The Venture Codex

Participated · Series A · Apr 2015

UniKey develops a cloud-based access control platform that turns smartphones into universal electronic keys and can be integrated into any lock. The company licenses its smart lock technology to global manufacturers rather than manufacturing hardware, enabling a capital-efficient, low-overhead business model focused on R&D. UniKey's platform supports integrations with partners such as Kwikset (Kevo), Nest (Works with Nest thermostat), Samsung KNOX, MIWA, and Microsoft Azure. The company says it has expanded beyond the residential market and aims to deliver solutions tailored for larger vertical markets and international regions. UniKey intends to use new capital to rapidly scale with local market leaders, expand platform functionality, and enter new markets. The company presents itself as the smart lock category pioneer and emphasizes enterprise-grade security and convenient keyless entry. Unikey builds a door lock system that unlocks when a paired Android, iOS, or BlackBerry device is in the immediate vicinity, without requiring an app. The product includes user management features for granting/denying access and scheduling time-limited entry, and a standard key still works with the system. Founder and CEO Phil Dumas developed the technology after work in biometric security, including at Sequiam Corp, and positioned Unikey as a more reliable alternative to fingerprint-based residential locks. The company is not yet selling the product; it offers a pre-order reservation form and says it has had tens of thousands of sign-ups after appearing on Shark Tank. Financially, TechCrunch reports an SEC filing showing a $1.1M raise, in addition to a prior $500K equity investment from Shark Tank investors. The earlier $500K came with two board seats and a 40% equity stake for Mark Cuban and Kevin O’Leary.