Chess is a brilliant game to sharpen your brain. This game is highly recommended to improve strategic moves and fast reflexes. But this game isn’t easy to learn. It’s hard to learn, practice, and improve.
This challenging game is difficult to practice worldwide as there are not many skilled players around. This reduces their chances to improve. But not anymore; ChessUp is here to help you learn and move forward.
ChessUp is an AI technology game board that helps players to learn their best next move. Players can learn the next move by touching the chess piece. You can learn the next move, which is highlighted in green on the board. And the worst move is highlighted in red. Players can learn with other players from around the globe. Settings are available to adjust as well.
The pitch was great, and the sales were good, but there was a loophole in the royalty structure. They demanded $300,000 for 5% equity. Sharks loved the idea and were impressed as well. Did the entrepreneur get a deal on Shark Tank? Check out our ChessUp update to find out!
ChessUp Net Worth Shark Tank Update 2025
Jeff Wigh and Adam Roush asked for a $300k investment in exchange for 5% equity in their company, ChessUp. This meant they valued their company at $6 million. They made a deal with Lori Greiner for $300k in exchange for 5% equity in their company, plus a 3% royalty on each sale until $450k is paid back. This deal maintained the company’s valuation at $6 million. After the show aired, ChessUp saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of ChessUp is about $8.85 million.
After Shark Tank, sales rose, and revenue increased. The company is still in business as they extended their product to a game board carrying bag, a phone stand, and smart game checker pieces. It is sold internationally in Canada, the UK, and other countries.
Yes, ChessUp gets a deal with Lori Greiner for $300,000 for 5% equity with a 3% royalty on each sale till $450,000 is paid back. Keep reading our ChessUp update to see what happens next!
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavac | Out | N/A | No |
| Lori Greiner | N/A | $300,000 for 5% equity + 3% royalty on each sale till $450,000 is paid back | Yes |
| Kevin O’Leary | Out | N/A | No |
| Barbara Corcoran | Out | N/A | No |
| Mark Cuban | Out | N/A | No |
ChessUp Shark Tank Pitch
Jeff and Adam met at an innovation event of an electronics brand. Both have been listed on more than 20 patents. They have a promising revenue of $1 billion. Jeff was at a job in Garmin Liliy. Inspired by Shark Tank, he started his entrepreneurship. After 3 years, they quit their job, designed a prototype, and launched their product.
Jeff and Adam introduced themselves. They demanded $300,000 for 5% equity shares. They explained how chess is an interesting and brainy game. But it’s very difficult and even tougher to improve. But now it is no longer hard to learn because of ChessUp.
ChessUp is an AI technology-based game board for learners. It uses AI technology to teach its learners by forming the pattern of any piece you touch. There are six different levels to learn and get to know which next move you should take. Moreover, you can learn and connect with any player around the globe to test your skills.
Different players with different skill levels are allowed to play. This makes it even more fun and intimidating. Entrepreneurs concluded the pitch by asking the missing piece, a Shark, to join them. Sharks tried the product themselves.
Barbara inquired about the use of these movies, as they don’t teach you. Jeff replied that there are professional chess instructor videos available as well. Lori inquired about the cost of making and selling a piece. Jeff answered that the cost to make one is $12,0 and sold at $399. Kevin inquired if he wanted to play the AI. Adam informed him that players can adjust both side settings. Or receive no assistance.
Robert inquired about the speed. He asked if it was slow and how they could improve the speed. Jeff suggested showing a video on how fast they can play on both sides, and AI will make sure to record your speed. Sharks were impressed. Mark asked the entrepreneurs why anyone would sell so much money to buy their product when a lot of free and paid materials are available online.
Adam replied that the physical board gives them a real-time experience rather than just viewing it. Lori inquired if they were full-time or if they had their own jobs, too. Adam replied that they are doing it full-time. He then shared their backstory. Then Robert asked if there were any products that they had brought to the market. Adam informed me about the recent product, Garmin Lily. Lori excitedly replied that she uses it and loves it.
After Jeff’s backstory, the entrepreneurs informed that they raised funds from a Kickstarter. Lori inquired about the amount of funds raised. Jeff stated that they raised $1.7 million. This number shocked the Sharks. Robert inquired about their targeted fund’s margin. Jeff informed me that they were looking for $30,000, but it had reached $1.7 million.
Robert evaluated their valuation, which made the company $6 million. So he then inquired about the sales. Jeff stated that after Kickstarter, they sold 400,000 by 2022.
Barbara was the first Shark to quit, as she thought that this product was not her thing. Robert inquired why it’s still limited to the hardware. Jeff informed me that 50 million players are online, but more than that, they prefer to play onboard. Mark was the next Shark to step out. He prefers online games rather than offline, so quit the deal.
Kevin inquired about the expected sales this year. Jeff informed us that they are expecting $1.4 million. He inquired if they were making any money on it. Jeff replied with a yes, saying that they would be adjusting the previous accounts. Kevin asked if there was any debt in the company. Jeff replied with a yes, as they have debt in the royalty structure. Lori and Kevin inquired about it. Jeff replied that $392,000 with 3.92% sales back.
Kevin confirmed the percentage till the debt is clear. Jeff rephrased it as it brought 1.5 times the investment ABC to them. Kevin cheered as the deal sounded like his. Jeff informed me that during the pandemic, it took them only 15 months to set up all. They meet a middleman who is responsible for the manufacturing and shipping. So this was his share. Jeff further stated they had it quick, and now they are in competition.
Kevin quit because of its complicated structure. Lori appreciated the idea, but she was confused about how she would get her money back. Jeff revised his offer for Lori. He stated $300,000 for 5% equity with a 3% royalty on each sale till $450,000 is paid back. Just when Robert was about to speak up. Lori accepted the deal, and the entrepreneurs were excited.
What Went Wrong with ChessUp on Shark Tank
The pitch and idea were impressive. But the Sharks do find it as their thing, so they quit. However, Kevin finds the royalty structure complicated. But Lori did anchor the deal. They demanded $300,000 for 5% equity. But later, they revised their deal as $300,000 for 5% equity with a 3% royalty on each sale till $450,000 is paid back. Which Lori accepted.
Product Description
ChessUp is a chess game board operated by AI technology. This technology helps players learn chess and how to make the best move. This board is highlighted as green for correct and red for incorrect, loves. Settings are adjustable, and AI is managed according to speed. You can purchase the product and its accessories online from their website.
Conclusion
Jeff Wigh and Adam Roush are the two entrepreneurs from Bryght Labs who created an amazing innovation to learn chess, ChessUp. This AI technology-based game board helps the players to learn the best and worst movies in the game. Compete with other players around the world. The AI adapts with the players to improve and go further. They demanded for $300,000 with 5% equity.
The pitch went well, and sales grew faster. Their Kickstarter went well, too. But there was a royalty structure loophole. But when all the Sharks were out to quit. Lori wanted to make an offer, so eff revised his offer. He revised the deal as $300,000 for 5% equity and 3% royalty on each sale till $450,000 is paid back. Lori accepted the deal, and it’s been sealed.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.
