Zomm was a technology company that created a wireless leash for cell phones. The device, which attached to a keychain, would alert the user if they walked away from their phone, or if they received a call or a text message. It also had a panic button feature that could dial any number in case of an emergency.
Zomm was founded by Henry and Laurie Penix, a couple from Oklahoma who named their company after the first letters of their children’s names. They invested $4 million of their own money into the product, and also secured another $5 million from an angel investor.
Zomm appeared on Shark Tank in season 4, episode 24, which aired on April 5, 2013. Henry Penix pitched the device to the Sharks, asking for $2 million in exchange for 10% equity in the company. He claimed that Zomm had won several innovation awards, had patents worldwide, and had sold $5 million worth of products in 2011, with projections of $7.2 million in 2012.
However, the Sharks were not impressed by the valuation or the sales numbers. They questioned why Henry needed more money when he already had a profitable business and a large inventory. They also doubted the uniqueness and the demand for the product, as they had seen similar devices on the market. Mark Cuban, Robert Herjavec, Lori Greiner, Daymond John, and Kevin O’Leary all declined to invest in Zomm, leaving Henry without a deal.
So what happened to Zomm after Shark Tank?
According to various sources, Zomm experienced a surge in web traffic and sales after their appearance on Shark Tank. They received over 250,000 unique hits on their website and were able to move a lot of inventory. They also launched new products, such as a wireless speakerphone and a car charger.
However, the success was short-lived. Sales dwindled, and the company faced competition from other wireless leashes and smartwatches. Zomm also faced legal troubles, as they were sued by their angel investor for breach of contract and fraud. The investor claimed that Henry had lied about the sales figures and the patents, and had misused the funds.
What is the update of Zomm Now?
Zomm eventually shut down operations in 2018. Their website is still live, but it only shows a message that says “We’ll be back soon”. There is no indication of when or if Zomm will ever return to the market.
Zomm was an innovative product that aimed to solve a common problem of losing or forgetting one’s phone. However, it failed to convince the Sharks or the consumers that it was worth buying. Zomm is another example of how appearing on Shark Tank does not guarantee success, and how running a business requires more than just a good idea.