|SEASON 5 EPISODE 25|
|Pitch||LED smart light bulbs|
|Entrepreneur||Corey Egan and Swapnil Bora|
|Asked For||$350,000 for 15%|
|Deal||$350,000 for 25%|
What is ilumi?
Illumi produces award-winning LED light bulbs that are known as the world’s smartest light bulbs. Bluetooth technology gives the Illumi light bulb an app-controlled feature that enhances light experiences, such as the effects of light to create an aurora or fireworks ambiance. Many other light experiences are available and can also be voice-controlled.
Who Owns ilumi?
Co-founders Swapnil Bora and Corey Egan have known each other since their college days. Entrepreneur Cory Egan was a finalist for the EY Entrepreneur of the year award in 2017. He and Swapnil have collaborated to help build the Ilumi brand for over ten years, win several awards, and create and improving many new products lines at Ilumi since their initial collaboration.
In 2010, Corey and Swapnil were MBA classmates at the University of Texas at Dallas when they first decided to make a better, more efficient light bulb. They took their vision to the annual Business Idea Competition and won first place.
Their idea for an app-controlled LED light came with a $5,000 prize, which was the initial funding for their start-up. They started spreading the gospel of Illumi in 2011 and, by 2013, were involved in crowdfunding forums like Indiegogo and Kickstarter for additional funding.
They raised over $200,000, and Illumi hit the ground running. Illumi has won many awards along the way, including finalist at the Tech Fort Worth Impact Awards and most promising at the Rice Alliance Web and IT Venture Showcase.