Amber Shark Tank’s Net Worth
Amber was a mobile phone charging station company that appeared on Shark Tank in Season 6, seeking a $200,000 investment in exchange for 20% of their business.
The company’s Net Worth was at $1 million during the pitch but went out of business in 2015 and its net worth is now unavailable.
What is Amber and Who is the founder Amber?
Amber is a prototype of a public-access mobile phone charging station that allows users to drop their phone in an empty compartment, lock it with a fingerprint scan, and have it charge automatically.
The organization also enables businesses to gather data and establish a customer database. The app allows customers to locate the service.
The concept of Amber Phone Charging was created by Kyle Byrd and Bill Shuey, both graduates of James Madison University in Virginia.
Kyle, who has a Bachelor of Science in Industrial Design, is now a Senior Product Manager for a company that offers start-up tools. Bill, who studied Political Science, currently works in sales for a home improvement company in Baltimore.
They discovered an underserved niche in phone charging stations while exploring start-up firms and intended to sell or rent charging systems to large-scale facilities such as stadiums and theaters. They created the prototype of their invention, Amber, which was the first material used to conduct a charge.
Venues can purchase Amber for a little under $200 and have the option of charging customers to use the charging station or not. Businesses that provide Amber charging stations can gain greater loyalty from their customers and increase the likelihood of repeat visits.
In restaurants, another advantage is that if someone’s phone is locked up in Amber, they won’t be able to use it at the table.
Amber Shark Tank pitch
In season 6, episode 1 of Shark Tank, founders Shuey, and Kyle presented their firm, Amber, to the Sharks, hoping to receive financing for inventory and strategic introductions for sales. They were asking for $250,000 for a 25% stake in their $1 million company.
During their presentation, they demonstrated the security of their product, which is a public-access mobile phone charging station that locks with a fingerprint scan. However, the Sharks were unimpressed and doubted the effectiveness of their fingerprint scanner.
When Shuey and Kyle revealed that their product cost $1,000 to make, the Sharks became even more skeptical. Lori left the deal immediately, and Mark called it a terrible idea and also exited. Kevin dismissed it as the worst idea he had ever seen and went out, followed by Daymond and Robert.
The Sharks considered it one of the poorest pitches they had ever seen, and Shuey was so upset that he remarked in the hallway that he’d like to “rail Herjavec in the teeth.” The founders left the pitch without a deal.
After appearing on the show, the founders received interest from some manufacturers and distributors, but not many direct customers. They followed the Sharks’ recommendations and lowered the price to $75 per month and added a consumer financing option. However, the concept never took off, and the company closed in 2015.
Kyle later stated that scaling the business and bringing it to market was difficult due to the challenges of hardware development and the high upfront costs that it required.
As of August 2021, Kyle is a Senior Product Manager at Atlassian, a software company, and Shuey works in sales at Long Home Products, a home improvement contractor.
Competitors of Amber
Advanced Cooling Technologies, Nuro, Lucid Motors, and NAVYA are among Amber’s main competitors.
Net Worth of Amber
The company was valued at $1 million during the pitch, since then the company went out of the business in 2015 and hence the company net worth is unavailable.
Amber FAQs
What is Amber?
Amber is a public-access mobile phone charging station prototype. One can drop the phone in an empty compartment, lock it with a fingerprint scan, and their phone will charge automatically.
Who is the founder?
Amber Phone Charging, founded in 2014 by Kyle Byrd and Bill Shuey. Kyle holds a Bachelor of Science in Industrial Design.
How much were asking on Shark Tank?
They asked $200,000 for 20% of their company at value of $1 million.
How much did they get?
They did not make a deal on the show and hence they left with no money.
Is Amber still in business?
No, the company went out of business in 2015.
What is Amber’s phone number?
The phone number to reach Amber is unavailable.
Was Amber a scam?
No, the company is not a scam since the founders were graduates of James Madison University.
What were Amber products?
Amber products were the first public-access phone charging stations.
How much does it cost?
One can purchase the unit for $2,000 or lease it for $150 per month.
What is Amber’s range?
Amber is a single unit that takes up a phone while it charges.
How many employees?
The company employees are unknown.
What is the website?
The company’s website is unavailable.
What does Amber charge for?
Amber charges users a monthly or yearly fee for their services, depending on what package it provides, which products are included, and how long the unit will last for.
Was Amber compatible with all phones and gadgets?
Yes, it works with all iPhones and Androids.
Was Amber profitable?
No, it was not profitable since the company went out of business.
What is Amber’s revenue?
Amber had not earned any revenue before they appeared on Shark Tank.
Where are Amber phones available?
One can find these charging stations in large concert halls and stadiums, such as Hollywood Bowl and Queen Elizabeth Olympic Park.
Was Amber safe?
Amber was said to be safe, since the phone does not charge if it is unlocked.
What is the charger’s size?
The charger is small enough to conceal from a person and difficult to extract from it.
How many hours does it take to charge a phone?
Amber provides three hours of charging per 15 minutes if a person wants to charge their phone.
How does Amber work?
Amber monitors the current level of the battery in a user’s phone and stops charging as soon as the battery reaches critical levels.
Where are the founders of Amber now?
Kyle Byrd is a Senior Product Manager at Atlassian, a software firm. Bill Shuey works in sales at Long Home Products, a home improvement contractor.
What is the net worth of Bill Shuey?
The net worth of Bill Shuey is unavailable.
What is the net worth of Kyle Byrd?
The net worth of Kyle Byrd is unavailable.
