Keen Home appeared on Season 6 of Shark Tank, pitching a solution to enhance home comfort and efficiency: the Smart Vent system. This product is a network of interconnected vent covers placed over a house’s air vents.
The system replaces standard air vents and is equipped with advanced technology to regulate airflow, adjust temperature levels, and optimize overall energy efficiency.
Keen Home’s Smart Vent system is in its ability to monitor and control airflow throughout a house actively. The system measures temperature, pressure, and other environmental factors, enabling it to redistribute air where it is most needs, effectively eliminating over-cooled and over-heated rooms.
This creates a more balanced and comfortable environment throughout the home. Each vent can be remotely controlled via an app, allowing homeowners to adjust the settings based on their comfort preferences.
Moreover, the Smart Vent system pairs with other smart home devices, creating a harmonious ecosystem within your household. The system can work with smart thermostats like Nest or Ecobee, allowing for more sophisticated and detailed control over your home’s climate.
The Smart Vent isn’t just about comfort — it’s also energy-efficient. You can significantly reduce your heating and cooling bills by redirecting airflow and reducing energy consumption in unoccupied rooms.
In addition, it can prolong the life of your heating and cooling equipment by maintaining more consistent temperatures and reducing strain on the HVAC system. Keen Home’s Smart Vent system, introduced in Shark Tank Season 6, presents a sophisticated and efficient solution for personalized climate control in homes.
Keen Home offers enhanced comfort, smart integration, and energy efficiency, making it an excellent choice for those seeking to optimize their home environment.
|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|
|Keen Home Episode||Season 6, Episode 20|
|Keen Home Business Status||In Business|
|Keen Home Website||Visit Website|
|Keen Home Net Worth||$5 Million|
What Is Keen Home?
Keen Home is a company that provides smart home solutions, specifically focusing on intelligent heating and cooling systems. Keen Home’s primary product is the Smart Vent, which allows homeowners to customize the temperature in each house room, improving comfort and energy efficiency.
The Smart Vent system replaces standard air vents with intelligent ones that can open and close automatically based on your preferences. This allows you to direct heating and cooling to specific rooms when needed rather than wasting energy on unoccupied spaces.
Keen Home system involves multiple components including:
- Vents: These replace your standard air vents. They can be opened or closed based on your preferences, allowing more or less warm or cool air into a room.
- Smart Bridge or Hub: This system’s central control unit connects all the Smart Vents and Sensors to your home network and allows them to communicate with each other and with you.
- Sensors: These monitor the temperature and humidity in each room, providing data to the Smart Bridge or Hub to make intelligent decisions about when to open or close each vent.
Notably, Keen Home has recently partnered with Ecovent, another company in the smart home space. This partnership combines the strengths of both companies, offering customers a more comprehensive solution for intelligent home zoning.
Additionally, a smartphone app can control the entire system, giving homeowners full control from anywhere. Keen Home products are compatible with various smart home ecosystems, further integrating them into your home’s overall smart functionality.
According to the company’s customer testimonials, using Keen Home’s products results in improved comfort in different rooms regardless of the season and potential savings on energy bills by more efficiently heating or cooling homes.
Who Is The Founder Of Keen Home?
Keen Home was co-founded by Nayeem Hussain and Ryan Fant in 2013. Both founders come from impressive backgrounds with skill sets that complement each other, contributing to the growth and success of their venture.
Nayeem Hussain, the company’s CEO, graduated from the Wharton School at the University of Pennsylvania with an MBA degree. He has experience in finance, strategy, and operations, which he gained from working in the financial services industry before co-founding Keen Home.
On the other hand, Ryan Fant is an experienced engineer with a degree in Mechanical Engineering from Rensselaer Polytechnic Institute and an MBA from NYU Stern School of Business.
He previously worked in project management, design, and development in the energy industry. As COO of Keen Home, his engineering acumen has played a significant role in developing the product.
The idea for Keen Home originated from the founders’ own experiences. They noticed that some rooms in their homes were either too cold or too hot and that the central heating and cooling system did not provide the right balance.
They recognized the potential to improve home comfort and increase energy efficiency by controlling airflow to individual rooms. Drawing upon their backgrounds in business and engineering, they set out to design a smart vent system to solve this problem, leading to the creation of Keen Home.
Before appearing on Shark Tank, Keen Home had already made significant strides. The founders participated in the R/GA Connected Devices Accelerator program, which helped them develop their business model, refine their product, and establish key industry connections.
They also successfully raised funding through a crowdfunding campaign on Indiegogo, which helped validate their product concept and gather initial users.
When they pitched their business on Shark Tank, they had a functional product and a promising business model, ready to scale and attract further investment.
How Was The Shark Tank Pitch Of Keen Home?
Keen Home’s Shark Tank pitch was delivered by co-founders Ryan Fant and Nayeem Hussain. They introduced their Keen Vent, a wireless smart air vent designed to intelligently redirect airflow throughout a home.
The founders of Keen Home were seeking an investment of $750,000 in exchange for a 10% equity share in their company, valuing the company at $7.5 million.
Ryan explained how user-friendly their product was; it could simply replace an existing vent and automatically connect to the internet.
The uniqueness of their product was highlighted through Nayeem’s analogy, comparing their product’s purpose to using multiple light switches instead of a single one for an entire home.
They emphasized their product’s convenience and control, allowing homeowners to manage airflow using a specialized smartphone app.
The Sharks had varying views about the product. Lori initially misunderstood the product as a thermostat, which was clarified by Nayeem, who described it as a complement to existing thermostats.
Kevin, known as Mr. Wonderful, focused on the financial aspect, asking about the potential savings for homeowners. Ryan explained that even a 10% savings on the average annual heating and cooling cost of $2000 would be substantial.
