This Business Idea Was Rejected on ‘Shark Tank’ But Is Now Worth $1 Billion
As part of its move to become a bigger player in home security, Amazon bought Ring for $1.1 billion, set to be one of its most expensive investments ever after its $13.7 billion deal with Whole Foods Market previous year.
In an email statement to CNBC, Ring's spokesperson confirmed the deal, saying, "We'll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon".
Ring even started rolling out support past year for Amazon Alexa, something Australians are just now beginning to see through Amazon's arrival in Australia.
Experts believe that the Ring was the early initiator, whose WIFI enabled doorbell makes use of motion detectors to recognize the person approaching the door of the house and then displays the video of the person & sound on the homeowner's smartphone.
The retail giant's representative expressed, "Ring's home security products and services have delighted customers since day one".
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Two months ago, Amazon also purchased a similar start-up, Blink, which also makes video doorbells and home-security cameras. "We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods". Give us your thoughts on the news and stay tuned for much more from Amazon coming soon.
The emerging technology offers benefits to the Amazon Prime members while addressing the ongoing challenges.
Ring rolled out integration with Amazon's Alexa voice platform in June, connecting select products to the Echo Show and Fire TV devices. However, it would take some time and some of the people concerned about Amazon controlling access their front doors.
Ring has raised $209 million so far, and was last valued at $760 million, according to Pitchbook. That's the lesson Ring CEO and founder Jamie Siminoff learned after his initial business proposal was rejected by the Shark Tank investors.
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