UniKey Technologies from Shark Tank

UniKey Technologies shark tank
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UniKey is a digital door key operated using your smartphone or any digital device. It eliminates the hassle of losing your keys or struggling with opening the lock. Since it’s operated digitally, you don’t have to worry about carrying your keys when leaving the house. This is very convenient and reduces security concerns about people.

 

Phil Dumas founded the company. He came up with the idea when he realized that nothing had been done to change the design of the primary key in years. Losing their keys and dealing with a broken or rickety lock is a common struggle for almost everyone. Phil decided that creating a way to open locks with just a click might be the solution everyone needed.

 

The bestselling point of UniKey is that it gives access to the locks through people’s phones, which are with them constantly. This product provided a good solution for people looking for newer, innovative ways to improve their home security. The design of UniKey is unique: it’s shaped like a small remote and connects to your phone, allowing you to watch the video from your phone from anywhere.

 

Before coming to Shark Tank, Dumas already had a patent and was selling his product in the marketplace. He intended to use the investment from the Sharks to grow his company by protecting his patent, developing the UniKey further, and making it accessible to more people.

 

Are They Still an Active Company?

Yes, they are still active and in business. You can buy their products online.

 

How Did the Shark Tank Pitch Go?

Dumas entered Shark Tank with an initial ask of $500,000 in exchange for 33% equity in his company.

 

He began his pitch by explaining the problems we all face with our keys and how no one has done anything about it. He then demonstrated the key, showing the Sharks how it can be operated from a distance. He proceeded to explain the key’s different features, such as restricting access at certain times of the day and sharing unrestricted access with others.

 

Kevin is amazed by Dumas’ history and work ethic, but he also expresses concern about the unstable property market. He says that he is interested and is willing to offer $100,000 for 10% but with the condition that the other $400,000 has to come from the other Sharks.

 

Robert offers $1,000,000 for 75% of the company, but his offer is also conditional, relying on the clause with Black and Decker. Barbara also offers him $250,000, given that Mark is willing to contribute the other half.

 

Daymond John initiates a proposal before Cuban enters the picture. $500,000 for a 40% stake. Although Mark Cuban rejects Corcoran’s offer, he is still open to partnering with O’Leary and has offered to provide the additional $400,000 for a 45 percent stake.

 

The Sharks are competing against each other and competing for equity points in a storm. Cuban and O’Leary receive a counter offer from Dumas that includes the 40 percent and two executive positions.

 

Mark and Kevin accept, and Phil leaves the Tank with his investment.

 

Our Review of UniKey Technologies

We decided to try the UniKey and see how well it would fare in real life.

 

The good news is that it was very convenient and straightforward to use. It allowed us to open our locks by enabling access from our phones,using just one touch. We found that we could also create a guest code or pass that enabled access at certain times for delivery people or any guests we were expecting.

 

Additionally, it was weatherproof, and we could record whoever came and went from our houses while we weren’t home.

 

The bad news is that it was very costly. It was a good investment but also needed to be maintained to ensure that there weren’t any glitches. The instructions were confusing for some people; hence the installation process took some time.

 

Since this product relies on technology, we also had to account for problems such as customer support responding slowly and the lock working poorly when exposed to heavy rainfall for long periods.

 

Pros of UniKey Technologies:

  • Easy-to-use
  • Can be installed on your phone
  • No more trips to the locksmith for faulty locks
  • Better security
  • Convenient for parents to use in locking certain things from kids

 

Cons of UniKey Technologies:

  • Very costly
  • The application might glitch

 

Who is UniKey Technologies for?

UniKey is for everyone since it’s a convenient version of a key. This is especially useful for working individuals who are not at home most of the day and need someone to be there to receive delivery guys and relatives without leaving their keys in an unsafe place. In today’s day and age, hiding keys under the flower pot just won’t cut it anymore.

 

Are There Any Alternatives?

Lockly Vision Deadbolt is an excellent alternative to UniKey. Just like UniKey, it allows you to give access to certain people at certain times only. It also guarantees a long battery life and tech support, which takes care of the device’s maintenance for us.

 

Unlike UniKey, it’s affordable and comes in a different design.

 

Our Final Thoughts

Overall, UniKey is a product that everyone needs. It provides a convenient way to operate your locks, giving you peace of mind knowing your house or your valuable belongings are secure. This easy-to-use product comes in handy after a tiring day out and provides you with other features such as allowing access at certain times, etc. Plus, it’s also enjoyable to use.

 

Although it’s expensive, it is a long-term investment for you and the security of your possessions. You won’t have to worry about losing your keys and getting new ones made.