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Coravin, Inc. is a company based in Burlington, Massachusetts that manufactures products for the wine industry with the mission of revolutionizing wine consumption with solutions that allow the discovery and enjoyment of wines without compromise. Its first product, the Coravin Wine Preservation Opener, uses patented technology to pour wine without removing the cork from the bottle so consumers can enjoy the wine they want – a sip, a glass or more, without rushing to finish the bottle, knowing their last glass will taste just as amazing as the very first.[1]

History

Inception and Development Coravin was invented by Greg Lambrecht, a Massachusetts Institute of Technology graduate and medical device inventor. He employed his medical device knowledge to develop and test a system that allows people to pour wine without removing the cork, thus preserving the wine that remains in the bottle as if it has never been opened [2] for weeks, months or years.

Launch and Growth Coravin, Inc. was founded in 2011 by Greg Lambrecht and Josh Makower. Nick Lazaris, the former CEO of Keurig, joined as CEO.[3]

On July 29, 2013, Coravin launched its first product, the Coravin 1000 System. In September 2014, Coravin announced the opening of their European Headquarters, Coravin B.V., located in Amsterdam.[4] Frederic Levy, former Nespresso executive was appointed CEO in February 2015.[5] By June 2015, Coravin, Inc. announced that it had secured $13.6 million in Series C-1 financing.[6] In November 2015, Coravin announced the opening of its Asia Pacific (APAC) headquarters in Hong Kong. In November 2016, Coravin Inc. announced that it had received $22.5 million in equity financing.[7]

Additional Coravin Wine Preservation Openers were launched: the classic Model Two, which replaced Model Eight; a more stylized version in different colors and finishes, Model Two Elite; and a friendlier, more ergonomic version with Model One. In September 2017, Coravin introduced its first Limited Edition.

Additional Products and Developments In late 2017, Coravin introduced two new accessories designed exclusively for the Coravin Wine Preservation Opener: the Coravin Screw Cap and the Coravin Aerator.[8]

Timeline

History of Coravin Timeline[9]

  • December 1998: Greg Lambrecht first has idea to pour wine without removing the cork.
  • June 5, 2003: First successful wine pour by prototype.
  • December 2003: Filing of first provisional patent application.
  • August 18, 2005: First patent issued.
  • February 2011: Coravin LLC formed.
  • September 2011: Blind taste test with Master of Wine (Sandy Block, Legal Sea Foods).
  • January 2012: Blind taste test with sommelier, Jeff Porter (B&B Hospitality).
  • April 2012: Nick Lazaris joins Coravin, LLC as President/CEO.
  • July 29, 2013: Coravin launches its first product – The Coravin 1000 Wine Access System.
  • October 2013: Coravin begins accepting orders on its website from customers in a variety of international markets in Asia, Europe and South America.
  • December 2013: Coravin LLC becomes Coravin, Inc.
  • July 2014: Coravin announces a retail partnership with Harrods, its first international business partner.
  • September 2014: Coravin announces the opening of its EU headquarters in Amsterdam.
  • December 2014: Coravin launches with distribution partner, Watson’s Wines, in Hong Kong.[10]
  • February 2015: Fred Levy, former President of Nestle Nespresso USA is appointed CEO of Coravin, Inc.
  • May 2015: Landry’s announced that it would be rolling out a Coravin wine by the glass program in all 64 Morton’s The Steakhouse restaurant locations across the U.S.[11]
  • June 2015: Coravin, Inc. wins Silver Stevie in American Business Awards’ “Startup of the Year” category.[12]
  • July 2015: Coravin Wine Access System available on Amazon Launchpad.
  • September 2015: Coravin introduces the Coravin Model Two System.
  • September 2015: Coravin expands retail footprint and brings Coravin System to Bloomingdale's.
  • October 2015: Coravin enters restaurant industry by partnering with Smith & Wollensky.
  • November 2015: Coravin announces the opening of its Asia Pacific (APAC) headquarters in Hong Kong.
  • November 2015: Coravin expands retail distribution with Neiman Marcus and Sur La Table partnerships.
  • February 17, 2016: Fast Company recognizes Coravin as one of the world's Top 10 Most Innovative Companies of 2016 in Food.
  • April 2016: Coravin introduces the Coravin Model Two Elite System in Red, Silver and Gold.
  • August 2016: Coravin introduces the Coravin Model One System.
  • October 2016: Coravin expands availability of the Coravin Wine System in more than 500 Bed Bath & Beyond stores and online.
  • March 2017: Coravin introduces additional colors for the Model Two Elite Series.
  • April 2017: Coravin launches in Japan.
  • May 2017: Coravin launches the Coravin Screw Cap accessory in which allows for the Coravin Wine Preservation Opener to be used in bottles sealed with screw caps. The Coravin Screw Cap accessory is launched in Australia and New Zealand.
  • May 2017: Coravin launches its first National Advertising campaign in North America.
  • July 2017: Coravin Screw Cap launched in United States.
  • August 2017: Coravin partners with Southern Glazer's Wine & Spirits for on-trade sales.
  • September 2017: Coravin launches the Coravin Aerator which aerates the wine as its poured. It also introduced the first ever Limited Edition System.
  • October 2017: Coravin launches at Best Buy and Williams-Sonoma.

