Corey Egan and Swapnil Bora introduce their iLumi smart light bulb, which you can control via your smartphone.
Ilumi smart lightbulbs are small lights that can be controlled wirelessly from any mobile device.
iLumi light bulbs are very simple to install, simply install the LEDs and connect the free app to your smartphone.
Once you have installed iLumi, you will be able to control how your lights look and function.
Imagine feeling refreshed and alert when you see a beautiful sunrise that gently wakes you from your sleep.
You could program your lights to automatically turn off when you leave work. When you return, they will greet you with a bright light on the wall. When you return to your home, the lights will automatically turn on to welcome you.
Ilumi lightbulbs can produce light that reflects a variety of colors, so you do not just have white light.
You can change the color and features of your light at anytime. You can easily create a romantic mood with beautiful colors of iLumi.
Have a simulated sunrise when you go to work! You can have an impromptu dance party with iLumi at your home.
iLumi bulb is intelligent. With just a few bulbs and some apps, you can create any mood you want.
iLumi bulbs are available in two sizes, that fit into standard light fixtures. They are all wireless, and will last up to twenty years.
iLumi bulbs are bluetooth enabled and can last up to 20 years. Lightbulbs are smart lights, they can be turned into a light fixture.
What Is iLumi?
iLumi is a firm that manufacturer of programmable, color-changing lightbulbs. iLumi’s app allows you to operate LED bulbs wirelessly.
The iLumi bulb has Bluetooth capabilities, so there is no need for WiFi. The bulbs last between 15 and 20 years.
iLumi has been dubbed the world’s smartest light bulb with its award-winning LED lights.
A Bluetooth light bulb by Illumi enables app-controlled features that create aurora and fireworks effects by using light.
You can also control many other light experiences with your voice.
|Entrepreneur||Swapnil Bora and Corey Egan|
|Product||Smart LED Light Bulbs|
|Investment Asking For||$350,000 For 15% equity in iLumi|
|Final Deal||$350,000 For 25% equity in iLumi|
|Episode||Season 5 Episode 25|
|Business Status||In Business|
Who Is The Founder Of iLumi?
Corey Egan and Swapnil Bora are the founders of iLumi who met in college and have been friends ever since.
Cory Egan was named a finalist for the 2017 EY Entrepreneur of the Year award.
He and Swapnil have worked closely for almost a decade to expand the Ilumi brand, win several awards, and develop numerous new lines of products at the company.
They were MBA classmates at the University of Texas in Dallas when Corey and Swapnil created a more efficient light bulb in 2010. They won first place in an annual business idea competition.
They won a $5,000 prize for their app-controlled LED light idea, which they used to support the start-first up program.
The Illumi gospel began spreading in 2011, and by 2013, they were using crowdfunding platforms such as Indiegogo and Kickstarter to raise extra funds.
They raised more than $200,000, and Illumi took off. iLumi has received numerous awards along the way, including finalist recognition at the Tech Fort Worth Impact Awards and the Rice Alliance Web and IT Venture Showcase’s most promising startup award.
iLumi Before Shark Tank
Swapnil Bora and Corey Egan founded iLumi Solutions in Dallas, Texas. Their goal is to show the Sharks what the future of lighting will look like.
However, they are demanding $350,000 in exchange for a 15% stake in their business.
An iLumi is a collection of smart, programmable LED lights that any smartphone can control wirelessly.
You simply screw in iLumi light bulbs, download the app (as of the Shark Tank episode, Android and iOS devices were supported), and you can control your lights.
The pair use Barbara as an example of an early riser, and they demonstrate a “Natural Daybreak” demo that is fairly accurate in simulating the genuine sunrise.
A better option is to have the lights turn off when a person leaves their residence and turn them back on when they return.
How Was The Shark Tank Pitch Of iLumi?
Swapnil and Corey appeared on the Shark Tank with a goal of $350K for a 15% stake in iLumi.
They demonstrate how the iLumi light bulbs function and ask Barbara how to wake up to a simulated sunrise.
When you set your iLumi smart light to work, it will change color automatically when you play music.
Many light bulbs will last 20 years or more while only requiring a small amount of power.
The significant savings are sufficient to offset the cost of the reduction in electricity costs.
