UniKey Shark Tank Update | What Happened To UniKey after Shark Tank?

About UniKey

UniKey Technologies, a US-based company, specializes in creating and licensing technology for keyless entry to buildings.

They offer a system that allows users to unlock their doors electronically via a smartphone or other device, eliminating the need for physical keys.

Their main product, the Kevo, is a smart lock developed in collaboration with Kwikset and can be controlled through various Operating Systems such as IOS, BlackBerry, or Android with a simple click.

Who is the Founder of Unikey?

UniKey Technologies, a company that specializes in keyless entry technology, was founded by Phil Dumas in 2010. Dumas, a graduate of electrical engineering from the University of Central Florida and an expert in biometric security, served as the company’s President and CEO.

With his experience in biometric security, Dumas was part of the team that created SmartScan, the first biometric deadbolt lock for the mass market. He founded UniKey with the goal of creating a more reliable and straightforward way of accessing various things.

What Happened To UniKey After Shark Tank?

In May 2012, UniKey Technologies, a company that specializes in keyless entry technology, received recognition when its CEO, Phil Dumas, appeared on ABC’s Shark Tank.

Although all five judges expressed interest in investing, including Mark Cuban and Kevin O’Leary who offered $500,000 for a 40% stake, a deal was not reached after the show.

However, the company had received $2.6 million in investment by 2013, with ff Venture Capital as the lead investor.

UniKey signed a licensing deal with Kwikset, the largest home lock manufacturer in the world, to produce and commercialize Kevo, a residential smart lock based on UniKey’s technology.

Kevo, which was released in 2013, is a Bluetooth-enabled touch-to-open smart lock that can lock and unlock the door using a compatible smartphone or tablet through an app, and also comes with a keychain fob that works in the same way.

UniKey’s Inside/Outside Intelligence feature, which recognizes whether a confirmed device is currently inside or outside the home, is a key security component of the product.

The company also has partnerships with MIWA Lock Company, Grosvenor Technologies, Nortek Security and Control, and ERA to provide keyless entry services to hotels and commercial buildings, as well as expanding its worldwide reach.

UniKey Shark Tank FAQs

What is UNIKEY?

UNIKEY is an electronic lock controlled by a smartphone or a specific key pin. UniKey, a company based in downtown Orlando that employs around 50 employees, developed a lock system that allows customers to open a door using a mobile application or by touching it.

Who invented Unikey?

The Unikey was invented by Phil Dumas.

 Who is Phil Dumas?

Phil Dumas, the president, and chief executive officer of UniKey Technologies, started the company in 2010 in Florida.

He started UniKey in an effort to create a more dependable and convenient way to access everything.

What is Phil’s background?

The engineer holds a bachelor’s degree in electrical engineering and a master’s degree in biotechnology.

The invention he created used his experience to eliminate the need for a standard key. So he was able to create a mobile phone application that included the lock feature.

What was Phil Dumas’ business?

His business is Unikey Technologies, and he identified himself as such. Unikey Technology was founded by him, a company that incorporates traditional house locks with smartphone technology.

What was the offer?

UniKey Technologies first gained national attention in May 2012, when Dumas participated in ABC’s reality show Shark Tank.

UniKey accepted investment offers from two of the sharks on the show, including a $500,000 offer from Mark Cuban for a 40% interest in the company.

The offer was accepted by Dumas, but they were unable to reach an agreement after the show.

What was UniKey on Shark Tank?

In 2012, Phil Dumas presented his company, UniKey on Shark Tank Season 3 Episode 12.

What’s the deal?

Dallas Maverick’s owner Mark Cuban tells Barbara Corcoran, “I love you Barbara, but this isn’t your wheel strength.” He takes up Kevin’s offer but modifies it saying he is putting up $400,000 for 45% of the company.

What happened to UniKey?

As stated previously, the deal with Mark Cuban and Kevin O’Leary did not come to fruition, but UniKey landed venture capital in two rounds since the show.

UniKey collaborated with lock manufacturers Kwikset and Weiser to develop Kevo, a smart lock that uses Bluetooth technology to open your door with your smartphone or smart fob, eliminating the need for keys. You can now refer to them as digital or eKeys.

UniKey intends to use the additional capital to expand beyond the Smart Home into larger industries that are projected to drive IoT adoption, such as Smart Commercial and Smart Enterprise.

Kevo’s security, smart Bluetooth, intelligence, and re-key technologies could be used to commercial access control, hospitality, government, and the enterprise, according to the business.

What’s the problem?

As in many cases, the deals made on the show fall apart in due diligence like Phil’s deal.

Can Phil Dumas Make a Deal With Black & Decker?

Phil shares he is an experienced veteran in the private equity field and that UniKey does not depend on a deal with Black & Decker.

What are the Equity Contingents?

