Corey Egan and Swapnil Bora introduce their Ilumi smart light bulb, which you can control via your smartphone.
They met while pursuing their MBAs and set about launching Ilumi in 2010 after figuring out how to make it a reality.
They won $5,000 at the annual Business Idea Competition at Texas A&M University in Dallas. They invested the funds in their new venture and have not looked back.
Ilumi is a screw-in LED light bulb. You can adjust the light’s hue and intensity using the Ilumi smartphone app.
The lights can also be set to turn on when you awaken and to change colors following the music.
A campaign on Kickstarter funded their company, reaching a total of $145,230 while their goal was just $25K.
They may have used Kickstarter funds to produce a limited number of items for “pre-orders.” They may be turning to the Sharks for funding to purchase inventory and assist with distribution.
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 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 entered the Shark Tank with a goal of $350K for a 15% stake in iLumi. They demonstrate how the light bulbs function and ask Barbara how to wake up to a simulated sunrise.
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.
Ilumi lights have a life span of up to 20 years, and consumers looking to get the most from their area tend to choose them.
Robert refers to it as a lighting system. You simply screw in a light bulb and then configure the system using the app. There are five pending patents.
Kevin inquires about whether they wish to enter the light bulb company – he believes they could license. Their objective is to ship by the end of the year, and they are already trained and ready to go.
Barbara cannot contemplate paying $90 for a light bulb or using an app to control lights. Lori withdraws because she believes they cannot compete.
Robert sees Ilumi as a bargain in the high-end lighting market; he is willing to give 35% of $350K. Mark offers $350K for 25% of the business, believing he can add value.
Swapnil and Corey request to hear other offers, but Mark declines. Corey requests a twenty-four-second shot clock.
Kevin offers $350K upon patent clearance, but he prefers to lease it and collect a 15% royalty.
Robert asserts that Mark is accompanying him, while Mark asserts that the value is continual development.
Kevin and Mark spar over the patent worth of their inventions. Robert decides to go.
Kevin’s business concept does not sit well with the boys. They inquire whether Mark will accept a 20% reduction, but he maintains his 25% position.
Mark is wondering who Corey would call if he had a chance to make one phone call to help their business. However, Mark is wondering who they should contact.
No one would not respond to my call.” “Hey, Mark,” Corey says. They claim that Mark will stoke the fires of their progress in the hall.
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 January 2022 and has reduced the price to $49. They earn $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.