UniKey Technology on Shark Tank

January 06, 2016
Meytav

Universal Door Key – Season 3, Episode 312 – Update
Shark Tank season 3 episode 312
Phil Dumas Inventor of UniKey Technologies

 The UniKey is a clever device invented by Phil Dumas that makes ordinary house keys obsolete by using your smart phone to activate the lock. Once you have installed the UniKey locking system inside your lock, it can be paired with any OSI, Blackberry or Android devise to control the locking mechanism. It’s not an App that magically locks and unlocks your door, but the phone itself when it’s within range. You will never ever stumble again trying to get your key in the lock which also makes this a security devise for gaining quicker access to any locked door.
UniKey Technology Pre-Shark Tank

Unikey Tech new product seen on Shark Tank
Unikey Technology
Kwickset Lock
Controlled By Your iPhone

Phil Dumas confidently walked into the Shark Tank very prepared to take the Sharks head on. Phil was seeking a $500k investment for a 33% stake his the wireless key devise which puts the valuation at $1.5 million. He wastes no time getting into one of the coolest demonstrations ever featured on the Shark Tank as he controlled a lock by walking up to and away from the house lock.
It was a very impressive demonstration that instantly got all of the Sharks to sit up and take notice especially when Phil said you can send and receive a digital key’s for any duration you choose. A two hour time slot for the maid to enter your home using their mobile phone for instance. You can also use your regular keys in the same lock if something ever did happen to your smart phone.

Phil informs the Sharks that he has many deals in the works with the most notable one with Black n Decker that is very interested in carrying the UniKey Technology. 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 devise, this may even be considered a bargain for this technology..

The Sharks all agree and the offers start coming from all sides. By the time the water settled all 5 Sharks had cash offers on the table. There’s been very few products on the Shark Tank Show that has managed to do this and just as few to get an offer for a million dollars. Phil Dumas and the UniKey Technologies manged to do both whenRobert Herjevic offered Dunas $1 million but for 75% of the company.
In the end it was the two billionaires Mark Cuban and Kevin O’Leary bought 40% of the business for $500k and controlling seats on the company board.

UniKey Tech. after the Shark Tank Update

as seen on the Shark Tank Show Update
UniKey uses your smart phone to unlock locks.

During the taping of the Shark Tank Show in April 2012, Phil Dumas mentioned he actually needed closer to $1.1 million to bring the universal key to market even though he was only asking for and got the $500k from the two wealthy Sharks. Three months after the airing of the Show, Dumas raised an additional $1.1 million according to the SEC filing for UniKey Technologies bringing the total investors capital to $1.6 million thus far. It’s not clear if Cuban or O’Leary invested in the second round of financing but with a product like this my guess is they had no problems upping the ante in this technology driven product.

On January 3. 2013 UniKey Technologies announced a partnership with one of the world leaders in door locks and made the Kwikset Kevo 925 Bluetooth Enabled Deadbolt. This collaboration will allow Kwikset to implement the UniKey Technology into their products for the key less devise and give Uni key the much needed strategic partnership to bring this to the masses.
At this time you still cannot purchase this product but you can sign up to pre-order when they are ready to ship and get updates along the way. The price is still pegged at around $199.00 or lower per UniKey Lock. The potential for this idea is absolutely mind boggling especially when this technology is accepted by the masses and the prices start falling like a rock. They are also in the development for other types of locks that will soon be able to work with the UniKey’s patented system. A wireless key for your vehicle for instance? That one may still be a little farther out in the future but now, thanks to Phil Dumas, it’s only a matter of time.