He got the idea for a cell phone-connected doorbell after his wife, Erin, complained that he couldn’t hear the doorbell. “Nothing I was doing was impacting the world in a meaningful way,” he said. Though that deal netted Siminoff more than $1 million, it left him depressed. His most successful company was SimulScribe, a voicemail-to-text transcription-software maker that struck a $17 million partnership with a company called DiTech in 2009. Among his previous startups: Body Mint, a vitamin supplement containing chlorophyll that was designed to eliminate body odor but turned its customers’ stools green.
VALKNUT RING AMAZON SERIES
After a series of hit-and-miss ventures, Siminoff had retreated to his Pacific Palisades garage with a couple of buddies to try to invent a new product. Just four years ago, Ring, then called DoorBot, was living on fumes. Ring has also been expanding beyond doorbells, with half its revenue coming from an array of motion-activated night-vision cameras equipped with video, speakers, LED lights and sirens, which helped drive Ring’s 2017 revenue to $415 million, more than double the $170 million it banked in 2016. Nest has expanded beyond its popular WiFi-connected thermostat to home security devices, including a $229 video doorbell it plans to release this year. Saliq Khan, an analyst at Imperial Capital who tracks 30 home security companies including ADT, said that Google-owned Nest posed a similar threat. In December, Amazon bought Blink, a maker of wireless home security cameras, and was planning to introduce a $99 video doorbell in the coming months, undercutting Ring’s lowest-priced doorbell by $80. But this year, a half-dozen copycat doorbells are hitting the market, some introduced by legacy security companies like ADT and others by brands owned by Google and Amazon. The devices let users see video broadcast through a tiny camera in the doorbell, using an app on their phone.
video doorbell sales, according to market research firm NPD Group.
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The deal marks a handsome payday for Shaquille O’Neal, Ring’s pitchman, who struck an agreement in 2016 for an equity stake in the company in exchange for his appearances alongside Siminoff in Ring’s TV and online commercials.Īs recently as last year, Ring had a 97% share of U.S.
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