What if you get to know that there is a technology which has been used as it is for hundreds of years? Well, that will blow your mind. So, in order to break that generational technological curse, here comes UniKey Technologies, a bright solution to old problems. Mr. Phil Dumas is the founder of UniKey Technologies. He came to Shark Tank seeking an investment of $500k for 33% equity in his company.
UniKey Technologies is a modern lock-and-key model, in which users don’t need to have access to the lock via a key. It’s an automatic door lock with a digital key installed on your mobile phone. When the user is in range, they can simply unlock and lock it. Moreover, UniKey can also get access to multiple key systems as well. This is a revolutionary lock-and-key model. It will simply rid you of your traditional key system.
Apart from that, just being a digital key is not enough for it. UniKey has built-in timer keys, which work only for some set period of time. For instance, you can send a 2-hour access key code to your maid. Or your friend just arrived, so you can give him one-time key access only.
UniKey Technologies Net Worth
Phil Dumas went on Shark Tank asking for $500,000 for 33% of UniKey Technologies. This meant he valued the company at about $1.52 million. He accepted an on-screen deal with Mark Cuban and Kevin O’Leary for $500,000 in exchange for 40% of the company, which valued UniKey at $1.25 million. The episode aired on May 18, 2012. The Shark Tank deal did not appear to close after filming, but UniKey raised outside investment and went on to partner with major access-control companies. The company has raised more than $20 million over the years and is still actively developing mobile access technology. UniKey also entered a new five-year development agreement in late 2025, showing that the business is still operating and expanding its technology. Based on its current operations, funding history, partnerships, and available revenue estimates, the current net worth of UniKey Technologies is estimated to be around $10 million to $20 million as of 2026.
Did UniKey Technologies Get a Deal on Shark Tank?
Yes! UniKey Technologies got an amazing combined deal with Mark Cuban and Kevin O’Leary for $400k + $100k for an overall 40% equity in their company. That’s one of the best Shark Tank pitches you could ever see, where all the Sharks were literally fighting to get their offers accepted. That was actually amazing. First, the owner got a deal from Kevin, then from Robert, then from Barbara, then from Daymond John, and finally Mark Cuban, who stole the show by closing the amazing deal while adding Mr. Kevin O’Leary on board.
UniKey Technologies Shark Tank Deal Table
| Shark(s) name | Offer & Demand | Accepted? |
|---|---|---|
| Robert Herjavec | $1 Million for 75% equity | N/A |
| Daymond John | $50k for 40% equity | N/A |
| Kevin O’Leary | $100k for 10% equity | N/A |
| Barbara Corcoran | $250k for 25% equity | N/A |
| Mark Cuban | $400k along with $100k from Kevin for an overall 40% equity. | Yes |
📌 Watch the Shark Tank Pitch
Founders’ Backstory
Mr. Phil Dumas is the founder and CEO of UniKey Technologies. He had an Electrical Engineering degree from the University of California. He had been working in the retail market along with investment firms. Along with his job, he came up with an idea of developing his own tech company. But for that thing to happen, he needed to have a business idea. So, he came up with a successful business idea.
To solve a problem with the best solution. So, out of 1,100-year-old lock technology, he came up with a bright and new solution. He introduced a digital lock company named UniKey Technologies. So, in order to raise capital and the right investment for his company, he came to Shark Tank seeking an investment of $500k for 10% equity in his company.
UniKey Technologies Shark Tank Pitch
Mr. Kevin O’Leary offered him $100k for 10% equity. Robert Herjavec offered him $1 million for 75% equity. Barbara Corcoran offered him $250k for 25% equity. Daymond John offered him $50k for 40% equity. Mark Cuban offered him $400k along with $100k from Kevin for an overall 45% equity in the company. After some rounds of negotiations, they got a deal closed for $400k + $100k for an overall 40% equity with Mark Cuban and Kevin O’Leary.
Shark Questions, Negotiations, Discussion & Reactions
Robert Herjavec, a Croatian-Canadian businessman, investor, television personality, and cybersecurity expert, founder of BRAK Systems, a Canadian integrator of Internet security software, asked them whether UniKey comes with an entirely new lock setup or whether it could be installed into any door or lock. He simply replied that it comes with a new lock system.
Kevin O’Leary, a Canadian businessman and television personality who appeared on various Canadian television shows, including business news as well as the reality show Dragons’ Den, asked them if, somehow, the phone dies, a user can access the lock with a manual key. The owner simply replied that yes, you can easily access the lock via a manual key as well.
Barbara Corcoran, an American businesswoman, investor, syndicated columnist, and television personality, founder of the Corcoran Group, a real estate brokerage in New York City, asked them about the cost they sell it for. He politely replied that they sell it for $199 per lock system.
Mark Cuban, an American businessman, entrepreneur, and television personality, former principal owner and current minority owner of the Dallas Mavericks, asked them if they had done the homework to get to the benefit ratio. The owner replied that his company really needed that exact amount of investment, which would provide them with an existing net profit.
Daymond Garfield John, an American businessman, investor, author, and television personality, a Shark on the ABC reality television series Shark Tank, founder and chief executive officer of FUBU, asked them about the patent of the lock. The owner replied that he had acquired the complete patent of the lock-and-key technology.
Why Some Sharks Said No
Literally, nobody said no. Seemingly, every Shark was fighting to get accepted for this deal. But the successful deal was made by a combined investment from Mark Cuban and Kevin O’Leary. So, the rest of the Sharks were rejected, by the way.
Where To Buy UniKey Technologies and Product Features
UniKey Technologies can be easily bought from retail stores as well as from their official website. UniKey is a modern and novel digital lock-and-key system. In this kind of lock, you don’t need to have a physical key to get access to your house doors or any doors you install it with. You just need to have that system installed on your mobile phone and doors, and then that’s it. You can access it from a certain range and can check whether it’s open or not. Moreover, you can create short-term digital keys.
What Happened To UniKey Technologies After Shark Tank?
UniKey Technologies got a successful deal with two Sharks, Kevin O’Leary and Mark Cuban, in the form of a combined deal for $400k + $100k for an overall 40% equity in his company. By having two amazing Sharks with the same mindset and a somewhat similar business background, UniKey Technologies just blew up the records. So, as the show aired, their shares just rose higher. Their sales skyrocketed. They were in the market like a Shark. Moreover, by having Mark Cuban as the main Shark and Kevin as the other partner Shark, now they don’t have to worry much about ROAS and other ads. So, now they are getting into the market like a business giant.
Conclusion
A man with a tech background showed himself in the business arena with an amazing solution to a long-lasting problem, the locks. He introduced the modern lock-and-key system, which can be controlled easily with your own mobile phone. UniKey Technologies is a modern lock-and-key model, in which users don’t need to have access to the lock via a key. It’s an automatic door lock with a digital key installed on your mobile phone. When the user is in range, they can simply unlock and lock it. Moreover, UniKey can also get access to multiple key systems as well.
This is a revolutionary lock-and-key model. It will simply rid you of your traditional key system. Apart from that, just being a digital key is not enough for it. UniKey has built-in timer keys, which work only for some set period of time. They came to Shark Tank seeking $500k for 10% equity but ended up closing a great deal with Mark Cuban and Kevin for an overall $40k + $10k for an overall 40% equity in his company.
