Reinventing the Wheel
Shark Wheel is literally reinventing the wheel.
Its wheel is flat on six sides, which enables it to move easily and quickly across any surface. Essentially, it combines the benefits of a thin wheel and a wide wheel in one design.
Since launching in 2012, Shark Wheel has been awarded multiple patents, received more than $1 million in grants, and signed licensing deals with wheel-focused businesses across several industries.
Now the company aims to bring its wheels to market, targeting more than a dozen industries including transportation, farming, and healthcare.
In contrast to a traditional round wheel — which slows as it “knifes” into soft surfaces — Shark Wheel’s alternating thin/wide design “bites” into soft surfaces. This keeps the wheel from digging in, and enables it to travel effortlessly.
In industrial settings, traditional wheels often fail because of over-exposure to heat. In contrast, Shark Wheels have built-in vents that allow heat to escape. The wheel’s design can even propel vehicles forward in water.
One year after launching in 2012, Shark Wheel raised nearly $80,000 through Kickstarter. Later that year, the company appeared on the Discovery Channel, on an episode of “Daily Planet,” a show that features news about recent inventions and discoveries.
In 2014, Shark Wheel began shipping wheels for the skateboarding market, and raised money from investors at a $10 million valuation.
Following the round, the company appeared on ABC’s “Shark Tank” TV show, where it received investment offers from Mark Cuban, Kevin O’Leary, and Nick Woodman. Also in 2015, the company was one of 10 companies in the U.S. to receive a FedEx Small Business Grant.
In 2017, Shark Wheel raised additional funding, this time at a $15 million valuation. In 2018, the company won the National Science Foundation grant for $225,000. This money will be used to develop a state-of-the-art wheel for the irrigation industry.
Most recently, Shark Wheel was issued patents in the U.S. and China, with pending patents in more than 30 countries. More specifically, the company filed patents on its wheels designed for farming equipment, luggage, and machines used to transport bulk products.
Shark Wheel is currently developing wheels for 10 different industries. These include:
Luggage: In 2018, Shark Wheel signed licensing deals with SkyValet, a “smart” luggage brand, and Harley Davidson. The company also signed a deal with Samsonite to add its wheels to the company’s line of golf luggage.
Farming: In addition to receiving the grant from the National Science Foundation, Shark Wheel has received two Letters of Intent from farming industry leaders. The company estimates its farming-related wheels will retail for $1,000 each, bringing in estimated annual revenue of $10 million.
Forklift/Material Handling: Shark Wheel is in negotiations with an industry leader, and has filed a patent for this specifically-designed wheel.
Wheelchairs: The company is developing front wheels for wheelchairs and will start testing these product in 2019.
In addition, Shark Wheel is working on wheels for hospital beds, ambulance carts, office chairs, and roller skates.
Prior to starting Shark Wheel, Gary served as CEO of 4sphere, an energy company developing a versatile, cost-effective wind turbine.
For 20 years, he worked for Coldwell Banker, a real estate company. While there, he served as a branch manager for multiple cities, and rose to Senior Vice President of the company’s Residential Brokerage department.
Gary earned a Bachelor’s and Master’s degree from California State University.
David is the inventor of Shark Wheel.
Prior to starting the company, he founded Pacific Western Financial, a mortgage loan company. He later sold he company and used the funds to start his second company, Proventedge Technologies.
Proventedge Technologies is a software company focused on the mortgage banking industry. While there, David developed software for processing loans, and his company was the first to successfully submit loans to Freddie Mac (OTCMKTS: FMCC), a mortgage loan company.
He worked alongside CEO Gary Fleishman at 4sphere, developing the company’s wind turbine.
Zack was previously Chief Operating Officer for 4sphere, the energy company where his father, Gary, served as CEO.
A former professional tennis player, Zack was President of Z Management, a company providing tennis lessons, clinics, and camps.
In addition, he had a 12-year career with the Association of Tennis Professionals.
He studied business and economics at UCLA.