Lumi, a smart lighting sensation, made its debut on Shark Tank in 2014. It was founded by Swapnil Bora and Corey Egan. This innovative company brought a new glow to home decor.
Their LED bulbs, controlled via Bluetooth, let users paint their spaces with light. They fit any fixture and offer a rainbow of colors. They’re not just pretty – they’re smart too.
Wake up to a simulated sunrise or have lights turn off when you leave. These bulbs are built to last 20 years and sip energy like a miser.
On Shark Tank, Bora and Egan sought $350,000 for 15% of their company. They walked away with a deal from Mark Cuban: $350,000 for 25%. Today, you can snag a three-pack of iLumi Bluetooth Smart LED A19 Light Bulbs for $289.
Lumi’s success story doesn’t end there. They’ve lit up over 100 countries and brightened 1500 stores. Amazon carries their products too. The company, now known as MeshTek, shone bright with $6 million in revenue in 2019.
Key Takeaways
- Lumi offers customizable LED smart lighting
- Founders secured a deal with Mark Cuban on Shark Tank
- Bulbs last up to 20 years and are energy-efficient
- Available in over 100 countries and 1500 stores
- Rebranded as MeshTek, with $6 million revenue in 2019
The Birth of Ilumi: From University Competition to Shark Tank
Ilumi’s story started in 2010 at The University of Texas at Dallas. MBA students Swapnil Bora and Corey Egan had a big idea. They wanted to create an app-controlled LED light that would change how we light our homes.
Winning the Business Idea Competition
Bora and Egan’s idea was a hit at the university’s Business Idea Competition. They won first place and $5,000. This win was the start of Ilumi’s journey into the world of smart lighting.
Founding of Ilumi Solutions
With their prize money and idea, they founded Ilumi Solutions. They spent the spring of 2011 traveling, perfecting their smart lighting concept. Their hard work showed their commitment to smart home technology.
Journey to Shark Tank
In 2013, Ilumi used crowdfunding to fund their project. They raised over $200,000 from 1,500 backers worldwide. This success led them to Shark Tank in 2014, where they sought $350,000 for 15% equity. They were ready to show the Sharks their innovative smart lighting.
“We believed in the power of smart lighting to transform homes. Shark Tank was our chance to bring that vision to millions,” said Corey Egan, co-founder of Ilumi.
Lumi Shark Tank: The Pitch and Deal
Lumi, a company that makes smart home lighting, appeared on Shark Tank with a unique pitch. Jesse Genet, the founder, wanted $250,000 for 5% of her company. She showcased Lumi’s solar printing inks and DIY products.
Lumi’s sales numbers impressed the Sharks. They had made $1 million in sales before Shark Tank. Jesse said Lumi’s profits were 70% to 90%, showing big growth potential.
Kevin O’Leary made a bold offer. He offered $250,000 for 50% of Lumi or a 36-month loan with 8.5% interest and 12.5% equity. This sparked a lot of talk among the Sharks and Jesse.
| Product | Selling Price | Production Cost | Profit Margin |
|---|---|---|---|
| Photo Printing Kit | $39.00 | $6.49 | 83% |
Lumi surprised everyone by not taking any deals. This move was a turning point for the company. Three months later, Lumi changed its focus to packaging and supply chain software for brands.
The Shark Tank appearance boosted Lumi’s success. By September 2022, they hit $9 million in annual revenue. Though they’re not mainly in smart home lighting anymore, their InkoDye ink and other DIY items are still on Amazon.
Revolutionary Smart Lighting Technology
Ilumi’s smart lighting system brings cutting-edge technology to homes. It changes how we light our spaces, offering control and efficiency like never before.
Bluetooth Mesh Connectivity
Ilumi smart bulbs use Bluetooth mesh connectivity. This lets you control your lighting from anywhere in the house. You don’t need a hub or Wi-Fi for this.
Customizable LED Lighting
The LED technology in Ilumi bulbs offers a wide range of lighting options. You can choose from energizing cool whites to relaxing warm tones. This lets you create the perfect ambiance for any occasion.
Energy Efficiency and Longevity
Ilumi’s smart bulbs are designed for energy efficiency. They can last up to 20 years, saving a lot of energy compared to traditional bulbs. This not only saves money but also helps the environment.
| Feature | Ilumi Smart Bulbs | Traditional Bulbs |
|---|---|---|
| Lifespan | Up to 20 years | 1-2 years |
| Energy Consumption | Low | High |
| Customization | Wide range of colors and temperatures | Limited options |
| Connectivity | Bluetooth mesh | None |
Ilumi’s smart lighting technology offers convenience, customization, and energy efficiency. It shows how LED technology is changing home lighting solutions.
Key Features of Ilumi Smart Bulbs
Ilumi smart bulbs are changing home automation. They have features that make them stand out in the smart lighting world.
One key feature is their long life. Ilumi bulbs can last up to 20 years, much longer than regular bulbs. They also use five times less energy, making them good for the planet.
The Ilumi app lets you control bulbs easily. You can manage one to over 50 bulbs at once. Setting them up is simple, without needing a hub or Wi-Fi.