Product Details

The Coravin Wine Preservation Opener uses a medical grade needle and a proprietary capsule of Argon gas to pour a bottle of wine through the cork. The cork is never removed. This helps prevent oxidation, increasing the longevity of the wine. It accomplishes this by first inserting a hollow needle through the cork. The user then presses a trigger to pressurize the bottle with argon gas. When the user releases the trigger, the wine pours into the glass. The needle is removed from the cork, a naturally elastic and porous material, which then reseals, protecting the wine from oxidation and leaving the remaining wine unaffected.[13]

Reception

When it launched in July 2013, the Coravin Wine Preservation Opener garnered attention from both media and wine professionals, described by some as “transformational,” and a “game changer” due to the potential to change wine consumption habits.

  • Jancis Robinson, Financial Times, "Nothing I know of preserves wine in an opened or 'accessed' bottle for years as this system does."[14]
  • Joe Bastianich, restaurateur, wine expert, and Coravin Investor, “This product is nothing short of amazing for both restaurateurs and wine lovers alike."[15]
  • Jennifer Jolly, USA Today, “Wine lovers rejoice! The ridiculously cool Coravin System can provide a glass of wine from a bottle without ever actually popping the cork, preserving the freshness of the vessel with zero hassle.”[16]
  • Alder Yarrow, Founder and Editor of Vinography, “I’ve never written a product review on Vinography because I’ve never met a wine accessory that was worth writing about. But there’s a first time for everything, apparently.”[17]
  • Cook's Illustrated, “The results were indisputable: Tasters found the wines we poured from Coravin, which had been open for a month, just as good as wine from freshly opened bottles.”
  • Gear Patrol “The Coravin wine system ($299) is to wine what the black hat is to the white rabbit: a magician’s portal. Without removing the cork (which would aerate the wine and disrupt the rest of the bottle), it takes the wine inside the bottle and allows you to pour it outside the bottle. How it works is relevant and interesting on the level that all small engineering marvels are interesting, but the big reveal is the fact that it actually does work.”[18]

By June 2014, 13 complaints had been made of broken bottles following use of the Coravin. Coravin's founder estimates that only 1 in 70,000 bottles will break and he attributes the issue to bottles that have been previously dropped and cracked and may fail when pressurized. In response to the complaints, Coravin sent purchasers a neoprene protective sleeve to cover the bottles.[19]

In 2017, Coravin added the Coravin Aerator and Coravin Screw Cap to its expanding product offerings, continuing its commitment to enhancing the wine experience.

  • Cathy Huyghe, Inc. Magazine "The Aerator expands the surface area of wine that's exposed to air while it's being poured, so that the wine smells and tastes as though it's been decanted for hours...The enthusiasm of a customer base and a willing manufacturing partner, combined with a streamlined, no-red-tape company infrastructure, is how Coravin was able to develop and deliver a new product to market for 99 days."

Awards

The Coravin Wine Preservation Opener has been nominated and won several awards for recognition in innovation or technology.

