Zomm Shark Tank Update | Zomm Net Worth

Zomm is a device featured on Season 4, Episode 4 of the television show Shark Tank. It is a wireless leash for smartphones and other valuables, designed to help users keep track of their belongings and ensure that they do not lose or misplace their items.

The concept of Zomm was invented by Henry Penix and his wife, Laurie Penix, in 2009. Zomm connects to a user’s smartphone or other valuable items through Bluetooth technology.

Zomm enables the device to connect with the user’s belongings and provide alerts when the items are left behind. Zomm has a built-in proximity alarm triggers when the connected device moves a certain distance from the user. This alarm alerts the user, allowing them to retrieve their misplaced item before it gets lost.

Zomm also features a panic button that, when pressed, triggers a loud alarm and automatically dials a pre-programmed emergency number. This feature provides safety and security for users in potentially dangerous situations.

The device has a built-in speaker and microphone, enabling users to take hands-free calls while keeping their phone secure. Zomm has GPS technology, allowing users to track their connected device’s location in real-time. This can be especially useful for locating lost or stolen items.

Zomm offers a companion mobile app with additional features and controls, such as the ability to customize the device’s settings and receive notifications when the device is out of range.

Zomm gained popularity due to its innovative approach to solving a common problem: losing or misplacing valuable items. Its features help users keep track of their belongings and offer additional safety and convenience benefits.

The appearance on Shark Tank further boosted the product’s visibility, contributing to its success in the market.

What is Zomm?

Zomm is a company that specializes in creating wireless devices and accessories for personal safety and security. Their most well-known product is the Zomm Wireless Leash, a small device that can be attached to keys, bags, or other valuables.

Zomm connects to a smartphone via Bluetooth and alerts the user if they are about to leave their belongings behind. It can also be used as a personal safety device, with features like emergency calling and panic alarms.

Zomm was founded in 2008 to create wireless products that enhance personal safety and security. The company’s flagship product, the Zomm Wireless Leash, gained popularity for its unique functionality.

The Zomm Wireless Leash is a small, compact device easily attached to personal belongings such as keys, bags, or pets. It connects to a smartphone using Bluetooth technology.

Zomm emits an audible alert when the Bluetooth connection is broken, and the user’s smartphone receives a notification when the Bluetooth connection is severed. This helps prevent the user from leaving their belongings behind or losing them.

In addition to its wireless leash feature, the Zomm device offers other useful functions. It can be a personal safety device with features like an emergency calling button.

The Zomm device can initiate a call to a pre-selected emergency contact or even emergency services in an emergency. The device also includes a panic alarm feature that can be activated to attract attention and deter potential threats.

Zomm has continued to innovate and expand its product line since its inception. They have introduced new versions of the Wireless Leash with enhanced features and capabilities. Their products are designed to provide peace of mind and improve personal safety in various situations.

Who is the Founder of Zomm?

The founder of Zomm is Henry Penix, who co-invented the device with his wife, Laurie Penix. Henry Penix is an entrepreneur with a background in technology and business.

He has experience in various industries, including telecommunications, software development, and e-commerce.

The idea for Zomm was conceived when Laurie Penix faced a common problem: misplacing her mobile phone.

She would often leave her phone behind in various locations, such as restaurants or stores, and then spend time and effort trying to retrieve it.

Realizing that this was a problem many faced, the couple decided to create a solution. Henry and Laurie Penix combined their expertise in technology and business to develop Zomm.

They aimed to create a device to help people keep track of their belongings, particularly their smartphones, and ensure they would not lose or misplace them.

The couple worked on the concept and design of the device, eventually coming up with a wireless leash that uses Bluetooth technology to maintain a connection with users’ smartphones and alert them when the devices are left behind.

In addition to the core functionality of helping users keep track of their belongings, Henry and Laurie Penix also integrated additional features into Zomm, such as the panic button, speakerphone capability, and GPS tracking. These features added value to the device and made it more appealing to potential users.

The couple’s dedication to solving a common problem and innovative approach to creating Zomm have contributed to the product’s success.

Their appearance on Shark Tank further boosted the visibility of Zomm, leading to increased interest and demand for the device.

Before appearing on Shark Tank, Zomm had already gained some traction and recognition in the market. The device had received attention from various media outlets and had won several awards for its innovative design and features.

Zomm was officially launched in 2010, and the company began marketing the product to the public. The device was initially sold through the Zomm website, and later, it became available at various retailers.

Zomm won the Innovations Design and Engineering Award in the Wireless Handsets Accessories category at the International Consumer Electronics Show (CES) in 2010.

This prestigious award is given to products demonstrating outstanding design and engineering in cutting-edge consumer electronics.

Before Shark Tank, Zomm had received coverage from various media outlets, including articles and reviews in tech magazines, blogs, and newspapers. The exposure helped raise consumer awareness of the product and its unique features.

