Technological advancement has led to the development of the most important invention light. Even at night, we live in our house as if it’s daytime. Moreover, this development does not end here.
Swapnil Bora and Corey Egan, the owners of Ilumi, have the perfect product to set the mood of every person on earth. Their product is basically a light bulb that can be connected to a customer’s phone. The lights can be controlled through the phone and can also be heightened or lowered with respect to intensity as well. The lights can change color too depending on the choice of the customer.
The owners came on Shark Tank to request $350K in exchange for 15% of their company. They also demonstrated their product’s working mechanism through an app on their phone. Let’s see what they are up to.
Ilumi Net Worth Shark Tank Update
Swapnil and Corey were looking for an investment of $350k in exchange for 15% equity in the company. At the time of the episode, they valued their company at around $2.3 million. Swapnil and Corey successfully secured a deal with Mark Cuban for an investment of $350k for 25% equity in the company. The investment adjusted the company’s net worth to around $1.4 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Ilumi (now MeshTek) in 2024 is around $6 million.
Shark(s) name
$350K for a 15% equity stake.
Counteroffer
Accepted?
Kevin O’Leary
$350K for 15% equity.
$350K upon the company’s IP clearing, with the contingency that he be allowed to license it to a major light bulb manufacturer, in exchange for 15% of the royalty stream.
No
Mark Cuban
$350K for 15% equity.
$350K for 25% equity stake.
Yes
Robert Herjavec
$350K for 15% equity stake.
$350K for 35% equity stake.
No
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
The Owner’s Backstory
Swapnil and Corey were basically classmates at UT and they came up with the idea of creating lights that can be controlled through Bluetooth. They have done the major part and are now at the manufacturing level.
Their product is a lighting system that works through our phones. They are able to change colors and their intensity can also be changed depending on the person.
Initial Pitch
The owners came on the show to seek $350K in exchange for a 15% equity stake. Their product is basically a light bulb that can be controlled through Bluetooth on mobile phones. Moreover, the lights automatically turn off when the owner leaves the house and turn on as a gesture of greeting when the owner heads back home. They can also turn into a disco in time of a party.
Herjavec asked the first question about the working mechanism of the lights. Corey replied that the lights can be put in any fixture and can be controlled through an app. It is a Bluetooth-based device.
He also asked about the selling rate of one light bulb. The owner replied that a pack of three bulbs cost around $289.
Lori then inquired about the life duration of their light bulb. Swapnil highlighted that it lasts up to 20 years.
Herjavec was curious to know about the number of steps it takes to use the bulb. It basically takes two steps to complete. Firstly, we have to screw the bulb and then we have to download the app.
Lori inquired about patenting the product. Swapnil replied that they have five pending patents from the US and also one from internationally.
Cuban wanted to know when they would process the samples and their shipment. Corey highlighted that they are ready for the process and hope to complete the shipment by the end of this year.
Since its appearance on Shark Tank, the company has enjoyed years of success. As Bluetooth technology advanced, they spread into other Internet of Things applications, licensing their Bluetooth solutions to various manufacturers. In 2019, the company rebranded itself as MeshTek and now has an estimated revenue of $6M.
Their products can be purchased on both their official website and Amazon.
Thus, after getting a deal with Cuban on Shark Tank, the company made a successful journey on a wider platform. Corey and Swapnil rebranded their Bluetooth light business as MeshTek which now sells other devices too, leading to revenues in millions of dollars.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
