In a season 14 episode from March 2023, Autio was introduced by co-founder Woody Sears. Sears defined he loves touring, and whereas he and his household are trekking, they’re all the time asking many questions, like how a city got here to be. This gave rise to the concept that would ultimately turn out to be Autio. Sears requested for $1 million from the traders for a 5% fairness within the firm, which instantly triggered Sharks Mark Cuban and Kevin O’Leary to gasp in shock.
Sears stated the app makes use of location information to populate a listing of tales and information. All a consumer must do is hit play, and the app will care for the remaining, drawing from over 9,000 Autio entries. Kevin Costner, John Lithgow, and Phil Jackson narrated a few of these tales, which earned approving nods from the “Shark Tank” traders. At this level, the Sharks start to query Sears, asking how Autio is priced, and Sears answered by saying that the service comes with 5 free tales, and for those who like what you hear, a vast yearly subscription prices $36.
Sears additionally famous that the earlier 12 months had gross sales price $210,000, and this 12 months had already generated $700,000, highlighting explosive progress. Nonetheless, for the asking value of $1 million, all the Sharks besides O’Leary bowed out. O’Leary requested for 15% fairness. After some back-and-forth negotiating, O’Leary refused to budge at lower than 10%, which triggered Sears to in the end decline.