What Is Zomm?
The Zomm wireless leash is a key fob that alerts users when they wander more than twenty feet away from their iPhone. The gadget vibrates lightly when the 20-foot barrier is crossed. If the user ignores the vibrations, a warning will sound, gradually increasing in volume until it is turned off. Zomm was formed in 2009 by Henry Penix and is headquartered in Tulsa, Oklahoma. To help fund the creation of the Zomm multi-use fob key, the Penix sold their preschool. Software entrepreneur Henry Penix pitched his product Zomm to the Sharks on Season 4 of Shark Tank.
More About Zomm Product:
|Product||Wireless Leash for iPhones|
|Investment Seeking||$2,000,000 for 10% in Zomm|
|Final Deal||No Deal|
|Episode||Season 4, Episode 5|
|Status||Out of Business|
Who Is Zomm’s Creator?
Zomm is situated in Tulsa, Oklahoma, and was started by Henry Penix in 2009. To fund the creation of the Zomm multi-use fob key, the Penix sold their preschool. Another investor pledged $5 million, bringing the total investment to $9 million. Zomm immediately attracted a lot of interest in the market. It was awarded the CES Innovation Award in 2010 after selling for $750,000. Sales nearly tenfold from $5,000,000 in 2011.
Before Shark Tank, Zomm:
Before joining Shark Tank to promote his startup Zomm, the Oklahoma native was a dad who raised his children in Oklahoma. Zomm is made out of the initial letters of his children’s names, with the last M standing for his mother.
Henry spent a lot of money developing the product he proposed on the tank in order to make it amazing and attract another investor. To fund the creation of the Zomm multi-use fob key, the Penix family sold their preschool. A second investor contributed $5 million, bringing the total investment to $9 million.
The initials of their children’s names are incorporated into this clever key keychain. The final letter is addressed to Mom, and it expresses his appreciation for his wife. Zomm has several patents. Originally intended to alert the user if they had forgotten their phone.
However, other features, such as emergency dialing, were added to the product. A user can call 911 or select an emergency contact. Due to its unique invention, Zomm was an instant hit on the market. In 2010, it earned $750,000 in sales and was awarded the CES Innovation Award winner. The sales volume nearly quadrupled to $5,000,000.00 in 2011.
The company’s expected revenues were $7,000,000 when it first appeared on Shark Tank in 2012. It’s hardly unexpected that sharks are interested in the business.
What Happened to Zomm During His Shark Tank Pitch?
Zomm had $5 million in revenues in 2011 and $7.2 million in 2012 prior to its appearance on Shark Tank. Henry offers it in the United States, Canada, Europe, Africa, Australia, and China, among other places. The device has received several honors, including a CES Innovation award in 2010. Henry approached Shark Tank with a $2 million offer in return for a 10% share in the firm. The Sharks are intrigued by the offering but are wary of the figures.
Henry invested $4 million of his own money and obtained another $5 million from venture capitalists in the company. They’ve invested over a million dollars in R&D. The corporation has a lot of cash to manage, according to the Zomm corporate profile. Lori, Mark, Barbara, Kevin, and Daymond were all ruled out of the Zomm transaction when the Shark Tanks examined the company.
After Shark Tank, What Happened to Zomm?
Penix Approached the Sharks in Return for A 10% Interest in The Firm in Exchange for $2 Million. The Sharks All Walked out When They Realised the Company Was $10 Million in Debt, and No Transaction Was Made.
As a Result of Their Presence on The Show, Zomm’s Website Had Over 250,000 Hits in The Week After Its Showing. The Zomm Website Was Unable to Keep up With the Demand, Despite Beefed-Up Servers Anticipating a Deluge of More Visitors. They’re Now Expanding and Promoting a Personal Concierge Service that Will Help Clients Phone 911 in An Emergency.
In 2021, the Company’s Facebook Page Is No Longer be Operational, and The Company’s Website Has No Purchasing Option. Zomm Has Ceased Operations as A Result of The Lack of A Website Update.
Zomm’s Net Worth:
Henry First Invests $4 Million in The Business, and After Earning a Total of $5 Million, the Business Made a Profit of $1 Million.