You can set up the lighting in your house to automatically turn off when you leave and on when you return.
You can sync them to music, make them fade automatically, and have them flash in various colors! These bulbs contain a control mechanism, which can be connected to any light socket.
The Bluetooth bulbs are about to be mass-produced and are Bluetooth-enabled. It’s $289 for a pack of 3-bulbs, which is a bit shocking to the Sharks.
Corey and Swapnil presented $350,000 for 15% equity in Shark Tank.
While Lori Greiner and Barbara Corcoran are out, Kevin O’Leary, Robert Herjavec, and Mark Cuban make bids.
Corey and Swapnil make light of the fact that the light will turn green when Kevin is profitable and red when he is losing money.
During the filming of the Shark Tank episode, five patent applications are active. The patent office issues them after the performance.
Kevin O’Leary sought to license the lightbulb technology to existing businesses, but the ileum team and Mark Cuban decided to manufacture the product instead.
Manufacturing retains creative control in-house, enabling for additional product development.
Robert Herjavec proposes $350,000 for 35 percent. They thank him and request alternative offers.
They appreciate Mark Cuban’s offer of $350,000 for a 25% stake in the company, but request to consider alternative proposals.
Mark instantly informs them that they must respond with a yes or a no, and they hesitate to allow him to leave.
Mark returns when they realize they have a 24-second clock, and he permits them to proceed in this instance. Mark ultimately receives $350,000 in exchange for 20% equity.
Kevin O’Leary offers $350,000 contingent upon the clearance of the intellectual property and licensing of the technology, along with a 15% royalty.
The iLumi team is uninterested in this transaction because it does not align with their mission.
Corey Egan and Swapnil Bora
Final Deal: Mark Cuban agrees to invest $350,000 for a 25% stake in iLumi.
What Happened To iLumi After Shark Tank?
ILumi is immediately noticeable for the dramatic decrease in the price of each bulb.
iLumi products include the A19 LED “Smart bulb,” the BR30 Flood LED Smart bulb, as well as an outdoor Flood, LED Smart bulb.
ILumi bulbs are currently $60, a reduction of around $10 per year since appearing on Shark Tank.
iLumi is also offering a new version of its program to control the illumination of iLumi lights, but it is still in beta testing.
Light bulbs powered by iLumi are still Bluetooth-enabled, and they should last at least 15 years, with an average lifespan of 20 years.
The newly launched iLumi application includes automatic lighting based on an individual’s circadian rhythm or daily pattern.
Furthermore, the new app allows users to set up specific lights to be lighted at a specific time and in a particular manner.
Additionally, iLumi comes with a “vacation/extended-stay” mode that allows the lights to be controlled from anywhere with an internet connection by connecting them to a wireless network.
iLumi Shark Tank Update
The deal between iLumi and Mark got finalized. Ilumi reappeared in season seven’s episode 721 for an update section.
The update features Swapnil and Corey visiting the 2016 Consumer Electronics Show in Las Vegas. They are showing their second-generation applications.
Their items are available at Brookstone, Frye’s, and Canadian Home Depot locations. Since their appearance on Shark Tank, the business has grown from pre-revenues to generating over $2 million in sales.
Everyone appears to be impressed with their products at CES, and Mark refers to them as a blue tooth mesh corporation capable of controlling everything without using the internet.
The company had expanded to include Best Buy and Home Depot by 2015. They also ran a Kickstarter campaign to promote “New Ilumi” and raised $365,662.
iLumi is still in business and doing great as of 2022 and has reduced the price to $49.
According to their financial reports, iLumi generates around $5 million annually.
Is Ilumi Still In Business?
ILumi has gained distribution at major retailers, including Best Buy and Home Depot, since appearing on Shark Tank and collaborating with Mark Cuban.
iLumi launched its “New iLumi” on Kickstarter in 2015 and received more than $365k in pledges (the goal was $50,000).
iLumi launched its IFTTT channel in July 2017, allowing its customers to automate not only their iLumi products but also to “build custom automation and interface with other products and services,” such as Amazon Alexa and Google Home.
What Is the Net Worth of iLumi?
The valuation of iLumi was $2.3 million when it appeared on Shark Tank. The net worth of iLumi is $5 million as of 2022.