The SMART Tire Company Shark Tank Update (Season 13)

The Smart Tire Company is an innovation startup. The company manufactures airless tires using Shape Memory Alloy Radial Technology. It is the first private company in the world to manufacture high-performance, fuel-efficient, airless tires.

NASA invented a groundbreaking tire technology in 1967, and due to this technology, small vehicles could run on Mars. Inspired by this technology of NSA, Smart Tire Company has invented Shape Memory Alloy Radial Technology for Earth.

This company was launched in 2020 by Earl Cole and Brian Yennie. Brian is a businessman and is the co-founder of Fanstreme.

Both the co-founders appeared on Shark Tank Season 13 Episode 10 with their company and asked the sharks for $500,000 for a 2.5% equity at a $20 Million Valuation.

What Is The SMART Tire Company?

The Smart Tire is a company that has created the world’s first fuel-efficient, airless tires made from shape memory alloys.

This tire is made from nitinol + nickel titanium, which behaves like an elastic rubber and becomes as strong as titanium. The company claims that they are reducing tire waste through this smart technology.

This company is planning that they will soon launch a commercial product airless bicycle tire METL. This METL airless bike tire has received the CES 2023 Innovation Awards two times.

The estimated Lunch Price of METL™ bicycle tire is $100-$150. This tire will be launched between January to March 2023.

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Who Is The Founder Of The SMART Tire Company?

The co-founders of The SMART Tire Company are Earl Cole and Brian Yennie. They both come from different backgrounds, Brian is a technical person and Earl is a marketing person.

Brian Yennie

After studying computer science at Dartmouth College, Brian worked in several companies, including Curriculum Facilitators Corp, QLD Learning, Worldwide Biggies, and FunGoPlay.

In 2007 he started Sifaka Productions Company and it closed in 2016. In 2016, he became the co-founder of Fanstreme Company.

Since 2018, he has been working as a Senior Software Engineer at IDEX.

Earl Cole

Earl is the co-founder and CEO of this smart tire company. Apart from this, he is a Techstars in Texters.

How Was The Shark Tank Pitch Of The SMART Tire Company?

Earl Cole and Brian Yennie enter Shark Tank and ask the sharks for $500,000 for 2.5% equity. Earl came to the show dressed in a space suit and rocking a bicycle.

For commercialization, they have signed a Space Act Agreement with NASA. Through equity crowdfunding, they have raised $1.3 million so far.

They have opened a 5,000-square-foot foot lab. By purchasing equipment, people will be hired and that work will be done in the lab. Right now they are focusing on rubber integration so they are not going towards car tires.

The making cost of nitinol material tires can be up to $150, to $200. It is a premium product integrated with carbon fiber hence its selling cost is estimated at $2,500 to $3,000 for the wheelset.

Lori Greiner said this business is early for her so she is out. Kevin O’Leary said he is frustrated listening to this that, so he’s out. Kevin Hart said It’s way too early, it’s way too expensive, so he’s out. Barbara Corcoran said it was confusing so she is out.

Finalize: The Smart Tire Company didn’t get a deal in Shark Tank.

The SMART Tire Company Shark Tank Update

Smart Tire Company was criticized in Shark Tank and did not receive any investment. Kevin O’Leary became very angry. The co-founder of this company failed to properly understand the shark as its product.

This company has announced that they will launch the airless bicycle tire METL product by Q1 2023 and its price will be from $100 to $150. Their main objective is that they want to make the Tesla of the tire industry.

As of January 2023, they have patented 6 different products so far and 4 prototypes are in progress. They launched equity-based crowdfunding on StartEngine at a $50 million valuation and raised a total amount of $79,165.98 by April 30, 2022.

They have launched equity-based crowdfunding on the Wefunder platform at a $50 million pre-money valuation. As of January 2, 2022, they have raised $400k so far and their goal is to raise a total of $4.9 million.

They have updated they have got investments from almost 124 countries which include the United States, Canada, the United Kingdom, India, and many more.

Most people on social media say that the price of this product is very expensive, no common person will buy this airless smart tire.

The Shark Tank show was not good for the Smart Tire Company, the company failed to get investment. They are currently working on different products, maybe in 2023 they will launch their first product in the market.

As of January 2, 2023, The company has raised a total of $1.7 million through equity-based crowdfunding, including StartEngine, Wefunder, and the previous $1.3 million.

We’re following Earl Cole and Brian Yennie along with their company for further updates.

What Is SMART Tire Company’s Net Worth?

In Shark Tank, this company had asked for an investment of $20 million worth. In April 2022, this company launched equity-based crowdfunding at a $50 million valuation.

The global tire market is worth $500 billion and will grow to $1 trillion by 2023 after the introduction of electronic vehicles. Every year this industry is growing very fast.

This company has been featured in many media publications such as TechCrunch, Fast Company, Mashable, Popular Science, Car & Driver, Bike Radar, and many more.

In 2023, they will launch their first product. They are currently working on different products through crowdfunding and have 1,500 METL tires on their waiting list.

As of January 2, 2023, the CO-Founder is currently working part-time at this company. This company needs a lot of investment to grow.

This company’s headquarters is in Los Angeles, California, United States and a total of 2 to 10 people are working in it.

Yes, SMART Tire is still in business as of April 2024.