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Amazon is reportedly buying the smart doorbell company Ring for more than $1 billion. The company's founder received a rejection from "Shark Tank."

Amazon’s latest purchase was once rejected by investors on the ABC hit TV show “Shark Tank."

As CNBC reported, Amazon is reportedly buying the smart doorbell company Ring for more than $1 billion. The deal will allow Amazon to expand its business into the smart home security field.

A Ring spokesperson confirmed the deal in a statement to CNBC.

"We'll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods,” the statement said.

Ring founder and CEO Jamie Siminoff previously pitched the smart doorbell idea in an episode of ABC’s hit show “Shark Tank” in 2013. He sought $700,000 with a 10 percent stake, believing his company to be worth $7 million.

The judges rejected him, as you can see in the clip below.

The rejection stuck with the judges, however. In 2017, ABC ran a two-hour special on “20/20” in which hosts David Muir and Elizabeth Vargas asked “Shark Tank” judges about their biggest regrets from the show. The judges said that Siminoff’s company, which was worth $460 million last year, was the first one that came to mind, according to Quartz

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However, according to the Los Angeles Times, Siminoff’s company still earned $5 million in sales after appearing on “Shark Tank,” which kicked new life into the company. So it’s hard for him to regret the experience.

“Nothing ever will supersede ‘Shark Tank.’ We’d have been gone,” Siminoff said.

Despite the Amazon purchase, Ring will likely remain its own independent business, similar to how Amazon has treated previously purchased companies, like Zappos and Twitch, according to CNBC.