The BenjiLock padlock uses fingerprint technology to prevent valuables from being stolen. Using fingerprint recognition and conventional keys, you can use BenjiLock to secure various items, including luggage, bicycles, lockers, and more.
Benjilock is an American brand of smart locks, and its founder, Robbie Cabral, has extensive experience in the advertising industry.
Robbie developed Benjilock in the city of Los Angeles in October 2015. The smart lock features a fingerprint sensor, meaning users can unlock it with their finger by simply pressing it on the sensor.
BenjiLock is a padlock that can be unlocked using a user’s fingerprint. Robbie Cabral, the product’s creator, appeared on “Shark Tank” to present his invention. It was a pitch that appealed to the emotions.
Cabral told the narrative about how he had the idea shortly after being fired from his job and on the same day his daughter was born. On the show Shark Tank, he struck an agreement with Kevin O’Leary, in which the latter would invest $200,000 in exchange for a 15% stake in BenjiLock.
O’Leary recognized the possibility of licensing the product’s patent to various lock manufacturers in exchange for a fee.
You might be interested in the BenjiLock Shark Tank Update since it was featured on Shark Tank and Kevin O’Leary invested in it. Here is what we found:
What Is BenjiLock?
BenjiLock is a padlock that can be unlocked using a user’s fingerprint. Benjilock is a firm that manufactures locks that may be used on cupboards or wardrobes. A fingerprint serves as the key to the lock and can be scanned to open the lock with just a single scan.
The Benjilock fingerprint recognition system can recognize up to four fingerprints and be used in the traditional sense.
The Benjilock comes with a key, but depending on how it is used, there is a good chance that customers won’t need it since the lock’s battery can last for up to a year.
The Benjilock was created to be utilized on virtually anything, indoors or outside, where one typically uses a conventional lock. This includes but is not limited to doors, gates, fences, sheds, bike racks, and other similar items.
BenjiLock also comes with a physical key if a member of the user’s family, a coworker, or a friend requires access to the device.
Cabral has described this unique combination of traditional and high-tech locking as having “near-perfect fingerprint accuracy,” It is a long-overdue upgrade to a device that hasn’t changed significantly in decades.
BenjiLock can be charged and has a battery life of up to an entire year when fully charged. It can save up to 4 fingerprints on its encrypted chip, which is useful for households and commercial establishments.
If the device is tampered with, Benjilock will wipe all your fingerprint information and demand that the physical key be used to reset it. This is an additional layer of protection. BenjiLock is available in various colors, including stainless steel, brass, copper, and sky white.
|Product / Business||The padlock opens with keys or fingerprints.|
|Investment Asking For||$200,000 for 10% equity in BenjiLock|
|Final Deal||$200,000 for 15% equity in BenjiLock|
|Episode||Season 9 Episode 4|
|Business Status||In Business|
Who Is The Founder Of BenjiLock?
Robbie Cabral is the founder of Benjilock. Benjilock is a brand name and a type of smart padlock hybrid technology. You can open this padlock either with a key or your fingerprint.
His appearance on the ABC reality television show “Shark Tank” made him famous. Benjilock’s dream of being a rock star was quickly dashed, and he chose to pursue a career in the lock-making industry.
Benjilock is a prosperous businessman, but his life hasn’t always been easy. He initially worked in low-level occupations, such as dishwashing, when moving from the Dominican Republic to the United States.
He was ultimately hired in the real estate industry, but after a few months, he was let go. Benjilock is estimated to have a net worth of $1.5 million.
BenjiLock Before Shark Tank
Traditional padlocks have a significant drawback: they are useless to their owners if they lose their key or combination. In 2012, Robbie Cabral created a product based on his real estate marketing background, and since then, it has created new opportunities for him and his wife, Brach Cabral, who is also a co-founder of the company.
The key of Benjilock is something you (ideally) always have with you: a finger on your hand. You won’t find a dial or keypad on this 7-pin cylinder padlock, but it has the same level of security as a conventional lock, thanks to its heavy-duty design and its manufacture of stainless steel.
Instead, the device will have a small touchscreen that relies only on your fingerprint for rapid unlocking, similar to how your phone does it. This is likely how you currently unlock your device.
Benjilock is an American brand of smart locks, and its founder, Robbie Cabral, has extensive experience in the advertising industry. The company’s founder conceived this idea while drawing in his living room. He sought ways/designs to demonstrate how the lock could look and how the technology could open it in several ways.
He was also searching for ways/designs to open the lock. He entered the business area without prior knowledge of either technology or how the business should be handled.
Soon after, he enlisted a local engineer’s assistance in establishing the project and developing the lock. They finally developed a complete prototype after working on it for three years.
He then presented the product at the consumer electronics expo in Las Vegas, recognized as the year’s most innovative product. From that moment forward, a wonderful and fruitful journey began for the Benjilock enterprise.
How Was The Shark Tank Pitch Of BenjiLock?
Robbie Cabral wanted to present his business plan to Shark Tank investors after finishing the innovation to gain help marketing the product. Robbie Cabral appeared on Shark Tank seeking an investment of $200,000 in exchange for a 10 percent ownership stake in BenjiLock, worth $2 million.
He tells the Shark Tank panel that he visits the gym almost every day to maintain his physical fitness and escape the monotony and stress of his daily life.
He says it wasn’t long until he began to see stress, especially in the locker rooms, with people pounding on their lockers due to forgetting the combination to their lock or something along those lines.
Moreover, he claims that the stress began spreading throughout the facility. He then explains the reasons behind the creation of Benjilock after realizing this. He then begins showing the sharks the progress made on the Benjilock, starting with a mock-up of the lock.
