Amazon's $1B Ring founded by 'Shark Tank' reject

Olive Hawkins
March 2, 2018

Its products are connected over Wi-Fi, so notifications are sent to the user's devices when the doorbell rings or a smart camera detects motion.

Though the two companies did not disclose financial terms, some reports value the deal at more than $1 billion.

In a previous interview with CNBC, Ring CEO Jamie Siminoff described his relationship with Amazon and Alexa Fund as "nuclear power", in reference to the company's potential to both help and destroy your business.

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, and Ring shouldn't be any different.

The retail giant's representative expressed, "Ring's home security products and services have delighted customers since day one".

"We are excited to work with this talented team".

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"Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools", a company spokesman said in a statement.

In October, the company rolled out Amazon Key, a camera-enabled smart lock that recognizes couriers or cleaners and allows customers to grant them access to their homes remotely. The idea is sound, too: you put a smart camera at the very front of your home, and it not only provides a doorbell, but also a view to anyone trying to enter. At the time, his business was called Doorbot, and every investor but Kevin O'Leary passed.

Ring rolled out integration with Amazon's Alexa voice platform in June, connecting select products to the Echo Show and Fire TV devices.

Ring has raised $209 million so far, and was last valued at $760 million, according to Pitchbook.

But fast-forward five years later, and the company now employs more than 1,000 people and counts Richard Branson as one of its investors.

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