The pitch
What walked into the Den
Sam Dugan, a mechatronics graduate from Waterloo, Ontario, founded Vision Spatial Technologies around SmartPatrol, a computer-vision safety system for ski resorts.
He pitched in Season 15, episode 5, which aired in 2020, asking for $250,000 for 20%. That request valued the young company at $1,250,000.
After the show
What happened next
According to the University of Waterloo's own news office, Dugan negotiated a preliminary $250,000 investment from two Dragons, Lane Merrifield and Michele Romanow, in exchange for a 30% stake. The word preliminary is the show's usual signal for an on-air agreement that still has to clear due diligence.
The company is operating. On July 23, 2026 its site was actively promoting SmartPatrol to ski resorts with a demo request form, team bios, and current contact details. Because this is a business-to-business safety product rather than a consumer purchase, there is no checkout link to share.
Our read
The Hub verdict
The ask, $250,000 for 20%, values the company at $1,250,000. The reported deal, the same cash for 30% from two Dragons, keeps the cheque flat while lifting the equity, which drops the implied valuation to about $833,000.
The University of Waterloo's word for it, preliminary, is the honest frame: this is an on-air agreement still facing due diligence, not a closed round. Because SmartPatrol sells to ski resorts rather than consumers, there is no storefront to check, so the page verifies an operating B2B company and reports the offer terms without a buy link.
A preliminary two-Dragon offer on a B2B safety product.
Worth knowing: This is a preliminary on-air agreement for a business-to-business product, so we report the offer terms without a consumer buy link.
