The Promise of Zomm: A Wireless Tether for the Forgetful

Back in 2012, Henry Penix entered the “Shark Tank” arena with a device called the Zomm Wireless Tether. This Bluetooth-enabled key fob aimed to solve a common problem: leaving your phone behind. The Zomm would alert users if they wandered off without their mobile device, and it could also locate lost keys or auto-dial an emergency contact.Penix sought a $2 million investment for 10% of his company, valuing Zomm at a hefty $20 million.

The Zomm Wireless Tether aimed to provide a unique solution by combining multiple functions into one device. It sought to address the growing need for personal safety and device security in an increasingly connected world.

Inside the Tank: Sharks question Zomm’s Valuation

The Sharks, including Mark Cuban and Laurie Greiner, balked at the $20 million valuation. Daymond John questioned what justified such a high figure.Penix cited the device’s uniqueness and impressive sales figures: $5 million in 2011, with projections of $7 million for 2012 and a $2 million profit. However, the Sharks grew suspicious when they learned Zomm had already burned through $9 million in investment capital. Penix struggled to explain where the money had gone, and one by one, the Sharks declared, “I’m out.”

The “Shark Tank” Effect and Zomm’s Demise

Despite the rejection, Robert Herjavec called Zomm “a great product,” and the company experienced a surge in sales after the episode aired. The Zomm Wireless Tether was even sold on Amazon for a time. Though, Zomm’s underlying issues persisted. By 2018, the company had ceased operations. Penix’s LinkedIn profile confirms his tenure as CEO ended that year, and Zomm products are no longer available.

Penix’s Next chapter: Soaak Health Technologies