UniKey Technologies Update
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UniKey Technologies Update | Shark Tank Season 3

Entrepreneur Phil Dumas, pitched his locks system during Shark Tank Season 3. UniKey Technologies streamlined the process of using a lock with a key, by incorporating the key into a smartphone application. Additionally, it revolutionizes the key, by allowing convenient access to locks, when within range. Will the sharks want to lock in on Phil’s company? Find out in our UniKey Technologies update!

If you’re short on time, here’s a quick overview of what happened to UniKey Technologies after Shark Tank!

Phil Dumas appeared on Shark Tank Season 3, and made a deal with Kevin O’Leary, and Mark Cuban, for $500,000 and 40% equity of his company. In the deal, he also gave them chairs on his board. In terms of a UniKey Technologies update, the deal never went through with Kevin, and Mark, however the company is still in business. Phil eventually partnered with big brands in the industry, like Kwikset, Baldwin, Honeywell, and more.

Shark: Result:
Kevin O’Leary and Mark Cuban Accepted deal for $500,000 for 40% equity, and chairs on the board
Robert Herjavec  $1 million for 75% equity, contingent on a deal with Black & Decker
Barbara Corcoran  $250,000 for 25% equity, if Mark would put up the other half
Daymond John $500,000 for 40% equity

Shark Tank UniKey Technologies Update

UniKey Technologies Update

  • Entrepreneur: Phil Dumas 
  • Business: Smart door locks
  • Ask: $500,000 for 33% equity
  • Result: $500,000 for 40% equity, and chairs on the board
  • Shark: Kevin O’Leary and Mark Cuban

Phil walked into the tank, and showed the sharks in detail how UniKey Technologies worked. With UniKey integrated into the app, keys could be sent and received to and from other users in a one-way, or permanent system, that could be deleted at any time.

Robert Herjavec wanted to know if the system would require a new lock, and Phil confirmed it would. Then, Kevin O’Leary wanted to know if the original key would still work on that lock, and Phil said it would.

Daymond John asked about patents. Phil told the sharks he had an all-inclusive provisional patent filed, and wanted to use part of the investment to make it a permanent patent.

He also said he was currently working with Black+Decker for distribution.

At this point, Barbara Corcoran wanted to know how much it would sell for. Phil told her the goal was to get it retailing between $149 to $199.

Robert thought the product sounded great, however she wondered why Phil didn’t go to Black+Decker for an exclusive contract. Phil told him that they wouldn’t actually fund the development, and that he was looking for 7.5% royalty from the deal.

He eventually went into more detail about the valuation and investment, and how he would get to profitability. He basically wanted to use a potential investment from the sharks on patent protection, engineering, and equipment.

The entrepreneur assured the sharks that he would get their money back, even if he had to sell every unit by himself. Mark Cuban appreciated his hustle.

Additionally, Kevin thought he was very credible, although he was wary of the housing market, along with the cost of the product. For Kevin there seemed to be risk involved, however he still wanted in.

He then said he wanted the equity to be 50%, so he offered $100,000 for 10%, and said other sharks would have to cover the rest.

Robert offered $1 million for 75% equity, contingent on getting Black+Decker involved for proof of concept.

Barbara offered $250,000 for 25% equity, but only if Mark would join her for the other half.

Daymond wanted to join the feeding frenzy, however was wary of the industry. Despite this, he offered $500,000 for 40% equity.

It turns out, Mark didn’t join Barbara, because she didn’t have expertise with this. So, he instead offered to join forces with Kevin, adding $400,000 alongside Kevin’s $100,000 for 45% equity.

Phil countered with $500,000 altogether, for 40% equity. In response, Mark said he’d go to 42 ½%, but was then interrupted by Robert.

Robert reminded Phil that he’d need more money, and that he was offering $1 million.

Mark and Kevin chimed back in, and reminded him of their strengths. Further, they too were aware he might need more money. 

Phil stuck to the 40% equity counter, but also offered two seats on the board so the sharks would have control, seeing as he was the only other person on the board. Kevin said he was in, and Mark agreed too.

Phil left with a deal from the two sharks, but do you think happened following the show? Keep reading our UniKey Technologies update to find out!

Our UniKey Technologies update reveals that the deal with the sharks never materialized, but Phil eventually got another investor on board, for more money and less equity.

The business thrived after the Shark Tank appearance, and continues to operate today, to the tune of around $5,5 million in annual revenue.

UniKey has partnered with Honeywell, Kwikset, Baldwin, and many other big players in the doors and locks industry, who use their technology.

You can check out the products on the UniKey Technologies website

If we learn anything new about this company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 3 Episode 15 by following the links below!

For even more on companies and products, be sure to stop by our Season 3 Products Page!

 

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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!