  • November 2013 – Popular Science “Best of What’s New” in the Home category.[20]
  • December 2013 – La Revue du vin de France “the most innovative product in the world of wine” for 2013.[21]
  • May 2014 – The Drinks Business (magazine) “Best Product Launch.”[22]
  • April 2014 – Edison Awards – Gold in the “Consumer Products” Category
  • June 2015 – The American Business Awards – Silver Stevie Award in “Startup of the Year” Category
  • July 2015 – International Design Excellence Awards – Finalist in “Kitchen Accessories” Category
  • November 2017 – CES 2018 Innovation Awards Honoree

References[edit]

References

  1. ^ "ABOUT CORAVIN." Coravin. January 1, 2014. Accessed August 18, 2014. http://www.coravin.com/company/.
  2. ^ https://www.entrepreneur.com/article/239180
  3. ^ Zimmerman, Ed. "I've Seen the Needle, No Damage Done; How Greg Lambrecht Is Changing the Wine World", The Wall Street Journal, 12 December 2013. Accessed on August 10, 2014.
  4. ^ "Coravin, Inc. Opens European Headquarters in Amsterdam." Coravin | Stop Opening, Start Tasting. 4 Sept. 2014. Web. 8 July 2015.
  5. ^ "Coravin, Inc. Appoints Frédéric Levy as Chief Executive Officer."Coravin | Stop Opening, Start Tasting. 24 Feb. 2015. Web. 8 July 2015.
  6. ^ "Coravin Inc. Raises $13.6 Million in Series C Funding." Coravin | Stop Opening, Start Tasting. 22 June 2015. Web. 8 July 2015.
  7. ^ http://www.forbes.com/sites/brianfreedman/2016/11/22/coravin-raises-an-additional-22-5-million-in-equity-financing/#4c8d1dd05562
  8. ^ https://www.homeworldbusiness.com/coravin-debuts-wine-aerator/
  9. ^ "The Inspiration." Coravin. Accessed August 14, 2014. www.coravin.com/inspiration.
  10. ^ Millar, Rupert. "Coravin Launched in HK." The Drinks Business. 8 Dec. 2014. Web. 8 July 2015.
  11. ^ "Coravin Partners with Landry's Inc. To Expand By-The-Glass Offerings to Wine-Loving Patrons Nationwide." Coravin | Stop Opening, Start Tasting. 14 May 2015. Web. 8 July 2015.
  12. ^ "Coravin Wine Access System Named Finalist in 2015 American Business Awards." Coravin | Stop Opening, Start Tasting. 26 May 2015. Web. 8 July 2015.
  13. ^ Asimov, Eric. "The Coravin Makes Great Wines More Accessible by the Glass." The New York Times. September 3, 2013. Accessed August 18, 2014. https://www.nytimes.com/2013/09/04/dining/the-coravin-makes-great-wines-more-accessible-by-the-glass.html?_r=1&.
  14. ^ Robinson, Jancis. "Coravin: Drinking without Pulling the Cork." Financial Times. October 18, 2013. Accessed August 18, 2014. http://www.ft.com/cms/s/2/31929796-36c0-11e3-8ae3-00144feab7de.html#axzz3Al8f8bu6.
  15. ^ "Coravin Launches Transformational Wine Access System." Business Wire. July 30, 2013. Accessed August 8, 2014.
  16. ^ Jolly, Jennifer. "TECH NOW: Innovative Gadget Gifts." USA Today. December 16, 2013. Accessed August 18, 2014. https://www.usatoday.com/story/tech/2013/12/14/innovative-tech-gifts/4000019/.
  17. ^ Yarrow, Alder. "Coravin and the Future of Wine-by-the-Glass." Vinography.Com: A Wine Blog. September 10, 2013. Accessed August 14, 2014. http://www.vinography.com/archives/2013/09/coravin_and_the_future_of_wine.html.
  18. ^ Akeny, Matthew. "Wine Preservation’s Silver Bullet." Gear Patrol. 31 Oct. 2014. Web. 8 July 2015.
  19. ^ Summers, Nick (September 25, 2014). "Coravin: Greg Lambrecht's corker of a wine idea". Businessweek. Retrieved December 3, 2014.
  20. ^ "Best of What's New 2013: Home." Popular Science. November 1, 2013. Accessed August 19, 2014. http://www.popsci.com/bown/2013/product/coravin-wine-access-system.
  21. ^ L'innovation de l'année: Coravin. (2014, January 9). La Revue du vin de France. Retrieved June 20, 2014, from http://www.larvf.com/,vins-invention-de-l-annee-coravin-etats-unis-greg-lambrecht,4362959.asp
  22. ^ Eads, Lauren. "DB Awards 2014: The Winners Revealed." The Drinks Business. June 3, 2014. Accessed August 18, 2014. http://www.thedrinksbusiness.com/2014/06/db-awards-2014-the-winners-revealed/3/.
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