Doorbot is an app that allows the owner of the house to see and speak to the person at the door through his/her smartphone from anywhere. It is the first-ever wi-fi-enabled doorbell that provides two-way audio communication and one-way video surveillance.
In 2018, Doorbot was acquired by Amazon and now Doorbot is also known as Ring. Doorbot was rebranded, updated, and expanded by Amazon.
Doorbot at a glance:
- Video doorbells and security cameras for your smartphone.
- Founder: Jamie Siminoff
- Asked For $700,000 for 10% at a $7 million valuation on Shark Tank.
- Currently acquired by Amazon for $1 billion.
- Buy on Amazon
Index:
Who is the founder of DoorBot?
The Ring aka Doorbot was founded by Jamie Siminoff. Jamie spent a lot of years developing Doorbot. He was broke and used to work on the product in his garage. He aimed to reduce crimes in the neighborhood area. Today, Jamie Siminoff’s net worth is around $300 million.
How was DoorBot Shark Tank Pitch?
Jamie Siminoff appeared in Season 5 Episode 9 of Shark Tank. He was seeking $700,000 for 10% equity. Robert Herjavec said that this is a consumer service and not an internet play so he was out. Mark Cuban said that he does not see any progress in this business so he is out too.
Daymond John also refused to invest in the company. Kevin O’Leary made an offer in which he offered a loan and wanted royalty. But Jamie refused the deal and had to walk out of the show without any deal.
How do they make money?
At the time of Shark Tank, Doorbot had annual sales of $1 Million. In the same year, the company made sales worth $5 million. Doorbot costs $199 per unit. Which is more expensive than video cameras which are usually set up to ensure security. The production cost per unit is around $81. In 2013, as mentioned by Jamie, Doorbot had annual sales worth $6 million. After 4 years it increased to $460 million. Today the company values at over $1 billion.
What happened to DoorBot after Shark Tank?
After the episode aired, the company made $ 5 million in sales. Jamie also captured the attention of many people and investors who later invested in the company. The company was acquired by Amazon after Shark Tank and now they are selling 10 core products and sold in 16,000 stores. There are currently 1300 employees working for Ring.
Net worth of the DoorBot:
In 2013, Doorbot had sales worth $1 million and an estimated net of $7 million, but the company was still struggling. After the Shark Tank episode, the company became popular and its sales increased.
Four years ago, Doorbot appeared on an ABC Show. Doorbot was valued at $460 million in that year. Which is the highest any company which appeared on Shark Tank ever reached to date. In 2018, Boorbot was acquired by Amazon and today it values at over $1 billion.
Investors:
Even though Doorbot did not get any deal on Shark Tank, Jamie and his company captured a lot of people’s attention. In 2015, Richard Branson who was later a guest Shark on Shark Tank invested $28 million in the company. Goldman Sachs invested $109 million in the company in the year 2017.
The company in total raised $200 million. The investors from Kleiner Perkins, Qualcomm Ventures, DFJ Growth, and Caufield Byers invested in Doorbot along with Goldman Sachs and Richard Branson. Later, Jamie sold Doorbot to Amazon for $1 billion.
Competitors of Doorbot:
SktBell Wi-fi Doorbell:
It is a bit different than Doorbot. It uses VGA technology instead of HD. SkyBell is a wire-only setup and does not work with onboard batteries.
Is the company profitable?
The Doorbot has been very successful since the Shark Tank episode was aired. Jamie’s net worth is $300 million and the company was sold to Amazon for more than $1 billion. Over the years the company’s sales have increased from $1 million to $460 million.
Interesting facts:
- Kevin O’Leary later said that this was the biggest miss in the history of the show.
- Jamie developed this product in his garage. He and his employees spent a month preparing for their Shark Tank pitch. But when they did not get any deal Jamie was very disappointed and left the show with teary eyes.
- Before Doorbot, Jamie made and sold many companies. The highest deal was worth $17 million in 2009. He had many partners in the company and Jamie later invested all his money and shares in Doorbot.
- Jamie has invented many products since he was 7.
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FAQs
What is Doorbot(Ring)?
Doorbot is an app that allows the owner of the house to see and speak to the person at the door through his/her smartphone from anywhere. It is the first-ever wi-fi-enabled doorbell that provides two-way audio communication and one-way video surveillance.
Who founded Doorbot(Ring)?
The Ring aka Doorbot was founded by Jamie Siminoff. Jamie spent a lot of years developing Doorbot. He was broke and used to work on the product in his garage. He aimed to reduce crimes in the neighborhood area.
Such intelligent work and reporting!
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