iLumi is a company that makes smart, color-changing lightbulbs. The LED bulbs are controlled wirelessly via the iLumi app. (iLumi is powered by Bluetooth technology; they do not require WiFi.) Each bulb lasts up to 15 to 20 years. The founders of iLumi, Corey Egan and Swapnil Bora of Dallas, Texas pitched their pre-revenue business on Shark Tank in 2014. They accepted an investment of $350,000 from tech guru Mark Cuban in exchange for 25 percent equity. (They went in the Tank seeking $350k for 15 percent.)
Since Shark Tank and working with Cuban, iLumi has secured placement in major retail stores including Best Buy and Home Depot. In 2015, the company rolled out its “New iLumi” on Kickstarter where 2,816 backers pledged more than $365,000 (the goal was $50,000). In July 2017, iLumi relased its IFTTT channel, which allows users to not only automate their iLumi products but it also allows the user to “create custom automations and interact with other products and services” including Amazon Alexa and Google Home. See video demonstration below.
