Have you ever been agitated by the fact that you have to adjust the temperature of your room manually every time and wish that there was some device that you could use to regulate temperatures without getting up from your cozy bed?
Well, Keen Home is here with a solution to your problem with its smartphone-based controlling system for air ventilation, which gives you not only seamless control but also the option to choose between temperature zones!!
Keen Home at a Glance:-
| Idea | App controlled air ventilation |
| Founders | Nayeem Hussain and Ryan Fant |
| Asked For | $750,000 for 10% |
| Accepted Deal | $750,000 for 13% |
| Sharks | Robert Herjavec |
| Business status | In Business |
| Episode No. | Season 6, Episode 20 |
| Buy on Amazon | Buy Now! |
Index:
What is Keen Home?
Keen Home is an IOT-enabled, smart zoning system that helps you create the perfect temperature in your house at your will.
This HVAC system can be controlled using a simple mobile application, which was also developed by the founders of Keen Home Hardware.
Each zoning system contains vents, a smart bridge or hub, sensors, and a smartphone application for full control from anywhere.
The device can be used in all the rooms separately to create an individual temperature difference or could be used in the whole house to regulate the temperature zones as per requirement.
Founder Story:
Ryan Fant came up with the idea of “Smart Zoning” when he got extremely irritated by heat vents blowing air on his face, while he was asleep.
He wished for a smart way to control the vents in his house. When he visited his parents’ house, he observed how their HVAC system worked and on realizing that he could make something even more reliable and useful than this, he started working on Keen Home.
Keen Home was initially funded with $40,000 through a successful Indie Go-Go campaign.
Their idea was a massive hit among potential investors, leading to them getting about $1.6 million in investment capital. The startup was also a show-stopper at the 2015 Consumer Electronics Show in Las Vegas.
Did Keen Home get a deal on Shark Tank?
Ryan and Nayeem entered the Shark tank, with a demand of $750,000 in exchange for 10% equity. they started their presentation by demonstrating what their product does and how it can be used.
They present how normal vents lead to the wastage of electricity by heating even those rooms that are unused or underused. They also claim to reduce the costs by 10-30%.
they then go on to explain the finances of the company. They have $1.5 million in venture funding along with $50,000 of their own in the business. they had also pre-sold 35,000 units of their product to Lowes.
After the end of the presentation, Mark and Lori decided to leave the deal because they were unclear about what the product does.
Kevin offers them $750k for 25%, while Daymond offers them the same amount for 25% with an option to manufacture in one of his factories.
Robert also liked their product and hence, offered them $750k for 20%. Kevin then drops his offer to $750k for 8.5% interest, plus 10% equity, which Lori offers to join.
Subsequently, Robert and Daymond dropped their offers to 13% and 20% each.
The founders, after hearing all the offers decided to go with Robert Herjavec’s offer of $750,000 for 13% equity.
What happened to Keen Home after Shark Tank?
According to sources, the deal with Robert Herjavec closed successfully, which led to a steep rise in the company’s sales and revenue.
A year after their episode aired, the founders reappeared on Shark Tank in an update segment and discussed how their sales skyrocketed after appearing on Shark Tank.
In July 2019, Keen Home merged with another company named Ecovent, which had similar technology but was more focused on sales in the construction and HVAC industries while Keen was more focused on DIY clients.
The companies were doing well after the merger and had around $3 million in annual sales.
As the latest reports say, Keen has now been acquired by Connect M Technology Solutions for an undisclosed amount. The company remains to be in business but the annual revenue remains unrevealed.
Product Details:
- It is also called a smart zoning system as it can help you regulate temperatures using a mobile application.
- It can be used to create both hot and cold zones.
- Children, especially newborn babies require a particular room temperature for comfort, this can be easily achieved by Keen Home.
- The temperature zones at your house can be seamlessly controlled using your smartphone.
- This system ensures huge electricity savings, hence, lowering your energy bills.
What’s the net worth of Keen Home?
Keen Home entered the tank with an ask of $750,000 for 10% equity, valuating the company to $7.5 million.
The founders, however, decided to walk away with a deal of $750,000 for 13% equity, bringing the valuation down to $5.76 million.
As of the current year, Keen Home is estimated to be in business with a Net Worth of $5 million.
Who are the competitors of Keen Home?
Some of the major competitors of Keen Home are:
- ecoVent Corp
- Comfort Bridge
- Alea Labs inc
- Ductless America
- Thornberry Bros inc
Is Keen Home still in business?
Yes, Keen Home is still in business, though it has been acquired by Connect M Technology Solutions.
With its innovative technology, the business did really well, and should it continue developing its technology, it has the potential to become one of the best home temperature-controlling devices.
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FAQs:
What is Keen Home?
Keen Home is an IOT-enabled, smart zoning system that helps you create the perfect temperature in your house at your will.
What's the net worth of Keen Home?
As of the current year, Keen Home is estimated to be in business with a Net Worth of $5 million.