What Happened To Doorbot After Shark Tank? (2022 Updated)

 

Doorbot is an application that enables a home’s landlord to view and communicate with the guest who is in front of the door by using their smartphones. The product allows landlords in two-way communication and one-way video security to give protection for the house owners. In addition, the doorbell comes with a wifi connection giving real-time communication.

Since the company made high-quality door protection that meets the customer’s demands, the Amazon company recognized it and bought 100% of the company’s share in 2018. Then, Amazon rebranded the business from Doorbot to Ring and further developed into a million-dollar business. Also, they keep updating the technology and security to satisfy its customers.

Company Overview in Shark Tank

Company Name Doorbot (Ring)
Website          https://ring.com/doorbell-cameras
Episode          Season 5 Episode 9
Product Offering       Security Cameras and Video Doorbells
Founded 2012
Founder Jamie Siminoff
Required Investment $700,000 For 10% Stake of the Company
Closing Deal No Deal Offered
Offered Sharks          No Sharks Accepted
Current Business Status In Business

What is Doorbot?

Doorbot or Ring is famous for providing a doorbell that connects to the house owner’s smartphone so that the owner can interact with incoming guests through the application. On top of that, the user can look through the real-time camera on the app to see whom they are talking to. Despite offering security and protection via the smartphone app, Doorbot (Ring) offers a variety of security products around your house, such as security systems, smart lighting, Ring for business, smart TVs, alarm sensors, and many more.

How Does Doorbot Work?

This intelligent doorbell is equipped with a variety of capabilities. The majority are included as standard, although a minority is customizable.

First of all, the doorbell device is very accessible and convenient to use. Users only need a wifi accessibility to synchronize with the doorbell. Therefore, when guests come, the house owner can contact them from anywhere and see people in the video on the app. Normally, everyone can download the Ring app for free on their smartphones.

Second, there is a motion sensor detector attached to the doorbell. Thus, the sensor will activate and alert notification to the owner’s smartphone when it detects any moving objects within its range. Furthermore, the camera provides clear and wide photos and videos for the best protection. Therefore, the owner can see things and individuals clearly both day and night.

The third one, the doorbell goods, features two power supplies. The power can be generated by wiring the doorbell or with a battery. In addition, the app allows users to record videos on its cloud recording feature. Every second of a video is recorded and stored securely on the Cloud.

Who Founded Doorbot? Founder Backgrounds

Jamie Siminoff is the person who found Doorbot. Jamie graduated with his Bachelor’s from a Babson college, majoring in entrepreneurship. He also established himself by developing several tech businesses.

In his earlier days, Jamie invented so many things related to technology. He found a Phone Tag business, which provides a voice message, selling at $17 million worth back in 2009. 2 years later, he went on to create a website service, which allows users to unsubscribe any useless emails.

Nowadays, Jamie no longer acquires the Doorbot business as the company was sold to Amazon for over $1 billion dollars in 2018. With this huge amount of money, he could own many other companies that continue to grow. On top of that, this genius guy leverages his business abilities in medicine, in which he paired up with Dr Santosh Kesari to develop new treatment concepts for cancer.

Doorbot Business Before Shark Tank

Before entering a shark tank, Jamie Siminoff invented the world’s first doorbell with a smartphone utility. If you ever want to know who is standing in front of the door and knocking, the smartphone doorbells will help you identify whether or not there is a guest or burglar standing in front of your home. With great potential and a variety of household securities, Doorbot is more than a bell for ringing. The founder of this company has produced many innovative products. With the doorbell, house owners will not have to worry about guessing people in front of the home.

The door is smart enough to detect any moving objects within its sensor range. Once the object is tracked, the bell will ring on the house owner’s application. Via the app, users can easily view and interact with individuals in front of the door.

The smartphone doorbell product was a ground-breaking innovation that altered everyday living impressively, even though there was no market at all at the time of establishing. Moreover, doorbells are such a simple and obvious concept that their development is astonishing.

However, when the product was presented on a shark tank show, it was not readily evident. At that time, people did not give much attention to any products related to home’s safeguards and surveillance.

Doorbot During Shark Tank Pitch

Doorbot was aired on a shark tank show in 2013, season 5, episode 9. The founder of a business was looking for an investment of $700,000 with 10% of the company share. Unfortunately, the sharks’ rejection of the requested offer and the company marked the worst decision in shark tank’s all-time history.

Jamie presented the doorbell during the air and knocked on the door as if he were a guest. All sharks did not show any interest since the start by saying that the business is not an online playground. Robert mentioned that it is a customer service, not a playground. Then another shark came in and commented that the business would not grow at all.

On the other hand, another shark came up with an idea of a loan with a loyalty agreement. The founder rejected the offer as it is not advantageous to him. He resisted and strongly demanded the initial proposal to be accepted on the show. Unfortunately, no sharks would want it. As a result, the last shark, Daymond John, also turned down the deal to finance the business.

Despite all the refusals, the founder also tried to make a calculation to evaluate his company. The arithmetic calculation saw the company’s valuation was worth $7 million. He continued his stand by stating that customers will shift their interest toward a smart security that is attached to their smartphones.

He kept presenting his smartphone doorbell product by displaying how a doorbell connection and real-time HD video camera work on his smartphone. Finally, Jamie demonstrated a real testing by displaying the app to all sharks.

All sharks wanted to understand how the production cost works, so they asked Jamie to elaborate the process. Then, the businessman presented the price at the following points:

  • The retail price is $199
  • As per unit, the company spent $81.83 on the production overhead
  • The business would make a direct sell to the customers via website and online retailers
  • Sales were in a total of $1million for the last 9 months
  • The company is the first to offer the smartphone doorbell.

Doorbot Closing Deal in Shark Tank

All sharks making Doorbot leaving the shark tank show without any deal done was one of the biggest regrets of all time. Due to the lack of technological wise and potential forecast by the sharks, 4 of them constantly rejected the offer. Only one shark made an offer to finance but under a 10% royalty condition. The company’s owner rejected the deal, ending up leaving the show without any finance.

Doorbot After Shark Tank

Jamie Siminoff is a great genius. If it was about the financing, he would close the deal with Kevin, who put a deal on the table during the show. However, he chose to reject it as the deal was quite disadvantageous. In the end, the business did not get any finance from the shark tank.

The founder puts a robust belief and high commitment towards his innovative technology by continuing to develop his products. He later surprised all the sharks with his success as the company was worth a billion-dollar in 2018.

After the show aired, the business made $5 million and attracted many angel investors respectively. Until 2018, Amazon bought 100% company share worth $1 billion dollars, renaming it to the Ring company.

Current Update: Is Doorbot Still In Business?

Even Doorbot business did not meet any sharks’ agreement, the company’s founder worked hard to keep the business alive. The product presented to all the sharks was amazing; however, it was not the right time that Jamie Siminoff could do to attract those investors.

On the other hand, as the technology advances, the business has attracted many investors from all over the world. In 2015, Richard Branson made a deal to finance the business for $28 million. Two years late, Goldman Sachs injected a whopping $109 million investment. Then, the business went to acquire a total of $200 million fundraisings that included DFJ Growth, Caufield Byers, and Qualcomm Ventures.

Doorbot is now known as Ring. The name was rebranded after Amazon bought the whole business in 2018 for a record of $1 billion.