Unikey Shark Tank Update

Unikey is a technically based concept that is designed to eliminate the mode of holding several keys in their hands. Unikey is an application-based business that works to lock and unlock doors with the use of your smartphone. Unikey is designed in such a way that access to this can be granted to the third party as a household keeper.

Unikey is accessible on IOS, BlackBerry, and Android as well, with a single-click process of locking and unlocking your homes, offices, vehicles, lockers and other doors can be done. Unikey means that technology can do anything. But, should technology be brought to every field? Give it some thought. Unikey provides better security for your private access doors. It works when you are in a limited range of your doors.

Unikey at a Glance:-

IdeaTechnical key to open or close your doors and lockers via smartphone.
FoundersPhil Dumas
Asked For$500,000 for 33% equity
Accepted Deal$500,000 for 40% equity
SharksKevin O’Leary and Mark Cuban
Business statusIn Business
Episode No.Season 3, Episode 15
WebsiteUnikey

Index:

Who are the founders of Unikey?

Phil Dumas is the mastermind behind Unikey. Unikey – a technical key to lock and unlock your doors. Phil Dumas holds his bachelor’s degree in electrical engineering and completed his post-graduation in biotechnology. Phil is the CEO of Unikey and which was founded in 2010.

During the past days before introducing Unikey, he had developed a biometric bolt.  Phil heard from several people that traditional locks have various risks, so Phil Dumas decided to develop technology and launch Unikey on the market. Various Updates and additions are done by Phil with a change in time.

Did Unikey get a deal on the Shark Tank?

Phil Dumas, a founder of Unikey, came on the show seeking an investment of $500,000 for 33% equity in exchange. Phil presented his whole business concept, margins, and limitations. Phil demonstrated his application of locking and unlocking and mentioned the range limit. Mark participated for Phil to understand the concept and process of using it. Phil shared the USP of Unikey, that keys can be shared from one phone to another and can set a period. Three types of keys are available.

One is the permanent key, which is for regular users, then a specific key for limited periods is for maids and servants, and, lastly, it is a unique key that can be shared with special guests. Robert Herjavec asked about a very common thing which, as a reader, you might also have. Robert asked whether Unikey was applicable in existing locks or did we have to purchase a specific lock for it, to which Phil replied, a specific one. Daymond asked about the patent status and the need for money, to which Phil explained why and how he was going to spend a part of the amount asked to convert Unikey status.

Kevin O’Leary shared his opinion that he liked the business but there was a high risk involved in it. Kevin said, as I liked the concept, I put $100,000 for 10% equity. He could ask other sharks. Robert Herjavec offered $1,000,000 for 75% equity in the business along with the contingency on Black and Decker, a firm in which Phil is working.

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Barbara Corcoran offered $250,000 for 25% equity and asked Mark to join the other half. Daymond John gave an offer of $500,000 for a 40% equity in exchange. Mark Cuban rejected the Corcoran offer and was ready to go with Kevin’s deal for the remaining $400,000 for 45% equity in the business. Phil Dumas gave a counteroffer to Mark and Kevin’s deal of $ 500,000 for 40% equity in the business. Mark and Kevin accepted the counter offer and Dumas got the deal.

What happened to Unikey after the Shark Tank Show?

 After the shark tank show, on show, sharks fought among themselves, which gave the best number in their pocket Dumas. Unikey saw a fallthrough as the deal made on the show was not closed. Dumas didn’t lose hope and he got another investor on board for less equity than when the deal was closed. After the show, it took a while for Unikey to expand its business in the market. Unikey captured its targeted market, which in return increased the valuation and profit margin of the business. 

During the pitch, they came up with a valuation of $1,501,501.50, which was later updated to $1,250,000 by Mark and Kevin’s offer. After the show, Unikey licensed its products under the names of Kwikset, Nest, Honeywell, and Weiser. Unikey secured its position in the market by securing others’ doors. Over the years, Dumas secured $20 million through a VC. 

Unikey expanded its business and currently has an increase in its working strength from 60 to 75 employees in Orland. Unikey grew immensely after the show. Kevo and Kevo Plus are the two best locks that can be controlled by the smartphone. Unikey sells these locks for $149 to $199. Dumas has successfully turned his failure into a successful journey and is doing great.

As of 2022, Unikey has captured a huge range of the market. After their appearance on the show, Dumas was successful in attracting many potential investors and one of them turned out to be the backup support when the shark tank deal fell out. Unikey has spread itself throughout 65 countries with the help of 18 partners.

Competitors of Unikey are:-

  • SAP ERP
  • IFS
  • Propel
  • Green Light Guru
  • Arena PLM

What is the net worth of Unikey?

The valuation of Unikey during the pitch was $1,501,501.50, which was later updated to $1.25 million. The current estimated net worth of Unikey is $5.4  million.

Is Unikey still in business?

Unikey is still in business and is doing great. After the show, Unikey captured the market and got licensed under many brands, like Kwikset, Nest, Honeywell, and Weiser. Unikey founders successfully secured the market for Unikey by securing the doors of their users.

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FAQs:

What is Unikey?

Unikey is a technically based concept that is designed to eliminate the mode of holding several keys in their hands. Unikey is an application-based business that works to lock and unlock doors with the use of your smartphone.

Who founded Unikey?

Phil Dumas is the mastermind behind Unikey. Unikey – a technical key to lock and unlock your doors. Phil Dumas holds his bachelor’s degree in electrical engineering and completed his post-graduation in biotechnology. Phil is the CEO of Unikey and which was founded in 2010.

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