UniKey Shark Tank Update

UniKey is a smartphone-based solution that allows users to lock and unlock doors quickly and conveniently. It eliminates the need to carry multiple keys and instead uses an app installed on the user’s smartphone.

UniKey app connects to a door lock and securely allows the user to open it without any physical key. The app also stores user access history data, making tracking who has entered a secure area easier.

UniKey is an innovative solution for businesses and homeowners, allowing them to access their space quickly, securely, and conveniently.

UniKey Shark Tank Update

UniKey is a smart lock technology company specializing in keyless entry systems for homes and businesses. The company was founded by Phil Dumas in 2010.

UniKey’s innovative technology allows users to unlock doors using their smartphones or other compatible devices, providing enhanced security and convenience.

The founder, Phil Dumas, appeared on Shark Tank in 2012 to pitch UniKey’s unique technology to investors. The company received substantial interest and secured an investment from Kevin O’Leary, one of the “sharks.”

Since then, UniKey has continued to grow and expand its product offerings, collaborating with other companies in the smart lock industry to bring keyless entry solutions to a wider market.

What is UniKey?

UniKey is a mobile app that allows you to unlock your door with your Bluetooth-enabled smartphone. It works by setting up an eKey to touch the lock to open the door.

UniKey offers enhanced security and safety; you can send e-keys to people through your smartphone and delete them anytime. If you forget your phone or its battery dies, the lock still works with a standard metal key.

UniKey is an innovative device invented by Phil Dumas that eliminates the need for traditional house keys. The UniKey locking system is installed inside a lock and is paired with an OSI, Blackberry, or Android device to control the locking mechanism.

The phone itself can be used to activate the lock when it’s in range. Furthermore, users can send and receive a digital key for any duration, making it a secure and convenient way to access any locked door.

Unikey may seem like something that would be straight out of a science fiction film, but it isn’t. Unikey allows users to open their homes, offices, vehicles, and other doors using their mobile phones.

Users of Unikey can unlock their doors without using conventional keys through the company’s proprietary technology. 

UniKey Shark Tank Update

Additionally, a user can grant restricted access to a third party. You can grant access to your cleaner for a specified amount of time before banning access.

The UniKey is an amazing technology designed by Phil Dumas that eliminates the need for traditional house keys by activating the lock via your smartphone. 

UniKey systems can be controlled from any OSI, BlackBerry, or Android device with one click. You don’t lock and unlock your door with an App but with your phone when it is within range. 

You will never again trip over your key while attempting to insert it into the lock, which doubles as a security mechanism for gaining quicker entry to any secured door.

Company NameUniKey
FounderPhil Dumas
ProductAn electronic key platform that turns a smartphone into an electronic key to replace keys, codes, and passwords
Investment Seeking$500,000 For 33% equity in UniKey
Final Deal$500,000 For 40% equity in UniKey
SharkMark Cuban and Kevin O’Leary
Episode Episode 15, Season 3
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of UniKey?

Phil Dumas is the founder of Unikey. The engineer holds a bachelor’s degree in electrical engineering and a master’s in biotechnology. 

He was part of Sequim’s team that developed a biometric residential bolt before launching Unikey. Phil currently serves as the Chief Executive Officer of Unikey, a position he has held since 2010.

Phil studied electrical engineering, as previously stated. He later became interested in locking mechanisms. The invention he created used his experience to eliminate the need for a standard key.

Several group members stated that traditional locks put homes at risk because keys can be easily replicated. 

So he created a mobile phone application that included the lock feature. Locks were only opened when within range of the device and locked automatically when the user left.

Unikey was initially available on the phone on which the app was first loaded, which was rather restrictive. Phil successfully adapted the application. A user whose phone has Unikey installed can now grant permission to other users according to the changes. 

Therefore, a spouse, child, or friend could unlock the door using their phones. Phil also added compatibility with Blackberry, Android, and iOS.

UniKey Before Shark Tank

Phil Dumas began with an unusual passion. The physics of locking mechanisms occupied him, and he sought ways to improve a technique dating back more than 2000 years. 

Unikey Technology was founded by him, a company that incorporates traditional house locks with smartphone technology. Here is how you can predict whether or not the Sharks would recognize the benefits of such a technology.

How Was The Shark Tank Pitch Of UniKey?

Phil Dumas appeared on Shark Tank requesting an investment of $500,000 from the Sharks in exchange for a 33 percent ownership in UniKey. Phil was the one who demonstrated. He stated he could manage the lock as long as he was within its range. 

Mark was safely outside the door when Phil handed him his phone. When he returned to the door, he allowed the Sharks to see that he could lock it with the button but not unlock it since the phone was too far away to be seen. 

Phil demonstrated to them that he could re-open the door after he re-entered the range. He added that another unique feature of Unikey is that by storing the key on the phone, users can send and receive keys on an ongoing or a one-time basis. 

If a buddy is visiting from out of town, you can text them a unique key. When a maid visits your home on a specific day, he can continue working throughout the visit. A permanent key can be mailed to your children or spouse. All keys are under your control and can be erased at any time.

