Blackdot Tattoo Shark Tank Latest Update (Season 16)

Most tattoo artists create designs using hand needles, but this process is painful and time-consuming. To solve this problem, Joel Pennington founded Blackdot Tattoo, a company that uses advanced technology to make tattooing easier and more precise.

Blackdot’s robotic tattoo machine takes an original artist’s digital design and uses a tattoo needle to replicate it on the skin with exact details and accuracy. In 2023, Joel opened Blackdot’s first automated tattoo machine studio in Austin, collaborating with top tattoo artists to offer unique and high-quality designs.

He appeared on Shark Tank Season 16, seeking investment and mentorship from the Sharks to expand his studio to major cities nationwide.

Who Is The Founder Of Blackdot?

Entrepreneur Joel Pennington founded Blackdot, an automated tattoo studio company, in 2019. However, his first company, ClearAccess, was launched in 2005. ClearAccess was a cloud-based remote home networking management platform, which Cisco Systems acquired in 2012.

Apart from this, Joel also worked for a few months in customer development at Bellwether Coffee. Regarding his education, he studied Computer Information Systems at Clemson University.

How Was The Shark Tank Pitch Of Blackdot?

Joel pitched his automatic tattoo design device studio business on Shark Tank, seeking $1.5 million for 5% equity, valuing the company at $30 million.

He explained that his company licenses tattoo designs from artists, allowing them to earn a percentage whenever a user gets a tattoo using the device.

Since launching, he has raised $4.5 million in funding and collaborated with three artists, including Omer Tunca from Istanbul, who created an exclusive design collection for Blackdot. The cost of getting a tattoo using his device ranges from $2,000 to $5,000.

During the pitch, Daymond John revealed that he once paid $70,000 for a tattoo, while Austin-based artist Tyler Hobbs charges $9,850 per tattoo. Joel shared his plan to open automated tattoo studios and lease his devices to different tattoo shops.

When Kevin O’Leary inquired about costs and sales, Joel disclosed that the manufacturing cost for one internal machine is $120,000, and it can be leased for $1 million per year.

Despite the innovation, the sharks were concerned about Joel’s lack of a clear scaling strategy. Guest Shark Rashaun Williams explained that a product-based business progresses through three phases—Product, Market, and Scale. Since Joel’s business was still in the Product phase, Rashaun decided to pass.

Lori Greiner felt the business was too early-stage and overvalued, so she opted out. Kevin O’Leary believed the high valuation left no room for profitability, while Mark Cuban pointed out that Joel hadn’t figured out how to sell to customers yet, leading both to decline.

Daymond John acknowledged the opportunities in the tattoo industry but ultimately decided to pass. In the end, Joel did not receive an offer from the sharks.

Blackdot Tattoo Shark Tank Update

Blackdot’s Austin studio offers exclusive tattoo designs by renowned artists, including Omer Tunca’s signature designs, Tyler Hobbs’ algorithm-based tattoos, and John Craig’s portrait tattoos from Pittsburgh.

These high-end tattoos are available for a few thousand dollars and come with the added benefit of less pain during the process. If you’re interested in getting a unique tattoo experience, you can visit their Austin studio to explore these cutting-edge designs.

What Is the Net Worth of Blackdot?

According to Business Research Insights, the global tattoo machine market is currently valued at $2.22 billion and is expected to grow to $4.83 billion by 2032, with an estimated annual growth rate of 5.90%. Based on this projected growth, Blackdot’s net worth could reach approximately $31 million in the future.

• Duzter Update
• Firefly Recovery Update
• BAM Update