Zomm Net Worth Shark Tank Update

The pervasive dependence on smartphones and keys has created a pressing dilemma; repeated misplacement and loss. Usually, individuals face major challenges regarding lack of productivity, financial issues, identity crises, and personal security. The professionals often forget the keys and phones in public spaces and time wastage.

To address these issues, Henry Penix pitched the Zomm alarm device in season 4, episode 4 of Shark Tank. He asked for $2 million for a 10% stake in his company. Will Henry become successful in making a deal with the sharks? Regarding the company’s update, find the follow-ups on the Shark Tank website.

Zomm Net Worth Shark Tank Update

Henry Penix was looking for an investment of $2 million in exchange for 10% equity in the company. At the time of the episode, he valued his company at $20 million. However, none of the sharks made a deal with Henry, and all were out. After the show aired, the Zomm alarm device experienced a significant boost in web traffic and sales. As per my rough estimate, the company’s net worth peaked at around $7.2 million in 2012. However, by 2018, the company went out of business, and its current net worth in 2024 is estimated to be $0.

Shark(s)	Offer and Demand	Counteroffer	Accepted?
Robert Herjavec	Out	N/A	No
Lori Greiner	Out	N/A	No
Kevin O’Leary	Out	N/A	No
Daymond John	Out	N/A	No
Mark Cuban	Out	N/A	No

Founders Backstory And Their Initial Pitch

The sensational entrepreneur, Henry Penix presented his product on the shark tank. He seeks $million for 10% equity and expounded the Zomm alarm device in front of the sharks. The device consists of a key fob that fastens the smartphone via Bluetooth. It effuses an alarm when reaches 20 feet from the android. Henry named the process “wireless leash” for any phone. The device is best for those individuals who certainly forget their phone behind them. Moreover, the device is helpful in finding the keys with Android. The characteristics include an adequate and subjective security alarm attribute. 

Zomm Alarm Device is universal and the entrepreneur is vending it in the following countries; Canada, the United States of America (USA), Europe, Africa, Australia, and China. The accomplishments of the device secured star-studded grants such as the Consumer Electronics Show (CES) trophy in 2010. Zomm alarm device was licensed and owned for $5 million in retail in 2017 and $7.2 million in 2012.

Henry presented his product with confidence to the sharks. They were fascinated by the Zomm alarm device and the sale numbers. The entrepreneur invested his money of about $4 million in the project. He uplifted the wholesales to $5 million from stakeholders. The stakeholders contributed $1 million to the research business plan and advancement. 

Queries, Shark’s Responses, And Final Deal      

Lori Greiner encountered that Henry is operating another product named “Lifestyle Connect”. The product is the alternative to the Zomm alarm device. Lifestyle Connect renders a healthy and supportive services to individuals. It detects the low-energy heart rate level and blood glucose level. 

Apart from the research, the sharks thought the product was lacking something. Henry does not explain the investing details to the sharks. The sharks inquired where $9 million in retail revenue went within 2 years.

Then Henry delved into the matter that he had sponsored $2 million in listing. Owing to he could not vend the product in the holidays. 

Daymond rushed into the Research and experimental development (R&D) details of the product. Henry did not remember the exact figure, resulting in Daymond knowing where he spent $1 million.

Mark Cuban thought that there is a lot in the business domain so, he went out. Similarly, Robert Herjavec contemplated that the business would die soon because Henry wasted $9 million. Thus, Robert goes out and Daymond John goes the next to stay out. Lori liked the product but thought that the business was risky therefore, he could not make a deal with Henry. So, Lori went out while Kevin O’Leary loved the sales but he had doubts about investing money in Henry’s business. So, he went out. 

What Happened to Zomm Alarm Device

In terms of the company’s update, the Zomm alarm device hit the web traffic and retail explosion. After the broadcasting of the episode on Shark Tank, 250k visitors appeared on the website resulting in a humongous wholesale. Additionally, the Zomm alarm device provides security in emergency cases. It allows you to dial 911 and make a call in difficult situations. The motto of the device is “I have fallen and I can’t get up”. 

In 2018, Henry closed his business and now he is employed as Chief Executive Officer (CEO) at Soaak Technologies, Inc. The company provides clinical mental health services to individuals, enterprises, and governments in over 34 countries and is HSA and FSA-approved.

Product Availability  

Zomm is the world’s first Wireless Leash for smartphones. The company secured awards on certain forums. It provides call notifications with full mobile speaker operations. Besides, the Zomm alarm device has the security feature in the time of emergency cases. The product assists customers from anywhere around the globe. But in 2018, the company went out of business and did not update its social media follow-ups.

Conclusion       

Henry Penix came on the shark tank in season 4. He presented his product Zomm alarm device on the forum. Meanwhile, he asked for $2 million for a 10% stake in his company. Henry explained the sales and features of the Zomm. The retails were impressive that kept intrigued the sharks to listen more from Henry. The company also has distinct awards and it helped them in the growth of business.

At the same, Henry was working on the “Lifestyle Connect”; a variant of the Zomm alarm device. It boosted his company in the short-term success. In terms of the company’s update, none of the sharks made a deal with Henry. They all were out. In 2018, the Zomm alarm device went out of business and did not update their websites and follow-ups.