Shark Tank episode 617 features Ryan Fant pitching Keen Home, a smart HVAC vent.
Keen Home’s smart vents, in conjunction with its associated smartphone software, allow homeowners to control the temperature in their homes by setting when they want the vents to open and close.
The app was invented after Fant spent nights worrying about hot air blowing into his face as he slept. He wished he could close the vent remotely using a smartphone application.
He evaluated the performance of the HVAC system in his parents’ house by closing vents in rooms they weren’t using.
He started Keen Home when he realized he could generate significant savings.
Keen Home was initially funded through an IndieGoGo campaign raising $40,000. He quickly gained the attention of several quite substantial investors.
The startup has raised $1.6 million in venture finance to date and was the darling of Las Vegas’s 2015 Consumer Electronics Show.
Keen Home is a simple concept. When your “standard” HVAC vents are retrofitted with Keen Home smart vents, you can create distinct heating and cooling zones around your house.
Fant poses the question, “why would you want to heat a room you’re not using?” Homeowners can save large amounts of electricity by turning off the heat in unoccupied or infrequently used rooms.
The fact that it can be remotely controlled via smartphone adds to its allure. Keen Home is now compatible with a number of the major new “smart” thermostats and is trying to achieve universal compatibility.
Will Mr. Fant’s clever vents cause the Tank to overheat?
What Is Keen Home?
Keen Home is a wireless system of smart HVAC vents that you can operate independently for each room via a smartphone app, allowing you to control temperatures using your phone.
Keen Home manufactures wirelessly connected air vents designed to be installed in the existing floor, wall, and ceiling vents.
If your house has multiple vents, you may be able to control their temperature on a smartphone instead of a single thermostat.
Keen Home’s creators, NYU MBA graduates Ryan Fant and Nayeem Hussain, pitched their business on Shark Tank in February 2015.
The problem of dealing with unpredictable elements is the greatest nuisance for a homeowner. You may endure discomfort from cold or heat, particularly if your home has vents.
Keen Home’s smart vent is an easy-to-use, cost-effective, and energy-efficient solution that provides you complete control over your vents.
The mobile app allows you to control back-fitted vents within a specific room using its control-oriented features. You can regulate the temperature in the room.
|Company Name||Keen Home: Smart Home HVAC System|
|Founder||Nayeem Hussain and Ryan Fant|
|Product||Smart air ventilation controlled by an app|
|Investment Seeking||$750,000 for 10% equity in Keen Home|
|Final Deal||$750,000 for 13% equity in Keen Home|
|Business Status||In Business|
Who Is The Founder Of Keen Home?
Ryan Fant is the inventor of Keen Home smart vents. Fant considered building a mobile app to adjust vents after being harassed by heat and cold while sleeping.
He conducted a trial in his parent’s home and instantly discovered that the concept was viable. He then partnered with Nayeem Hussain to raise funding for the idea’s development. The duo continues to manage the business today.
Keen Home smart vents were born after Ryan Fant was disturbed by the environment several times during the night.
He realized his concept was viable after installing it at his parent’s home. Keen Home was founded to empower consumers to regulate their vents while also lowering their energy costs.
Ryan and Hussain were driven to make smart vents a reality, despite their lack of resources to drive mass production. They initially raised $40,000 using the crowdsourcing platform Indie Go-Go Campaign.
They decided to enter Shark Tank to win over one of two sharks. The couple had an overwhelming response from investors and possible clients.
Keen Home Before Shark Tank
Nayeem Hussain and Ryan Fant, two New Yorkers who turned into entrepreneurs, founded Keen Home. You can manage the temperature in your home via the Keen Home app, which is a line of smart air vents for homeowners.
Keen Home’s ingenious design lets users designate different zones of heat and cold inside their homes.
This concept came from Ryan Fant, whose inability to control the air temperature that fluttered down on him while lying in bed frustrated him.
His initial thought process led him to develop a mobile application that he could use to control the air temperature coming from the vent without leaving his bed.
Whenever he started refining the concept, he realized how much money homeowners could save, so he founded Keen Home.
The couple initially won their college’s entrepreneur challenge, earning them an $18,000 grant to help launch their business.
Ryan and Nayeem afterward launched a successful Kickstarter Indie Go-Go campaign, raising an initial $40,000 through the platform.
Keen Home achieved success following the completion of the Kickstarter campaign, and there was considerable interest from some large investors.
However, Ryan and Nayeem required extra assistance and skills to meet demand and expand their business. Keen Home entered the shark tank hoping that one of the sharks would take an interest in it.
Will Ryan and Hussein maintain their composure in the Shark Tank, or will the sharks bite and provide the team with the necessary investment?
How Was The Shark Tank Pitch Of Keen Home?
Bryan and Nayeem present their business, Keen Home, for the first time in the shark tank.
Ryan then informs the sharks that the two entrepreneurs have come to the shark tank today to request a $750,000 investment in exchange for a ten percent stake in their company.
Keen vents are described by the company as a wireless smart air vent that functions in an intelligent manner as it opens and closes.
Ryan continues by stating that the Keen vent is user-friendly. Replacing an old vent with a Keen vent is as simple as removing the old one. Keen Vent automatically establishes a connection to the internet once it is lying installed.
When the Keen Vent can solve the problem of heating all the rooms in your home instead of using one thermostat, Nayeem makes the point that you wouldn’t have to use a single switch to control all the light switches in your home.
Ryan says that with the Keen Vent, you can manage the airflow in your home using specialized software on your smartphone. The sharks begin grilling the duo after the duo has finished pitching.
