Drawing has become a favorite pastime because it is both enjoyable and satisfying. Although it brings a lot of joy, drawing can be challenging and requires a lot of practice to get better. For those who truly have an interest in it, dedicating time to improving their skills and still not being able to make the desired art is a true disappointment.
Sam Gherman, the owner of Da Vinci Eye, has introduced an app for all art lovers. The app has augmented reality tools for non-digital artists. It has an AR Art Projector which allows anyone to draw on any surface easily. It works by placing the phone above the drawing surface and then the picture is projected on it which helps to easily trace the lines.
It has a zooming option too to trace the extra details and a palate to compare shades as well. He has also introduced a second app called the Mural Maker to help make the drawings extra large on a big canvas. The app also has a patented system that provides a step-by-step guide to making a specific drawing.
The owner came on Shark Tank to request $350K in exchange for 5% in his company. He presented a demo to highlight the working of the app and also invited Daniel to give it a try. Let’s see if he got the deal or not.
Da Vinci Eye Net Worth Shark Tank Update
Sam was looking for an investment of $350k in exchange for 5% equity in the company. At the time of the episode, he valued his company at $7 million. Sam did not secure a deal with any of the Sharks, as they all passed on the opportunity. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Da Vinci Eye in 2024 is around $5 million.
Sam related that the app came to be because of the movie “Tim’s Vermeer” where the protagonist uses traditional tools to make drawings. He used an optical device called the camera obscura. At that time Sam was also learning to code and thus introduced the art of drawing into an app. He then launched the app and in the first five weeks, there were about 50K downloads. However, he was not having any sales.
Initial Pitch
The owner came on the show to seek $350K for a 5% equity stake. He has introduced an app that helps art lovers create drawings through a projection from their phone on a real canvas. There is another app called the Mural Maker to create bigger size drawings too.
Queries about the Product
Kevin asked the first question about the reason behind his high valuation. Sam highlighted that in 2016, he launched the app and then searched for investors. However, nothing happened till 2020.
He then worked from day till night to improve his app based on the user’s feedback. Then he made $450K in sales due to paid social media. Afterward, he asked his girlfriend to join him and left her event management job. In 2022, their app became the number two top paid app on the Android store.
In January 2021, the sales were $200K. Moreover, at the end of that same year, they made $890K in sales and about $860K in 2022.
In 2023, they switched their model to a subscription for $19.99 per year for the AR Art Projector which is projected to make $1.1M in sales.
Kevin asked about his profits from this year’s sale. Sam replied that it would be about $400K after spending on the customer’s acquisitions.
The shark also asked about his customers’ acquisition costs. He highlighted that it is between $0.10 to $0.21 which is now based on an organic social model. His investments in total on customer acquisition are $200K to $300K.
Shark’s Response and Final Decision
Daymond was the first shark to leave the deal after getting frustrated with the way Sam was creating suspense about his sales.
After listening to so many numbers Cuban also backed out of the deal.
Lori and Daniel got confused and passed the deal as well.
Finally, Kevin left too because of his unrealistic pitch and Sam had to leave the set without any deal on his hands.
App’s Availability
Although Samuel didn’t get a deal on the show, he is still successful in the app market. The exposure on Shark Tank was also a big advantage.
He explained in an interview that, “The boost from Shark Tank was great, but it’s too soon to know the full effect. I expect reruns and social media highlights will bring long-term benefits. Plus, the appearance helped us reach a new audience outside of our usual social media crowd.”
Da Vinci Eye gained another big push when it secured the top spot in the “New and Noteworthy” section during Apple Vision Pro’s launch week. On the Apple App Store, Da Vinci Eye has been well-received by customers, with nearly 5K ratings and an impressive 4.6-star average. Additionally, the Da Vinci Eye website offers accessories that pair with the app, which can also be found on Amazon.
Although Sam didn’t get a deal on Shark Tank, his appearance gave Da Vinci Eye significant exposure and helped reach new audiences. His unique app, designed to make drawing accessible with AR tools, continues to grow in the app market. With nearly 5K positive ratings and a spot in Apple’s “New and Noteworthy” section, Da Vinci Eye is popular among users.
Sam’s focus on continuous improvement and customer feedback has propelled the app’s success, and his plans to expand with more features and partnerships indicate a bright future for Da Vinci Eye.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