Robert well received Phillip’s presentation. He asked whether the Unikey Technology could be adapted to an existing lock or if brand-new keys, locks, and doors must be purchased. 

Philip explained that the lock was new, with a two-bolt key in and two bolts out. It appears that Phil believes the user will need to replace the lock. 

He claimed that he’s currently working at Black & Decker. When Kevin inquired whether he could use the original key on the lock, he replied, “Yes, of course.”. 

Phil stated that you could, which means that you could use a regular key if your phone dies or you are without it. Damon inquired as to the patent status of Unikey Technologies. 

Phil stated that they had submitted an exhaustive Provisional Patent. He added that some money would be converted to a non-provisional status.

Kevin asked whether Phil would license the technology to a larger manufacturer producing locks. That is what Phil stated. The inventor said he is negotiating a licensing agreement with Black & Decker to use his technology in their locks and marketing. 

Kevin is aware of the next move for Black & Decker. The items will be delivered to Black & Decker tomorrow and discussed at next week’s closed-door executive meeting. 

Barbara inquired as to the price he intended to sell it for. Phil stated that he intended to sell it for between $149 and $199. He stated that, ultimately, it was up to Black & Decker to determine the price. 

Kevin was curious about the cost difference between Unikey Technologies and a standard lock. She informed him that it was approximately $30. 

Kevin stated that the difference was $100, which was quite astounding. Kevin is curious whether he should be concerned about the price differential given the state of the economy at the time.

She assured him that he had nothing to fear. He said that individuals were still purchasing Technologies. 

Robert expressed great curiosity. If he wants to know how I feel, he should go to Black & Decker and raise the money for one year of market exclusivity. 

According to Phil, Black & Decker does not fund development. He continued by claiming that they would be willing to pay a royalty. 

Phil mentioned the possibility of self-marketing it and earning great money online. Mark asked the number of royalties he would receive if he struck a contract with Black & Decker. Phil said he would like to earn approximately 7.5 percent of gross revenues. 

Kevin stated that Phil’s investment request value was one and a half million dollars. He was curious as to how Phil arrived at that figure. 

Phil stated that a million dollars were a real investment for a technological business such as Unikey Technologies, even at the pre-revenue stage. Kevin inquired how much additional funding he would require to sell the first Unikey Technologies. 

She stated that he would require 1.1 million dollars to achieve profitability. Phil mentioned that he intended to invest in two rounds. Robert stated that it would not get him to profitability but would bring him to the conclusion of the proof-of-concept phase.

Phil indicated that the initial $500,000 would be spent safeguarding the patent. He would then require engineers and equipment. The next level of investment would require a bare minimum of $500,000. He said. Daymond notes that the $500,000 was a substantial sum of money. 

Robert urged Phil to concur that the contract with Black & Decker is critical to the future viability of Unikey Technologies. Phil stated that the transaction with Black & Decker was a one-off, but he was not putting all his eggs in one basket. 

Robert inquired whether the only risk he would incur was investing the money, building the technology, and ensuring it functioned. Phil said he would ensure Robert received his money if forced to sell it all independently. Mark departed at that point.

Barbara is curious how he intends to reassure them that they will receive a return on their investment. Phil stated that he was formerly employed in the private equity industry. 

He was a mechanical engineer. Kevin added that he was in excruciating pain due to his admiration for Phil and how he narrated the narrative of making it happen. 

According to him, the real estate market had become a complete mess. Phil’s product was three times the price of the present solution installed in every door. 

They’ve taken on many development risks and lack the marketing advantages Black & Decker has. Phil stated they were not directly related to the new Home Market because individuals purchase aftermarket home automation products.

Kevin stated that there are numerous different transactions and aspects of life. He indicated that he admired the story behind Unikey Technologies but was concerned about the danger. 

Kevin placed $100,000 down and desired 50% ownership of the business. Robert stated that he appreciated Phil’s affection for something as mundane as locks. 

Philip was told that Robert would give him $1 million to acquire 75% of the company. Phil would receive only 25% of the enterprise. Robert stated that Black & Decker was required as a proof of concept. He required them to establish the market.

Barbara explained and said she would become angry if she had to pull out her keys. She said she would offer him $250,000 in exchange for 25% of the business, but only if he could bring in Mark Cuban for the remaining 25%. 

Daymond complimented him on his presentation. The exit wounds Daymond had from previous transactions contributed to his financial woes. 

Daymond offered him the $500,000 in exchange for 40%. Mark prefaced the transaction by stating that he was aware that once he made his bid, he would be required to raise an additional $600,000. 

Mark stated that he adores Barbara but did not believe Unikey Technologies was her area of expertise. Kevin’s strength, he stated, is berating people over numbers. 

Mark offered to match Kevin’s $100,000 commitment and provide the remaining $400,000. Mark requested a 45 percent equity stake. Phil informed Mark that he had come in to make a deal with him. He responded with 40% equity. Mark shifted his gaze to Kevin. 

