Benjilock Shark Tank Update| Benjilock after Shark Tank
What is Benjilock?
Benjilock is a company that makes locks for cabinets or closets. That technology is used as a key in the lock, the lock opens with a single scan of ones fingerprints.
It can identify up to four fingerprints and may also be used in the conventional sense. It comes with a key, but chances are users won’t need it because the lock’s battery may last for up to a year, depending on usage.
Benjilock, based in Los Angeles, California, and founded in 2014 by inventor and entrepreneur Robbie Cabral, is revolutionizing the personal security experience using hybrid technology designed with the user in mind.
Combination locks aren’t for everyone, and Cabral observed several individuals struggling with them at his local gym.
So he reasoned that there must be a better approach, such as a lock that employs clever technology and identifies fingerprints.
Cabral came up with Benjilock, a padlock that accomplishes just that, when a light bulb went off.
Who is the founder of Benjilock?
Robbie Cabral is the founder and CEO of Benjilock. He is an ex-law enforcement officer who retired at the rank of sergeant in September 2013.
After his time in law enforcement, he started his own business consulting on top of that; he also started developing biometric technology products.
A former Los Angeles County sheriff’s deputy, Cabral set out to find a way to open locks with just one scan of fingerprints.
Cabral, an immigrant from the Dominican Republic, didn’t let his lack of computer skills deter him, and he set out to construct his lock with the aid of the hired engineer.
Cabral spent the next three years depleting the majority of his life money before producing a prototype he was happy with.
When Cabral’s prototype was completed, a colleague recommended he take it to the Las Vegas Consumer Electronics Show to show it off.
Cabral confesses that he had doubts about displaying it during the show, but finally accepted. It would out to be one of the finest moves he had made in terms of publicizing his goods.
Benjilock received a CES Innovation Award at the exhibition.
From there, Benjilock gained traction, and the same people who persuaded him to fly to Las Vegas began urging him he should go on Shark Tank.
Knowing that his friends were correct the previous time, he followed their advice and attended an open casting call. He discovered that he had made the cut and would be appearing on the show a few weeks later.
What Happened to Benjilock at Shark Tank pitch?
Cabral, Robbie after finishing the innovation, he wanted to pitch his company concept to Sharks investors for assistance in marketing the product.
Robbie Cabral enters the pitch asking $200,000 for 10% ownership of his firm with a $2 million value.
He informs the panel that he goes to the gym on a daily basis to stay in shape and to get away from the grind and stress.
Continuing, he claims that it wasn’t long before he began to see stress in the locker rooms in particular, with individuals pounding on their lockers, having forgotten the combination to their lock, or something similar.
After noticing this, he explains why he designed the Benjilock. He then begins to show the sharks the progress of the Benjilock, beginning with a dummy version of the lock.
The panel gets a sense of the device as Cabral tells them that he is currently working on making the product smaller.
Curios about the battery consumption, Robert asks him how long it keeps a charge before the key has to be used, and the developer responds that it can be used for one year after being charged for 30 minutes.
Lori then commented about a specific prize he received from the CES Innovation competition. Knowing how competitive the tournament is, she expresses her admiration for the achievement.
Kevin then asks whether the Benjilock can be utilized as a patent to replace the core cylinder lock in a regular household door lock. Cabral says yes with a nod.
When Kevin inquires about licensing, the designer responds that he has already had a lock manufacturer approach him about licensing.
The shark ultimately questions him about the pricing since he is curious about the figures.
Cabral responds by saying that he conducted a poll and discovered that 99.9 percent of participants were prepared to pay $60 or more for the Benjilock.
While Lori soon recognizes that the survey is a ploy from her book, Kevin inquires about production costs, to which the entrepreneur responds that he can obtain it for $20 per unit for 50,000 units.
Barbara then asks him where he obtained the money to start the initiative, to which he responds that he is self-funded.
Alex then, as if on cue, inquires about the money he’s put in so far. In return, the entrepreneur informs him that he has so far invested $87,000.
As the sharks watch, he finishes his narrative, crying as he speaks about how horrible things have been.
He continues to talk with tremendous effort, exclaiming that this is now his American Dream.
Following that, Kevin makes his initial offer of $200,000 for 15% equity shares for the firm valued at $1.33 million, following which he reminds him of his licensing experience.
Lori finally gives Kevin the same contract despite their disagreement. $200,000 for 15% equity shares of the company valued at $1.33 million.
Barbara is the third shark to make an offer to Cabral for $100,000 for 10% ownership of the firm worth $1 million, commenting that what he needs is a team.
Daymond later offers him a deal in Spanish for the same $200,000 for 20% equity shares worth $1.33 million, but as a collaborative effort with Barbara.
Finally he decided to close the deal with Kevin O’ Leary of $200,000 for 15% ownership of the company and both of them cheers.
What Happened to Benjilock after Shark Tank?
Following the transaction, Kevin O’ Leary pursued licensing prospects for Benjilock. After seeing the program, the CEO of Hampton Products International, a hardware and security firm, contacted Kevin, who arranged a license agreement.
Hampton gained the product’s entire North American rights. They installed the locks in Walmart, Home Depot, Lowe’s, Amazon, and other stores.
Kim Kelley, the aforementioned CEO, paid Kevin and Cabral a visit during an interview on CNBC. Kelley presented Cabral with his first royalty cheque in the amount of $100,000.
Cabral will launch the Fingerprint Door Lock in August 2020. It’s used to secure doors and garages.
The device can record up to 10 fingerprints and also includes a pin pad where you may enter a code to access the door.
Robbie released the Benjilock Fingerprint Bike Lock in 2021. At CES in 2021, it received the Twice Picks Award for innovation.
Robbie’s net worth is anticipated to be $1.5 million as of June 2021, and Hampton continues to sell the locks.
Net Worth of Benjilock
The company is estimated at valued $4 million in 2021.
What is Benjilock?
Benjilock is a lock that allows user to open their door by using their fingerprint. The device can be charged using any USB cable, which will last one for one year.
Who is the founder?
Benjilock was founded by Robbie Cabral, who is also the CEO and co-founder of the company.
What is his offer on Shark Tank?
Robbie was asking for $200,000 for 20% equity of his company. The worth of the company was $2 million.
Did he get an offer?
Yes, he got the offer.
How much did he receive?
He received $200,000 for 15% equity of his company valued at $1.3 million.
Who is the Shark makes a deal with him?
Shark Kevin O’ Leary makes a deal with Robbie.
Is still in business?
Yes, Benjilock is still in business.
Does the product Benjilock works?
Yes, it works. One can open their door using fingerprint or by entering a code and will put on a pin pad.
How much time the charge lasts before you have to recharge?
The charge can last 1 year after being charged for 30 minutes.
How much was his company estimated at valued in 2021?
The company was worth $4 million in 2021.
Who bought Benjilock?
Hampton Products International, a hardware and security firm acquired the entire North American rights to Benjilock.
Where can you buy Benjilock?
One can buy it online from the website of Benjilock.
How much did it cost to make the product?
The two founders spent $87,000 to make their product, and they were able to get investors for $1 million.
What is the net worth of Robbie Cabral?
Robbie Cabral’s net worth is estimated at $1.5 million.