Illumi on Shark Tank: A Lighting Solution that Impressed the Investors
The Pitch
Illumi, a smart lighting system, made its way to the Shark Tank in Season 12, seeking an investment of $500,000 in exchange for 10% equity. The founders, Sara and Tom, presented their innovative product, which claims to provide a healthier and more efficient lighting solution for homes and offices.
The Problem
Traditional lighting systems can be harsh, dim, and uninviting, affecting our mood, energy, and productivity. Illumi aimed to solve this problem by creating a lighting system that mimics natural daylight, promoting a sense of well-being and improving our circadian rhythms.
The Solution
Illumi's lighting system uses advanced LED technology to simulate the warmth and color of natural sunlight. The system consists of a central hub, satellite lights, and a mobile app that allows users to adjust the lighting settings according to their preferences. The lights can be controlled remotely, scheduled to turn on and off, and even integrated with popular smart home systems.
The Sharks' Reaction
The Sharks were impressed with Illumi's innovative technology and its potential to disrupt the lighting industry. Mark Cuban, Kevin O'Leary, and Lori Greiner were interested in investing, but they had different opinions on the company's valuation and growth strategy.
The Deal
After a tense negotiation, Sara and Tom accepted Lori Greiner's offer of $500,000 for 12% equity. Lori, known as the "Queen of QVC," saw immense potential in Illumi's product and believed her expertise in the retail space could help take the company to the next level.
After Shark Tank
Since appearing on Shark Tank, Illumi has experienced significant growth, with sales increasing by over 500%. The company has expanded its product line, partnered with major retailers, and continues to innovate in the smart lighting space.
Conclusion
Illumi's successful pitch on Shark Tank demonstrates the power of innovative thinking and the importance of finding solutions to everyday problems. With Lori Greiner's guidance, Illumi is poised to revolutionize the lighting industry and bring healthier, more efficient lighting to homes and offices everywhere.