Cabral shows the panel that the item will be made more compact when he explains he is currently working on it.
Robert asked the developer how long the device would stay charged before the key was needed, curious about its battery consumption. The developer responded that the device could be charged for thirty minutes and used for one year. Robert was curious to know how much power the device consumed.
Lori shared his thoughts on a particular award he won at the CES Innovation competition. She shows her enthusiasm for the accomplishment by mentioning how difficult the tournament is, which she is aware of.
Kevin then inquires if the Benjilock can be used as a patent to replace the standard residential door lock with a cylinder key. Cabral nods in agreement.
When Kevin inquires about a license, the designer tells him a lock manufacturer has already contacted him. Kevin’s inquiry was about licensing. When it comes down to it, the shark presses him for information about the prices because he is interested in the figures.
Cabral says he performed a survey and found that 99.9 percent of respondents would be willing to pay $60 or more for the Benjilock.
Kevin asks the businessman about the production expenses, and the businessman tells Kevin that he can have it for $20 per unit if he buys 50,000 of them. Lori realizes immediately that the survey is a trick from her book.
The next question Barbara asks is about where he got the money to launch the effort. He answers that he self-funded the project. Barbara presses him for more information.
As if on cue, he then asks what he’s invested so far. His business partner informs him that he has contributed $87,000 in total thus far. He tears up as he describes how horrible everything has been up until this point. He keeps going on with much effort, declaring that this is now his American Dream.
Kevin makes the first offer of $200,000 for 15 percent of the company’s equity shares, valued at $1.33 million, in return 15 percent of the company’s equity shares. He then recalls his previous experience in licensing.
Lori ends up offering Kevin the same contract despite their argument, which is $200,000 in exchange for 15 percent of the company’s ownership, which is currently worth $1.33 million.
Barbara is the third shark to approach Cabral with a proposal. She suggests he needs a team and is willing to give him $100,000 in exchange for ten percent ownership of a company worth $1 million.
Later, Daymond makes him an offer in Spanish for the same sum of money (200,000 USD) in exchange for 20 percent equity shares with a value of 1,333,000 USD, but this time it is in a joint venture with Barbara.
Finally, he decided to finalize the transaction with Kevin O’Leary, which involved $200,000 in exchange for a 15% ownership stake in the company, and they both cheered.
Final Deal: Kevin O’Leary agreed to invest $200,000 for 14% equity in BenjiLock.
What Happened To BenjiLock After Shark Tank?
Cabral has made significant strides since he was laid off for the first time, bringing him one step closer to realizing the American Dream. Just ten months have passed since the BenjiLock was highlighted on Shark Tank. How is everything going for the company nowadays with Mr. Wonderful’s assistance?
The program didn’t air on television for very long, but the product’s popularity skyrocketed not long after it did. It was also reported that Cabral’s email inbox was flooded with fan correspondence due to the high number of visitors to the website.
There was a later discovery that the corporation had a licensing agreement with Hampton Products, the company behind Brinks Home Security, which became public knowledge.
However, it would appear that the product is not currently available for purchase in physical places such as bookstores and department stores. The BenjiLock could only be purchased from the company’s main website when this article was written.
It is unknown whether they will extend it to other retailers around the country; however, they may do so in the future. BenjiLock made its second appearance at the Consumer Electronics Show (CES) in Los Angeles, where it was displayed to many convention-goers.
BenjiLock has just formed a collaboration with Hampton Products, and as a result, it is developing a “Back to School” product line to be released in the fall of this year.
BenjiLock Shark Tank Update
Kevin O’Leary invested in Robbie Cabral’s lock business after the latter presented it on the television show “Shark Tank.” Cabral offered $200,000 for a 10% share in BenjiLock, but Kevin O’Leary gave $200,000 in exchange for a 15% share of BenjiLock.
BenjiLock’s popularity skyrocketed after its appearance on Shark Tank. Robbie Cabral was able to capitalize on the popularity and promote the product on various other platforms.
Benjilock is available in various configurations, including fingerprint, key, and digital number. BenjiLock has been priced to be commensurate with the product’s quality and characteristics.
The company offers a security lock designed specifically for businesses as well as a lock designed specifically for bikes, scooters, and garages. BenjiLock smart lock ranges from $29.99 up to $179.99. BenjiLock makes its money from sales away from the internet, bringing in $14,000 per month.
Cabral was on live television a month after Shark Tank was broadcast to receive his first royalty check from Hampton Products International for $100,000. Kevin O’Leary was instrumental in the negotiation process, resulting in Hampton acquiring ownership of the Benjilock brand throughout North America.
On CNBC, Hampton CEO Kim Kelley gave Cabral the check, and sure, Cabral cried and stated he is “living the American Dream.” Cabral was presented with the check by Hampton CEO Kim Kelley.
Hampton said to Cabral, “The intellectual property you have, including the patents you’ve acquired on this product, is pretty vast.” Robbie’s net worth of $1.5 million as of 2022, and Hampton is still selling the locks.
Is BenjiLock Still In Business?
In three years, Benjilock has garnered praise for its innovative nature and experienced a rise in its commercial success rate. The product has received significant financing and attention in recent years.
TBenjiLock is still hungry for more and has ambitions to extend to the horizon’s edge. The next landmark is complete dominance over the world.
As they intend to visit retailers in Canada, Mexico, and possibly the middle east, they will receive assistance from Hampton. It would appear that Robbie wants to have access to the entire world at his fingertips! BenjiLock is still in business as of 2022, with annual revenue of $5 million.
What Is the Net Worth of BenjiLock?
The valuation of BenjiLock when it appeared on Shark Tank was $0.2 million. The net worth of BenjiLock is $5 million as of 2022.