premium version
we're thinking it's between $40 and
$50,000 holy God so 40 to 50,000 what do
I get that I don't get at 10,000 so you
would get more ingredients right so
you'll be able to make a lot more things
so how are you going to bring this to
Market have you done it yet have you
sold any if you have what are your sales
what does it cost to make one what does
it cost to acquire customer the numbers
yeah that's what I want first of all we
are pre-revenue okay we haven't launched
we have a $500,000 signed Loi from a
high-end kitchen remodeling company
already in Palm Springs now in terms of
where we're going we're going all in
with social media and organic marketing
and we've also shown this already to
builders designers high-end kitchen
appliance companies like wolf Subzero I
presented this a year and a half ago
face to face with one of their uh top
execs he loved it is the idea with
someone like
Subzero that they would Rebrand this
that would be a licensing plate okay is
that your go to market it's not it's not
necessarily so everything is on the
table that's the beauty let's talk about
strategic Partnerships with celebrity
chefs right Partnerships with Builders
designers every person I've shown we've
been hosted by high-end designing
locations in Austin Texas what do you
mean you've been hosted you you've
actually installed these units so we've
installed three total so one in our
Investor's home one in our q and now
you're seeing this so so why haven't you
shipped already because I I don't want
to overpromise underd deliver I going to
do the opposite that's the sales pitch
right why specifically are you not
shipping yet oh we're not shipping which
is why we're here we're raising 500,000
to get to manufacturing how much have
you raised so far $450,000 and I
injected 90k of my own money as well for
the $10,000 unit what's your cost to
make it about $1500 materials 1,000 in
labor so let's just be clear here you're
not a robotics company you're an
integration company you're taking offthe
shelf or stuff you've licensed and you
maybe you've written some software and
you have some IP and you're doing that
to integrate it right you're not
manufacturing the individual components
is that true that's a great question so
we are a robotics company we have a
patents pending in the US and abroad
specifically for the entire system the
custom parts and the embedded form
factor I spent 8,000 hours on this I've
learned everything from mechanical
engineering three printer I slept under
the 3D printers in the office for weeks
to get this done so yes we're not
producing the motors but we're
absolutely creating the entire robotic
system that's an
integrator there's nothing wrong with
that nothing wrong with that no I'm not
saying there's anything wrong but you
got to say who you are and what you're
doing and what's working what's not
working because if we're going to
understand how you get to a product we
have to understand why you're not
already there if you truly created
something that is so differentiated so
unique when you're in an industry when
everybody in their brother seems like is
coming out with a new robotic bace
system there should be so much money
being thrown at you that you can't even
keep up with it well but and now I see
you're trying to find the hole in my
story right there I see a thousand holes
I don't see any I I have a question a
hole I want to buy the product I want to
put it in my Miami Kitchen who's going
to maintain it for me when it stops
working because it's such a simple
elegant system we can actually piggyback
on platforms like task RIT oh you're
killing me all they need is Plumbing the
plumbing experience a handyman can
install this main let me clear the deck
um it sounds sexy definitely I was like
whoa you know this is something I'd love
but I really don't trust the execution
I'd be afraid to call and say mine is
broken so I'm out you have the other
sharks I I regardless of what you've
built or haven't built from an IP
perspective it's a beautifully designed
integrated machine I'll give you that
thank you but if I don't want to cook
there's lot lots of other services where
people can make well prepared food
packages that show up that don't cost
10,000 I just don't know if I see the
market I'm out let me tell you guys a
Qui do you have one of these in your
home yeah in our HQ you use it every day
not every day but we've Ed it a lot and
let me tell you the experience and what
do you do if you want to bake
potato order a new Breeze I'm serious I
want to hit the market with something
that's beautiful can make you hundreds
of dishes from scratch but yeah I can't
make you everything on the planet but we
can make a lot of potato dishes you're
like all inventors right you are so
excited you are so passionate but I
don't understand how well this will
adopt and maybe I'll be kicking myself
down the road but for today I wish you
good luck but I'm
out I'm not worried about the price of
this I know how the other sharks are but
I know there's a high-end market for
tricking out kitens because I buy
Sub-Zero products that's why I was
interested in hearing more about the
Subzero deal because because if they
take it over Rebrand it and provide
their maintenance contract that would be
interesting but I I'm choking on the 4%
I mean the next time you raise money I
get deluded we are here open to
negotiation look I'll make you an offer
I don't care if you like it or you don't
I'll give you the 500,000 I want
15% thank you for that offer yes it's
reasonable s i I'll simplify things I
think it looks great conceptually makes
sense technically not quite sure whose
pieces and parts you integrated but the
reality is there's no way you did it
from scratch and created everything in a
couple years for
$450,000 the fact that you think it's so
crazy that we did this tells me that
Holy yeah we have done it no that's not
what I'm saying at all I'm saying you
haven't said anything about the
technology at all you've described it
and you've sold the the value
proposition which is great but I know a
little bit about robotics I know about
you know operating systems and I know
about integration if you want I can shut
off sales go Technical and geek out with
you from now until for an hour okay oh
please don't that's are you going to do
this steal or not do it anyway I'm
out so I am the only Chef up here I'm a
real Chef I'm I'm putting myself out of
business Mr Wonderful yes can I counter
you with 8% no no the journey is binary
on this thing I think the only way to
actually make this work and sell
hundreds of thousands of installations
is with licensing and you're going to
find that out without me or with me
because the maintenance is going to be
Paramount you be you go down to 12 no
ooh it's a tough shark I know 125 does
it really make a difference I'm trying
to save um all right Mr Wonderful we got
a deal
wow congrats Kevin Let's uh let's focus
on how we can actually make some
money let's go and see Subzero congrats
congrat
thanks
guys I think Mark is going to absolutely
regret missing this opportunity with
cheffy but Kevin is a perfect match he
understands the space he has connections
he understands strategic moves that
sheffy could could take and I'm super
excited to work with somebody of that
caliber
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