Echo maker Amazon has a recent policy of incorporating Internet of Things technologies into its business.
"We are excited to work with this talented team".
Ring produces Wi-Fi powered doorbells which let homeowners see who is at the door remotely. "We'll be able to achieve even more be partnering with an inventive, customer-centric company like Amazon", a representative for Ring said. It started with a single video doorbell, now priced at $179, and has since expanded to offer several different versions as well as security systems and cameras.
That line of product has come into close competition with the likes of Google and Amazon lately, so naturally, this story ends with Ring being acquired. By offering benefits including real-time remote monitoring of homes, Amazon hopes to lock people into its family of smart products.
Sometimes these acquisitions are bad news for fans of the products, but with Amazon buyouts you tend to see the services and manufacturers still operate independently of Amazon.com, and Ring shouldn't be any different.
[Photo: courtesy of Ring] Amazon will very likely leverage Ring cameras to ensure the safe delivery of Amazon packages at the front door. The skill has a 2-star rating. The company sold millions of dollars-worth of doorbells after appearing on the show, which enabled Siminoff and his employees to branch out into other products.
The companies did not disclose the terms of the deal. The rest of the judges dropped one by one until Siminoff made his way out of the tank and back into the world - where the company, now called Ring, reached a $460 million valuation by past year (the most of any company ever on Shark Tank).
Ring counts Virgin CEO Richard Branson as an investor.
"I am an investor in Ring, and while the product is exciting and its mission to reduce crime in communities is important; what I found so interesting was the story of the young entrepreneur - James Siminoff - behind it".