Lori inquires if this product is a thermostat. The product, according to Nayeem, should be considered as an accessory to an existing thermostat.
When Mr. Wonderful asks questions about money, he wants to know how much money he can save by using the Keen Vent.
Kevin inquires how much money he would save if his power bill were to be $600. Ryan notes that the average home spends more than $2000 per year on heating and cooling.
Even if the homeowner saves 10%, the home will be more energy-efficient and financially beneficial.
Daymond is curious about the number of Keen Vents that would need to be installed in a home. According to Ryan, four to six Keen Vents are sufficient, with each vent costing $80.
Mark is curious as to how much money the couple has already invested in their business.
According to Ryan, the couple contributed $50,000 apiece and received an additional $120,000 through Kickstarter campaigns. Ryan also mentions that they closed a $1.5 million investment agreement, which Daymond appears pleased about.
Kevin agrees that the company is probably worth around $5 million at the moment and is curious as to what makes Keen Home so appealing to him.
Additionally, Mr. Wonderful wants to know what makes Keen Home so special that the duo is seeking an additional $2.5 million over the company’s present value.
Ryan outlines how the company was de-risked and transformed from an idea to a product.
Kevin responded that no products had been sold; Nayeem then pointed out that 35,000 units had been pre-sold to Lowe’s, a home improvement retailer.
Daymond is impressed and inquires whether Lowes requested exclusivity for a specified time.
The trio responds that Lowes is seeking exclusivity for a two-year term. It is possible, however, for them to continue selling online or to independent merchants.
Lowes stores across the country will lose the Keen Vent because of Mark’s concern that it is a feature instead of a product.
Customers, Mark believes, want to automate their houses, not their vents. He determines that the product is not a good fit for him and informs the two entrepreneurs.
Lori admits to being a little perplexed about what the Keen Vent will accomplish and how it will do it.
Lori continues by stating that she understands the broad concept. Still, her issue is that people need to look at the product and immediately understand what it can accomplish and how it would affect their houses.
She believes that describing this product succinctly at retail outlets may be difficult, thus declaring herself out.
Mr. Wonderful readily confesses that his beef with Keen Vent is entirely financial. He takes issue with the fact that another investor purchased the company for a lower price just a few months ago.
Kevin believes that to add value to the company; he requires a larger equity stake. Kevin agrees to provide the duo the $750,000 they seek in exchange for a 25% equity stake in the business.
Robert concurs with Kevin and believes that the company should not be valued as high as Ryan and Nayeem initially suggested.
Daymond believes in the concept and the firm, and now is the time to decide whether or not to invest in Keen Vent.
Daymond chooses to match Kevin’s $750,000 offer for a 25% equity stake in the company.
Ryan and Nayeem express interest in Daymond’s offer. Daymond says he wants to assist with getting the Keen Vent into hotels throughout the U.S. and researching additional markets for the product.
Daymond, however, wants to own the manufacturing rights for the products to profit from them.
Robert is a big fan of the concept and sees room for growth in various other home products.
Robert believes the duo does not require assistance with production and eventually makes an offer.
Robert recognizes that the 25% equity stake sought by Daymond and Kevin is excessive and thus makes an offer of $750,000 for a 25% equity stake in the company.
Robert changes his offer to include a loan component, offering $750,000 for 10% equity, and Lori agrees to partner with Kevin on this deal.
Daymond reiterates his offer, but the duo seemed hesitant to enter into an agreement that may result in debt.
Lori attempts to persuade both Ryan and Nayeem that she wields considerable influence in home improvement stores around the United States.
Robert reduces his offer to $750,000 in exchange for a thirteen percent stake in the business.
Also, Daymond chooses to reduce to $750,000 for a 20% stake in the company, hoping not to be left behind.
Before Kevin finally asks them what they’re going to do, the sharks appear to be fighting for the duo’s attention.
Finally, Nayeem admits that they are seeking an ‘all-in’ companion, like Robert described.
As a result, they accept Robert’s offer of $750,000 in exchange for a thirteen percent stock stake in the company.
The couple exits the shark tank overjoyed to have struck a deal with Robert. Robert will undoubtedly assist Ryan, Nayeem, and Keen Home in their endeavors.
Final DEAL with Robert for $750K in exchange for 13% equity in Keen Home.
Keen Home Shark Tank Update
Keen Home has experienced tremendous success since their deal with Robert on The Shark Tank. The two men, Ryan and Nayeem, have sold over $1.6 million since leaving Shark Tank and partnering with Robert.
The Keen Home smart filter was added to the company’s product line due to Robert’s investment.
Keen Home is providing users with the ability to clean their airflow on an individual basis via technology.
Ryan and Nayeem are one step closer to resolving the indoor air quality issue that many United States face.
The idea of building a system that neutralizes odors in the air is already being explored to enhance this technology.
Robert is overjoyed with the duo. He believed in them during their time in the shark tank and is convinced that Keen Home has a great future ahead of it.
What Happened To Keen Home After Shark Tank?
The agreement with Robert was completed. Keen Home receives an updated piece in episode 724, just one year after its initial airing. They inform Robert of their increased sales in the update.
Keen and Ecovent merged in July 2019. Keen was aimed toward do-it-yourself enthusiasts. Ecovent used comparable technologies but focused on the construction and HVAC industries.
The combination of both companies created smart thermostats that seemed logical when both began incorporating them.
Connect M Technology Solutions acquired Keen for an undisclosed sum during the merger. Keen Home is still operating as of September 2021. It is unknown how much revenue the company generates annually.