- HyperLux® technology for vibrant color options
- Music sync for interactive lighting displays
- Customizable “Power On” default settings
- Vacation security features
- Presence detection for automatic control
These bulbs also have useful features. They can make it look like someone is home by turning lights on and off. They also turn lights on and off based on your phone’s location.
| Feature | Benefit |
|---|---|
| 20-year lifespan | Long-term cost savings |
| 5x energy efficiency | Lower electricity bills |
| Bluetooth mesh technology | Control up to 50+ bulbs |
| No hub required | Easy setup and use |
Ilumi smart bulbs are changing how we light our homes. They offer convenience and the latest technology.
The Ilumi App: Controlling Your Smart Home Lighting
The Ilumi app changes how we control our smart home lighting. It makes managing our homes easy and fun. You can customize your space to fit your mood and needs.
User-Friendly Interface
Ilumi’s app is simple and easy to use. You can control up to 50+ Ilumi Smartbulbs with just a few taps. It’s plug-and-play, so you don’t need complicated setups or Wi-Fi.
Preset Lighting Experiences
The app has many preset lighting options. Choose from bright whites for work or cozy colors for relaxing. You can even sync your lights with music for a fun twist.
Scheduling and Automation
Ilumi’s app lets you set schedules for your lights. Wake up to a sunrise or keep your home safe with vacation mode. It saves energy and can even pay for itself over time.
“The Ilumi app transforms your home into a responsive, energy-efficient environment, adapting to your lifestyle with just a few taps.”
The Ilumi app leads in home automation. It’s easy to use, customizable, and smart. It makes your home smarter and more enjoyable with just a few taps.
Post-Shark Tank Success and Growth
Ilumi’s journey after Shark Tank was marked by remarkable growth in the smart lighting market. The deal with Mark Cuban proved to be a game-changer for the company’s expansion plans. Ilumi quickly secured placement in major retail chains, including Best Buy, Fry’s, and Brookstone. They even made inroads into the Canadian market through Home Depot.
The Shark Tank success translated into impressive sales figures. From a pre-revenue company, Ilumi skyrocketed to $2 million in sales. This growth wasn’t just about numbers; it represented a significant leap in market presence and consumer trust.
Ilumi’s retail expansion strategy paid off handsomely. By partnering with established retailers, they increased their visibility and accessibility to consumers. This move allowed them to tap into existing customer bases and leverage the credibility of well-known stores.
| Milestone | Achievement |
|---|---|
| Sales Growth | $0 to $2 million |
| Retail Partners | Best Buy, Fry’s, Brookstone, Home Depot (Canada) |
| Market Expansion | US and Canada |
The company’s participation in the CES tradeshow in Las Vegas further solidified its position in the smart home technology sector. This event provided a platform to showcase their innovative products to a global audience, opening doors for future partnerships and market opportunities.
Ilumi’s post-Shark Tank journey exemplifies how strategic partnerships, smart retail choices, and continuous innovation can drive success in the competitive smart lighting industry.
Evolution into MeshTek Labs
In August 2019, Ilumi changed its name to MeshTek Labs. This change was a big step for the company. It showed how it had grown and was ready for new challenges.
Shift to B2B Model
MeshTek Labs started focusing on business clients. It offers smart lighting for homes, offices, hotels, and outdoor areas. This move helped the company reach more people and grow its business.
Expansion of Product Offerings
After becoming MeshTek Labs, the company added more products. It uses Bluetooth mesh technology for many IoT applications. This made MeshTek Labs a key player in smart lighting for various industries.
Mark Cuban’s Continued Involvement
Mark Cuban still supports MeshTek Labs, even after the name change. His ongoing investment shows he believes in the company’s future. Cuban’s support adds to MeshTek Labs’ credibility in the IoT and LED lighting world.
MeshTek Labs’ growth shows its ability to adapt and innovate. By focusing on business clients and expanding its products, it’s set to make big moves in the IoT technology field.
Impact on Smart Home Lighting Industry
Ilumi, now MeshTek Labs, has changed the smart home industry with its new LED tech. Their Bluetooth mesh connectivity has raised the bar for controlling devices. This has led to a surge in LED innovation across the field.
The effect of MeshTek Labs on lighting trends is clear. By 2019, over 150,000 MeshTek devices were used worldwide. This shows the company’s growing role in IoT and LED lighting.
MeshTek’s move to a B2B model has broadened their reach. This change has helped them impact bigger lighting projects. It has solidified their place in the smart home industry.
| Year | MeshTek Products in Use | Market Impact |
|---|---|---|
| 2015 | 50,000 | Emerging player |
| 2017 | 100,000 | Growing influence |
| 2019 | 150,000+ | Industry leader |
MeshTek Labs’ success has motivated a new wave of smart lighting solutions. Their innovative methods have encouraged others to create more advanced, energy-saving products. This has driven progress in the smart home lighting sector.
Future Prospects for Ilumi and MeshTek Labs
The smart lighting market is set to boom, and MeshTek Labs is leading the charge. They’re building on Ilumi’s success, which hit $2.5 million in sales. Now, they’re diving into IoT future tech, promising to change how we light our homes and businesses.
Innovations in IoT and LED Lighting
MeshTek Labs is not just thinking differently; they’re changing the game. They’re exploring edge computing for device control, pushing the limits of smart lighting. Their work could make our spaces more responsive and efficient than ever before.
Potential Market Expansion
Ilumi made a splash in the consumer market, but MeshTek Labs is aiming higher. They’re targeting the B2B sector, where commercial and industrial lighting offers huge growth potential. With their expertise in Bluetooth mesh technology, they’re set to make a big impact. As businesses discover the benefits of smart lighting, MeshTek Labs could lead the lighting revolution.