Ilumi Light Bulbs: The Revolutionary Smart Lighting System that Impressed Shark Tank Investors
Ilumi light bulbs are a innovative smart lighting system that gained significant attention after appearing on the popular TV show Shark Tank. In 2014, the founders of Ilumi, Corey Egan and Swapnil Bora, pitched their product to the Shark Tank investors, seeking an investment of $500,000 in exchange for 10% equity.
The Pitch
Corey and Swapnil introduced Ilumi as a smart lighting system that can be controlled remotely using a smartphone app. The bulbs are equipped with advanced wireless technology that allows them to communicate with each other and with the user's smartphone. This means that users can control the lighting in their home from anywhere, at any time.
The founders emphasized the energy efficiency of Ilumi bulbs, which use up to 80% less energy than traditional incandescent bulbs. They also highlighted the bulbs' long lifespan, which can last up to 20,000 hours, compared to the 1,000-2,000 hours of traditional bulbs.
The Sharks' Interest
The Shark Tank investors were impressed with the innovative technology and the potential of Ilumi to disrupt the lighting industry. Mark Cuban, in particular, was interested in the investment opportunity, recognizing the potential for Ilumi to become a major player in the smart home market.
The Deal
After some negotiation, Corey and Swapnil agreed to a deal with Mark Cuban and Lori Greiner, valuing Ilumi at $5 million. The founders received the $500,000 investment in exchange for 10% equity, with Mark Cuban and Lori Greiner each taking 5% equity.
The Aftermath
Since the Shark Tank episode aired, Ilumi has experienced significant growth and success. The company has expanded its product line to include a range of smart lighting solutions, including outdoor lighting and commercial lighting systems.
Ilumi has also partnered with major retailers, such as Home Depot and Lowe's, to make its products widely available to consumers. The company has received positive reviews from customers, who praise the ease of use and energy efficiency of the Ilumi smart lighting system.
Conclusion
Ilumi's appearance on Shark Tank was a significant turning point for the company, providing the necessary investment and exposure to take the business to the next level. Today, Ilumi is a leading player in the smart lighting industry, offering innovative and energy-efficient solutions to consumers and businesses alike.