In 2013, a Santa Monica businessman name Jamie Siminoff entered the Shark Tank with an invention (and company) named Ring, a security device which allowed you to see who was at your front door by simply glancing at your smartphone.
He valued his start-up at $7 million, and was seeking $700,000 for a 10% stake. Mark Cuban wasn’t having any of it, telling Siminoff, “I just don’t see the progression, and for that reason, I’m out.”
The progression was clear to Amazon though, who just paid $1 billion in cash for the company, its second-largest acquisition to date, following last year’s $13.4 billion take over of Whole Foods.
Chicago’s Daily Herald points out the company are also solving one of the key issues with their company, so called “porch pirates” who steal freshly-developed Amazon products from verandahs during the day.
This product should tie in nicely with the recently-launched Amazon Key service, which allows delivery people to use a special code to enter your house and drop packages.
The future is now, and it involves extra levels of security.
