In today’s digital age, where almost everything revolves around technology, one of the scariest nightmares is water damage to our beloved electronic devices. TekDry, a tech company, came up with an innovative solution for this nightmare. But the question arises – Is TekDry Still in Business? Let’s dive into the history of TekDry and unfold its current situation.
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History of TekDry
TekDry’s history began in 2013 when founders Adam Cookson and Craig Beinecke envisioned a solution for water-drenched electronics. Driven by the frustration of losing precious data and expensive gadgets, they crafted a unique technology employing low-pressure, controlled heat, and specially designed beads to safely coax moisture out of damp devices.Â
This innovative approach garnered attention in 2017 with an appearance on the hit show “Shark Tank,” securing investment from Kevin O’Leary and launching TekDry into the spotlight. Since then, TekDry has steadily grown, offering its phone-restoring services through its own website, partnerships with major retailers like Staples, and even expanding its repertoire to tackle laptops and tablets.Â
While some online reviews remain mixed, TekDry’s story continues to illustrate the power of ingenuity and the growing demand for data-saving solutions in our tech-dependent world.
Is TekDry Still in Business?
Yes, TekDry is still in business. They have a website, active social media accounts, and continue to be listed as a service offered by Staples stores.
TekDry is a service that uses a machine to remove moisture from water-damaged devices such as phones, tablets, and laptops. The process is said to be safe and effective, and can save you the cost of replacing a damaged device.
There have been some negative reviews of TekDry online, with some customers claiming that the service did not work or even damaged their devices. However, there are also many positive reviews from customers who were able to save their devices using TekDry.
Overall, it seems that TekDry is a legitimate business that can be effective in some cases. However, it is important to read reviews and do your research before using their services.
TekDry’s Services and Innovations
TekDry is more than just a water damage repair service. The company is committed to innovation and strives to stay ahead of the game. Their patented technology, which uses a combination of low pressure and heat, is capable of reviving electronics that seemed beyond repair. From smartphones to tablets and even laptops, TekDry’s technology has proven time and again to be a real lifesaver.
How Much is TekDry Worth?
TekDry’s innovative approach and unique service have made it a valuable player in the tech industry. While the exact value of the company is $10 million, it’s safe to say that it is worth a significant amount. With its patented technology and potential for growth, TekDry continues to be an appealing prospect for investors and customers alike.
What was the Valuation of TekDry on Shark Tank?
When TekDry founders Adam Cookson and Eric Jones appeared on Shark Tank, they sought a $500,000 investment for a 5% stake in their company, resulting in a $10 million valuation. The Sharks were impressed by the technology, which could dry out and restore wet devices in as little as 30 minutes. However, they were hesitant about the high valuation and the company’s ability to scale.
Despite concerns, Kevin O’Leary, aka “Mr. Wonderful,” saw potential in TekDry and offered them a $500,000 loan with a 5% equity stake and a 7% interest rate. Although this offer did not match their initial asking terms, the TekDry founders accepted the deal, confident that the partnership with O’Leary would propel the business forward.
The Impact of TekDry’s Shark Tank Recap
Following their appearance on Shark Tank, TekDry experienced a surge in interest and demand for their product. The exposure from the show helped the company secure partnerships with major retailers, including Staples and Bed Bath & Beyond. TekDry also expanded its services to over 600 locations across the United States, placing their drying machines in various retailers and service centers.
The boost in publicity and the financial support from Kevin O’Leary also enabled TekDry to improve its technology, making it more efficient and effective in rescuing water-damaged devices. As a result, the company continued to receive positive testimonials from satisfied customers, further establishing its credibility in the industry.
The Future of TekDry and Industry Insights
Despite their Shark Tank success, the question remains: “Is TekDry still in business?” The answer is yes, but they have since pivoted and rebranded as Redux. Redux now focuses on partnering with wireless retailers and insurance providers to offer device recovery as an added service. With over 2,000 Redux machines in the United States, the company continues to expand its presence and reach in the market.
As for the industry, the demand for water damage recovery solutions is likely to persist, given the prevalence of electronic devices in daily life. While manufacturers are working to create more water-resistant devices, accidents can still happen, and customers will seek ways to salvage their valuable gadgets. Companies like Redux are well-positioned to capitalize on this opportunity, offering a cost-effective and efficient solution for consumers and businesses alike.
Conclusion
In summary, TekDry, now known as Redux, is still in business and thriving in the electronic device recovery market. Their Shark Tank appearance allowed them to secure valuable partnerships and expand their reach, proving the effectiveness of their innovative technology.
As the demand for water damage recovery solutions continues to grow, Redux is well-positioned to be a leading player in the industry, offering a valuable service to both individual consumers and businesses.
FAQs – Is TekDry Still in Business
How Does TekDry work?
TekDry utilizes a controlled-heat process with specially designed desiccant beads to safely draw moisture out of water-damaged electronic devices.
What Devices can TekDry save?
Primarily, TekDry focuses on smartphones, but their services have expanded to include laptops and tablets in some cases.
What Happened to TEKDRY after Shark Tank?
After appearing on Shark Tank Season 8, TEKDRY managed to attract a significant amount of attention and investment interest. However, they continued their operations, expanding their service to over 82 stores and continuing to offer their drying solutions for large devices via their mail-in service. The publicity from Shark Tank certainly helped the company thrive.
Did TEKDRY Receive an investment on Shark Tank?
During their appearance on Shark Tank Season 8, Episode 3, Kevin O’Leary showed interest in investing in TEKDRY. Despite the loan offer at 13% interest, Adam and Craig decided not to accept the deal, instead opting to sustain and grow the business on their own.
How is TEKDRY doing in 2024?
In 2024, TEKDRY is still thriving as a business. Their innovative drying solutions for electronic devices continue to be offered via mail-in service and partnerships with Staples stores. The company has managed to maintain its strong position in the market.