Zomm initially focused on the wireless leash for smartphones but later expanded its product line to include other valuable items, such as keys and wallets.

This expansion allowed the company to reach a broader audience and offer solutions for items prone to being misplaced or lost.

Despite these achievements, Zomm was still a relatively small company with limited marketing and distribution resources.

Zomm gained significant exposure on Shark Tank, reached a wider audience, and may have secured an investment from a Shark to help scale the company.

How Was The Shark Tank Pitch of Zomm?

Henry Penix and Laurie Penix presented their Zomm product to the sharks in Shark Tank Season 4, Episode 4. They aimed to secure an investment to help them scale their business, increase distribution, and expand their product line.

The pitch began with the couple explaining the concept of Zomm as a wireless leash for smartphones and other valuable items.

They demonstrated how the device works by connecting it to a smartphone via Bluetooth and showcased the key features, such as the proximity alarm, panic button, speakerphone capability, and GPS tracking.

During the presentation, the Penixes revealed they had already achieved significant milestones before coming to the show, including winning the CES Innovations Design and Engineering Award, receiving media attention, and generating sales through their website and retail partners.

They asked the sharks for an investment of $2 million in exchange for a 10% equity stake in their company, valuing Zomm at $20 million. The high valuation raised concerns among the sharks, who questioned the company’s revenue, growth potential, and market size.

The sharks expressed mixed opinions on the product and the company’s valuation throughout the pitch. Some sharks recognized the potential of Zomm and appreciated its innovative features, while others believed that the market for such a device was limited and the valuation was too high.

Ultimately, the sharks did not offer to invest in Zomm, citing concerns about the high valuation and the market’s competitive landscape.

The Penixes left the show without a deal, but the exposure from Shark Tank likely contributed to increased awareness of Zomm and its unique features among consumers.

Final Deal: No deal between Sharks and Zomm.

Did Zomm Get a Deal on Shark Tank?

No, Zomm did not get a deal on Shark Tank. The founder, Henry Penix, appeared on the show seeking a $2 million investment in exchange for a 10% stake in the company. However, none of the Sharks were willing to invest in Zomm.

Despite its initial success and innovative product, Zomm faced financial challenges and ultimately went out of business in 2018.

What Happened To Zomm After Shark Tank?

Although Zomm did not secure a deal on Shark Tank, the show’s exposure positively impacted the company. The increased visibility helped raise awareness of the product, and Zomm continued its efforts to grow and expand after the appearance.

After appearing on Shark Tank, the company experienced a boost in sales due to the publicity generated by the show. This allowed Zomm to continue building its customer base and reach more people who could benefit from its innovative features.

The company worked on expanding its distribution channels, making the product more widely available to consumers. Zomm became available through various online and brick-and-mortar retailers, further increasing its accessibility.

Zomm continued to invest in research and development to improve its existing products and create new solutions for users. The company aimed to address customer feedback and incorporate new technologies to enhance its devices’ functionality and user experience.

After Zomm’s appearance on Shark Tank, the market for personal item trackers became more competitive, with other companies introducing similar products. This increased competition impacted Zomm’s growth and market share.

While specific details about Zomm’s current status are limited, it is clear that the company benefited from the exposure gained through Shark Tank.

Zomm’s innovative solution to a common problem has likely continued to attract customers seeking a convenient way to keep track of their belongings and stay connected to their devices.

Zomm Shark Tank Update

After appearing on Shark Tank, Zomm faced challenges in the competitive tech market. Despite not securing an investment deal, they continued to market their product and introduced new versions with additional features.

However, they struggled to gain a strong foothold in the market due to stiff competition from other tech giants offering similar tracking features.

Zomm also faced financial difficulties when they defaulted on a large loan secured against their patents, leading to a legal dispute and eventual bankruptcy filing in 2013. This downfall highlighted the volatile and unpredictable nature of the tech industry.

As of 2023, Henry, the CEO of Zomm, is now the Chief Executive Officer at Soaak Technologies.

The journey of Zomm after Shark Tank serves as a reminder of the importance of strong financial management, strategic planning, and market understanding for startups to thrive in the competitive business landscape.

Despite their eventual downfall, Zomm’s innovative approach to technology continues to inspire other tech startups.

Is Zomm Still in Business?

Our research shows that Zomm went out of business in 2018. After appearing on Shark Tank Season 4, Zomm experienced a surge in sales but eventually closed down.

The founder, Henry Penix, became the CEO of Soaak Technologies, which focuses on providing online services in the mental health and wellness field.

What Is the Net Worth of Zomm?

According to our valuation, the net worth of Zomm is $0 since the company is out of business. The valuation of Zomm was $20 million when it appeared on Shark Tank.

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