Mark said he would divide the difference at a rate of 42%. Robert pleaded with Phil to reconsider his offer. He was averting the necessity of another round of investment. 

Robert stated that it was additional cash and twice the requested amount. Mark remarked that Phil should understand, based on his knowledge and experience, that it is not just about the equity figure but also about the Sharks’ support. 

Phill stated that he understood and that they would work out a deal at 40%. Mark is curious about how he will be protected in the upcoming round of investments. 

Jill stated that they would receive two board of director seats. Kevin inquired if he already had a board of directors but was informed he was the sole member. 

The Sharks would retain board control, while he would retain stock control. He stated that there would be a power balance. 

Kevin and Mark reached an agreement, and they struck a contract. Robert appeared displeased and remarked that the deal was a lousy one. Let us examine whether he was correct.

Did UniKey Get A Deal on Shark Tank?

The Shark Tank pitch of UniKey, presented by founder Phil Dumas, was well-received by investors. Dumas showcased the innovative keyless entry technology, which allows users to unlock doors using their smartphones or other compatible devices.

He effectively demonstrated the product’s features, highlighting its convenience, security, and potential market demand. The sharks were impressed by the technology and its potential applications.

They asked various questions about the company’s financials, sales, and strategy for growth. Phil Dumas provided clear answers and appeared confident in the product’s potential.

Phil Dumas accepted the offer, and the partnership has helped UniKey grow and expand its product offerings in the smart lock industry.

Phil Dumas received proposals from all five Sharks in Season 3, Episode 15 of Shark Tank for his revolutionary access control system. Kevin O’Leary and Mark Cuban offered $500,000 for a 40% stake in UniKey, but the deal fell through.

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What Happened To UniKey After Shark Tank?

Since appearing on Shark Tank, UniKey has continued to develop and improve its technology, expanding its product offerings beyond just door locks. The company has partnered with several major lock manufacturers to integrate its technology into its products and has also developed a smart access control system for businesses.

In addition to its partnerships, UniKey has also continued to raise funding. In 2015, the company raised $10 million in a Series A funding round led by ff Venture Capital.

UniKey has also received several industry accolades for its technology, including being named one of the “Top 50 Most Innovative Companies” by Fast Company in 2014.

UniKey has continued to grow and innovate since its appearance on Shark Tank and has become a significant player in the smart lock and access control market.

 Unikey Technologies has established numerous relationships with Fortune 500 companies, including Kwikset, Nest, Honeywell, Haven, and Weiser. 

UniKey Shark Tank Update

Kevo and Kevo Plus are two of their current smart locks, which can be controlled via your phone. Kevo Plus also enables remote door unlocking, so you don’t have to be physically present at the door. There will be new devices, like the TouchKey and the Commercial Reader, soon.

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UniKey Shark Tank Update

After appearing on Shark Tank and securing a deal with Kevin O’Leary, UniKey experienced significant growth and continued to develop its keyless entry technology. The company expanded its product offerings and formed strategic partnerships with other companies in the smart lock industry.

One notable partnership was with Kwikset, a leading lock manufacturer in the United States. Together, they developed the Kwikset Kevo, a Bluetooth-enabled smart lock that utilizes UniKey’s technology, allowing users to unlock their doors with a simple touch when their smartphone or a compatible device is nearby.

UniKey’s technology has also been integrated into other smart lock products, catering to various consumer needs and preferences. The company has continued innovating and refining its products, enhancing security, convenience, and user experience.

Overall, the exposure from Shark Tank, combined with the investment and partnership with Kevin O’Leary, significantly contributed to UniKey’s growth and success in the smart lock industry.

Mark Cuban and Kevin O’Leary agreed to invest in UniKey on the Shark Tank show. However, the deal between Unikey and Sharks was never finalized.

As of 2023, UniKey employs 75 employees in Orlando and is expected to continue growing as the smart lock sector is worth $1.7 billion. UniKey is still in business with an annual income of $5.4 million as of 2023.

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Is UniKey Still In Business?

UniKey has increased its offering of products across multiple industries, resulting in a thriving business. Phil’s appearance on Shark Tank attracted the attention of several prospective investors. 

Unikey secured $1.1 million in seed funding from ff Venture Capital shortly after appearing on Shark Tank. Later in the decade, the corporation would secure several additional substantial investments.

Kwikset, an established lock manufacturer with ambitions to enter the smart lock industry, entered into an agreement with UniKey following the initial seed round of funding.

The Kevo, developed by Kwikset using UniKey technology, was released twelve months later. The company soon secured a second agreement with ERA and began expanding internationally.

The success of those first two alliances prompted UniKey to accelerate its expansion, forming more strategic partnerships and expanding into new markets.

Over 18 partners are currently associated with UniKey in 65 countries. Also, the company holds 15 patents in access control, including its touch-to-open innovation, and is backed by over $20 million in venture capital funding.

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What Is the Net Worth of UniKey?

The valuation of UniKey was $1.5 million when it appeared on Shark Tank. The net worth of UniKey is $5.5 million as of 2023.

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