Investor Robert Herjavec proposed an offering of $1 million in return for 75 percent interest in the firm. Phil Dumas was to hold 25 percent stock contingent on securing Black & Decker for proof of concept.

What is the first venture capital firm to place money in UniKey?

Phil’s presentation on Shark Tank drew the interest of a number of potential investors.

Shortly after appearing on Shark Tank, Unikey received $1.1 million in early investment from ff Venture Capital.

Later in the decade, the company would obtain a number of further significant investments.

ff Venture Capital was the first venture capital company to invest in UniKey, thanks to a recommendation from a viewer of Phil’s Shark Tank episode.

What was UniKey’s first major deal?

UniKey secured $2.6 million in investment in 2013, with ff Venture Capital setting the pace.

UniKey signed a license agreement with Kwikset, the world’s biggest home lock maker, to produce and market Kevo, a residential smart lock based on UniKey’s technology.

In 2015, Samsung was also a part of a $10 million round with the startup.

UniKey has been in the fast-growing “Internet of things” market — a catch-all phrase for physical devices that link to the internet — since its inception in 2010.

What is the Bluetooth signal?

When the user’s phone is closed and outside, the deadbolt lock produces a low-energy Bluetooth signal, allowing the door to be opened when the lock face is touched, eliminating the need to interact with the phone to open the door.

Is it worth the money?

The Kwikset Kevo Smart Lock with Keyless Bluetooth Touch-to-Open Convenience is available for $176.99 on Amazon.

What is Unikey use?

Unikey allows users to open their homes, offices, vehicles, and other doors using their mobile phones.

How do I control my UniKey system?

UniKey systems can be controlled from any OSI, BlackBerry, or Android device with one click.

What was the result of this?

Phil demonstrated to them that after he re-entered range, he was able to re-open the door.

Can I use the original key?

When Kevin inquired whether he could use the original key on the lock, he replied, “Yes, of course.”.

What is a digital release?

Essentially, UniKey offers a digital release of locks through mobile devices.

What is UniKey’s latest funding round?

UniKey is a smart home technology that focuses on smart locks and smart access control in the Internet of Things (IoT) era.

It secured a $10 million round that also was oversubscribed to enable expanded partnerships that will spread its smart lock technology to the UK, Europe, and Asia.

How does UniKey work?

To gain access with Unikey, simply place a paired phone next to the door. The door will automatically open.

Meanwhile, the company promises a superior user management system that allows owners to instantly allow and disallow access to other phones, as well as a scheduling system that allows access only at particular times.

The system can also be used with a traditional key.

What is the difference between traditional keys and smart keys?

Unikey’s patented technology allows a user to unlock their doors without using traditional keys.

What was Phil’s background?

As mentioned, Phil had a background in electrical engineering. Using his knowledge, creating an invention that replaces the traditional key wasn’t challenging to accomplish.

With Unikey, the locks could only open when the device was in range and would automatically lock when one leaves.

He started his company Unikey Technologies and integrated a standard house lock with smartphone technology.

What products are UniKey currently producing?

Today, UniKey’s technology can be found in a variety of products including the Kwikset’s Kevo Convert, Kevo Fob, Kevo Plus, and the Kwikset Kevo

What happened to Phil Dumas?

He left with an offer from Kevin O’Leary and Mark Cuban of $500,000 for 40% of his company, but the deal failed to close.

How does UniKey work?

UniKey uses your smartphone to unlock locks. The UniKey is an ingenious device invented by Phil Dumas that makes ordinary house keys obsolete by using your smartphone to activate the lock.

Through Unikey, users can unlock their houses, offices, vehicles, and other doors using their mobile phones.

What is the collaboration between Kwikset and UniKey?

This collaboration will allow Kwikset to implement the UniKey Technology into their products for the keyless device and give Uni key the much-needed strategic partnership to bring this to the masses.

They are also in the development of other types of locks that will soon be able to work with UniKey’s patented system.

How much does UniKey cost?

The suggested retail price for the UniKey lock is between $149-$199.00 which is on the high end as far as locks go, but considering the convenience and security of the device, this might be a bargain for this technology.

What is the patent?

Dumas already owns a provisional patent, and he’s working on a deal with Black and Decker to license and distribute the product.

What is the investment?

Dumas enters the Tank seeking a $500,000 investment in return for a 33% stake in the company.

What’s the deal?

Dumas makes a counteroffer to Cuban and O’Leary, offering the 40%, plus two seats on the board.

Is UniKey Still In Business?

UniKey is a market leader and creative innovator that has been making a significant difference to the world while maintaining its traditional tastes and modern tastes.

It expanded its product line across numerous industries, resulting in a thriving business.

UniKey intends to expand beyond smart homes to larger industries that are projected to drive IoT adoption, such as smart commercial and smart business.

UniKey Shark Tank Episode