Jamie Siminof has invented the first-ever, smartphone-accessible doorbell camera. Will opportunity knock for Jamie on
Shark Tank Doorbot Update
- Entrepreneurs: Jamie Siminof
- Business: Doorbell with built in camera, and smart phone app
- Ask: $700,000 in exchange for 10% equity
- Result: No deal
- Sharks: None
Jamie brought his Doorbot camera doorbell to the tank. It uses a smartphone app to let users see and speak to visitors, on their doorstep, no matter where the user is. He says this changes the world of home security.
1080p HD video doorbell with enhanced features that let you see, hear, and speak to anyone from your phone, tablet, or PC. An update from the original Ring Video Doorbell, enjoy improved motion detection, privacy zones and audio privacy, and crisper night vision.
Each unit costs about $82 to make, selling for $199 each directly to consumers. Doorbot had launched nine months prior, and already had $1 million in sales, with $250,000 in sales coming in the previous month alone. He said they had just gotten a retail deal with Staples.
Lori said she wasn’t sure the features of his smart doorbell would be worth the price to consumers, so she was out. Mark liked the product, but said when he jumped in, he wanted the company to be worth $80 million, and he didn’t see how Jamie’s product would ever progress to that level, so he was out.
Daymond John had a hard time visualizing where a product like Doorbot would fit into the home security market, so he too was out. Robert Herjavec said he wasn’t really into home surveillance because of hacking vulnerabilities, and he also went out.
Kevin O’Leary offered $700,000 in exchange for a 10% royalty, that would drop to 7% after the money was repaid, plus 5% equity. Jamie declined, countering with $700,000 in exchange for a 10% interest rate, and 3% equity. Kevin rejected the offer, and Jamie left without a deal. What happened next for his company? Keep reading our Doorbot update to find out!
Our Doorbot update research confirms that Jamie made a smart decision that day, because his company later became Ring, and sold to Amazon for more than one billion dollars in 2018. Although Ring was acquired by Amazon, Jamie still holds the title as CEO. You can get your Ring doorbell at several big box retailers and also on Amazon.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!