Daymond asked about the number of Keen Vents needed per home, to which Ryan responded that four to six would suffice. He also shared that each vent costs $80.
Mark wanted to know about their financial commitment to the company. Ryan revealed that they had each invested $50,000 of their own money and raised an additional $120,000 through crowdfunding. They had even closed an investment deal of $1.5 million before their appearance.
However, the Sharks had some reservations. Mark saw the Keen Vent more as a feature than a product and thought this might hinder its success in retail stores, leading him to drop out.
Lori was confused about the product’s functionality and had concerns about its retail presentation, leading her to withdraw.
Kevin and Daymond offered $750,000 for a 25% equity share, with Daymond wanting manufacturing rights and plans to pitch the product to hotels. However, Kevin was concerned about the previous investor getting a better deal, and Daymond felt that the company was overvalued.
Finally, Robert made a compelling offer, acknowledging the potential of Keen Home and offering $750,000 for a 20% equity share. This offer was later revised to $750,000 for a 13% equity share without the manufacturing rights, which was more appealing to the founders.
Ultimately, Ryan and Nayeem accepted Robert’s offer, valuing an “all-in” partner in their vision. This partnership satisfied them, anticipating a successful future with Robert’s help.
Final DEAL: Robert agreed to invest $750,000 in exchange for 13% equity in Keen Home.
Keen Home Shark Tank Update
After their appearance on Shark Tank, Keen Home, co-founded by Nayeem Hussain and Ryan Fant, has experienced significant success. They secured a deal with Robert Herjavec, one of the Sharks, which provided them with the necessary funding and mentorship to expand their business.
Following their partnership with Robert, Keen Home has reportedly done over $1.6 million in sales, a testament to the company’s growth and the market’s positive reception of their product. This success has allowed the company to broaden its product range.
The Keen Home smart filter is a significant addition to their product line, an advanced feature that allows users to purify airflow room-by-room. This development brings Keen Home closer to addressing the prevalent issue of indoor air quality in the United States, potentially expanding its market reach.
Further enhancement to their technology is underway, with plans to develop a feature that neutralizes odors in the airflow, demonstrating their commitment to continuous innovation and improvement.
Keen Home also made a significant strategic move by merging with Ecovent, a similar home climate technology company, in the summer of 2019. This merger likely allowed the two companies to pool their resources and technical expertise, resulting in stronger market positioning and more comprehensive product offerings.
Keen Home’s annual revenue is estimated at just under $3 million, and its products remain available through its official website. This consistent revenue stream and availability indicate sustained business operation and customer demand.
Keen Home has made substantial strides in business growth, product development, and market expansion since its appearance on Shark Tank.
With the ongoing support from Robert Herjavec and continuous innovation, Keen Home appears to be well-positioned for a bright future in the smart home climate technology industry.
What Happened To Keen Home After Shark Tank?
After their appearance on Shark Tank, Keen Home, founded by Ryan Fant and Nayeem Hussain, embarked on a journey of growth and innovation. The company offers smartphone-controlled wireless HVAC vents that provide personalized temperature control for individual rooms.
The Shark Tank pitch led to a deal with Robert Herjavec, who invested $750,000 for a 13% equity share in the company. Following its Shark Tank success, Keen Home focused on refining and expanding its product offerings.
They introduced the Keen Zoning System, a comprehensive solution that includes Smart Vents, a Smart Bridge, and Temperature Sensors. This system allowed users to create customizable heating and cooling zones within their homes, optimizing energy usage and comfort.
The Smart Bridge and Temperature Sensors enabled app-driven scheduling and temperature adjustments, enhancing the user experience.
Keen Home also researched air filtration technology, addressing indoor air quality concerns. They added smart filters to their product lineup, providing a more holistic approach to home comfort.
In terms of business development, Keen Home made significant strategic moves. They merged with Ecovent, a company targeting the construction and HVAC sectors. This merger aimed to integrate their respective technologies and expertise, positioning them for industry growth. Eventually, Connect M Technology Solutions acquired Keen Home, allowing the company to continue its operations.
Throughout these developments, Keen Home remained committed to providing energy-efficient and user-friendly solutions for home comfort. The company’s growth trajectory showcased the potential impact of its technology in addressing heating, cooling, and indoor air quality challenges.
Despite initial doubts from some of the Sharks, Keen Home’s success post-Shark Tank demonstrated the viability of their product and the effectiveness of their business strategy.
As of the latest available information, Keen Home continues to operate under Connect M Technology Solutions, while specific financial details, such as annual revenue, remain undisclosed.
Is Keen Home Still In Business?
Yes, Keen Home is still in business. The company offers smart zoning systems for personalized room temperatures, allowing precise control, energy savings, and smartphone management.
Keen Home has merged with Ecovent, which provides solutions for specific rooms or entire homes. This merger has enabled them to offer enhanced products that cater to individual comfort preferences and energy efficiency.
Additionally, Keen Home’s products, including their Smart Vents, have gained attention and generated revenue. The Smart Vents are designed to control room temperature and work with smart home platforms like Nest and Ecobee.
Customers have received These vents positively, offering benefits such as improved comfort and reduced energy bills. However, it’s worth noting that there have been customer complaints regarding Keen Home products, including malfunctioning smart vents and app issues.
Some customers have expressed frustration with unresponsive customer support, delayed responses, and difficulties getting refunds. Despite these issues, Keen Home remains operational and offers its products.
What Is the Net Worth Of Keen Home?
According to our research, the net worth of Keen Home is estimated to be $5 million. The valuation of Keen Home was $5.76 million after securing an investment from Robert Herjavec on Shark Tank.
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