The popular TV show Shark Tank valued Breathometer at $2.5 million in 2013, however, the company has since gone out of business, so the device’s current worth is unclear as of 2023. Although the absence of such cutting-edge technology is regrettable, it serves as a cautionary tale to business owners everywhere. Let’s move down and check out Breathometer Net Worth after shark tank.
Breathometer Net Worth 2023
Charles Yim claims that the firm’s valuation is $50 million. He also mentioned the company’s annual sales of $4,1,000,000.
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What is a Breathometer?
The original intention of the Breathometer was to utilize a smartphone to calculate an individual’s blood alcohol content. It was made to fit into the phone’s audio jack, and after the user exhaled into it, the Breathometer app would show the user’s BAC in under five seconds.
The firm that makes the device, started by Charles Michael Yim in 2012, was started since there weren’t any good smartphone breathalyzers available at a reasonable price. They initially crowdfunded the device’s development through Indiegogo and later acquired $1 million from the Shark Tank investors in exchange for a 30% ownership in the company.
Because it relied on the computing capabilities of the linked smartphone, the Breathometer device was small enough to be attached to a keyring. The software would connect the user with cab services, their phone contacts, or nearby motels if their blood alcohol level was above the legal limit.
At the 2013 SXSW conference in Austin, Texas, the business gave away early models of the device. However, after reaching a deal with the FTC in 2017, the Breathometer app was discontinued. The company adopted the technique into a new product they dubbed Mint, which is a breath and gum disease monitor that detects sulfur compounds.
In September 2016, Philips debuted the Mint as part of a package with their Sonicare line of oral care products. As of 2021, however, the Mint is no longer sold via Breathometer or on Amazon.
About the Founder
Los Angeles native and longtime entrepreneur Charles Michael Yim. He attended the University of California, Berkeley, and earned a degree in business economics. Charles has worked in business development for Hewlett Packard Enterprise and as an intern for Cintas Corporation just after finishing college.
His first company, Chatterfly, was a mobile loyalty rewards program. In 2011, Plum District paid a cool $30 million to acquire the company. After 10 months as Plum District’s vice president of mobile operations, he resigned to found Breathometer.
He started Cointopia because he saw potential in the emerging initial coin offering (ICO) industry. After raising $3 million, the company folded down a year later.
Founding Breathometer
Yim found out the hard way that no commercially available breathalyzers were made for smartphones. These tools might help figure out if a person has had too much to drink and should get behind the wheel. Until recently, portable breathalyzers were both expensive and bulky, making them inconvenient for frequent use.
In 2012, he released an app that, he said, could detect BAC levels in the user’s blood. The serial entrepreneur launched an IndieGoGo campaign, collecting almost $140,000 to fund the development of the device.
He then conducted test runs during the SXSW Music Festival in Austin, Texas. After that, Charles launched the product to the public and began selling it both online and in stores.
Breathometer Appearance on “Shark Tank”
In season five of Shark Tank, Yim sought $250,000 in exchange for 10% of Breathometer. This was a year after he had founded the company. The early-stage company is worth $2.5 million.
Charles kicked things off with a bang by distributing champagne. He pitched with assurance and fielded inquiries with assurance. Lori did her own testing of the gadget. The Sharks were all interested, and a bidding battle quickly ensued.
Kevin O’Leary made a higher bid than the one made by Mark Cuban. Following that, Kevin formed a partnership with Robert Herjavec and Lori Greiner. Daymond John also presented an individual proposal. They settled on a $1 million investment with 30% equity shared evenly among the group.
Breathometer Shark Tank Updates
Charles Michael Yim, in 2013, pitched his smartphone breathalyzer, Breathometer, on the show Shark Tank. Yim requested $250,000 in exchange for 10% equity and received an offer of $1 million in exchange for 30% equity from Mark Cuban.
Cuban was the only party to put up any capital for the sale to go through. In the first half of that year, Breathometer ran a successful Indiegogo campaign, raising $140,000 after selling 4,000 units in just 30 days.
Breathometer and Yim were accused of deceiving consumers regarding the reliability of their product’s BAC measurement by the Federal Trade Commission (FTC) in January 2017.
According to the Federal Trade Commission, Breathometer “lacked scientific evidence to back up their advertising claims,” therefore the company had to notify and reimburse all of its customers. Mark Cuban said that his investment in Breathometer on Shark Tank was the worst of all time in 2022.
Breathometer is no longer a major player in the breathalyzer market, having instead shifted its focus to its Mint oral health sensor. Kevin O’Leary, an investor, and Shark Tank shark explained why Breathometer settled with the FTC in a statement to users on the company’s website.
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