Doorbot, the original name for what became Ring, was founded by Jamie Siminoff in 2013. The company’s initial product was a video doorbell that allowed users to see and communicate with visitors at their door through a smartphone app.
The company started out under the name Doorbot, but after receiving advice from investors and customers, it rebranded to Ring in 2014.
The company went through several stages of growth. Initially, Ring struggled to gain traction, but after a successful appearance on the TV show Shark Tank in 2013, where Jamie Siminoff was rejected by the sharks, Ring’s fortunes began to change.
The company’s product gained popularity in the growing smart home market, and Ring eventually expanded its range of smart security products.
In 2018, Ring was acquired by Amazon for around $1 billion, marking a significant milestone for the company and its founder. The acquisition allowed Amazon to strengthen its foothold in the smart home market, and Ring became a part of Amazon’s Alexa division.
After the acquisition, Jamie Siminoff, the founder of Ring, saw a significant increase in his net worth. He had retained a portion of Ring’s equity before the sale, which contributed to a personal windfall.
At the time of Amazon’s acquisition, Siminoff was reported to have a net worth ranging between $300 million and $400 million, with some estimates putting it as high as $400 million.
Since the acquisition, Jamie Siminoff has continued to be involved with Amazon and Ring in various capacities.
His wealth has also been bolstered by investments in other ventures and businesses, including startups in the tech and smart home industries.
As of 2021 and beyond, his net worth may have grown further due to his ongoing involvement in the tech space.
Overall, Ring’s transformation from a small startup to a billion-dollar company is a remarkable success story, with Siminoff’s wealth and business savvy at the heart of it.
His journey illustrates the potential for success in the startup world, particularly in the rapidly growing tech and smart home sectors.
