What Happened to Keen Home Smart Vent After Shark Tank?
What is Keen Home Smart Vent?
Keen Home Smart Vent is a firm that creates wirelessly linked air vents that can be fitted in existing floor, wall, and ceiling vents. Rather than using a single thermostat to manage all of your house’s vents, you may use a smartphone to control the temperature in each room and each vent.
Nothing irritates a homeowner more than dealing with unpredictable events. You may be bothered by cold or heat, especially if your home has vents.
You may utilize its mobile app to operate back-fitted vents in a specific room using its control-oriented capability. You have the power to control the room’s temperature.
Ryan Fant created the Keen Home smart vents. After being bothered by heat and cold while sleeping, Fant contemplated developing a smartphone app to modify vents.
He ran a test at his parents’ place and noticed right away that the notion was workable. He then collaborated with Nayeem Hussein to raise funds for the concept’s development.
Who is the founder of Keen Home Smart Vent?
Keen Home Smart Vent was founded by Ryan Fant and Nayeem Hussein, two New York friends became entrepreneurs. Fant created the software after becoming concerned about heat vents blowing hot air in his face while he slept.
He wished he could close the vent remotely with a smartphone app. When he went to see his parents, he checked the functioning of their HVAC system by covering vents in rooms they weren’t using.
When he learned that he could save a lot of money, he decided to start Keen Home. Keen Home was first funded through a successful Indie Go-Go campaign, which raised $40,000 for the project.
He rapidly drew the attention of numerous large investors. To date, the business has secured $1.6 million in venture capital and was the darling of the 2015 Consumer Electronics Show in Las Vegas.
The Keen Home concept is really simple. You may create various heating and cooling zones throughout your house by retrofitting “conventional” HVAC vents with Keen House smart vents.
“Why would you want to heat a location you’re not going to use?” asks Fant. Homeowners may save a lot of money by turning off the heat in empty or occasionally used rooms.
The fact that it can be controlled remotely through smart phone adds to its attraction. Keen Home is currently compatible with a number of the most popular new “smart” thermostats and is working toward universal compatibility.
What Happened to Keen Home Smart Vent at Shark Tank pitch?
Ryan Fant pitches Keen Home, smart HVAC vents, on Shark Tank episode 617, bringing the “internet of things” to the show. They are searching for a Shark to partner with and help them grow the company.
Ryan came in with business partner Hussein, seeking $750,000 for a 10% stake in their business, worth $7.5 million.
The men were looking for money in order to expand their business quickly. They show how it works and ask why you should rely on a single thermostat to set the temperature in each room. They claim to be able to save between 10% and 30% on costs.
They’ve put $50,000 of their own money into it, as well as $1.5 million in venture financing. They reveal that they had sold 35,000 units ahead of time to Lowes.
Mark regards Keen Home as a feature rather than a product. Lori is baffled by the product and goes out as well.
Mr. Wonderful was given $750,000 in return for 25% ownership of the company. The gentlemen think it was “a little excessive.” Kevin agrees with Robert.
Daymond was offered $750,000 in exchange for 25% ownership of the firm and the ability to manufacture at one of his sites.
Robert was so delighted with the product that he offered $750,000 in return for 20% equity.
Mr. Wonderful then makes an offer of $750,000 at an interest rate of 8.5% plus 10% equity. Lori invites Kevin to come along with him. Robert responds with a $750,000 proposal for 13% equity shares.
Daymond’s price drops to $750,000 for 20% equity shares. Robert claims he was opposed to equity debt.
The men ponder and announce that they are looking for an all-in partner; they accept Robert’s offer and leave the ground with a deal.
What Happened to Keen Home Smart Vent After Shark Tank?
The deal with Robert was finished. Keen Home gets an update piece in episode 724, only one year after its debut. In the update, they notify Robert of their improved sales.
In July 2019, Keen joined with Ecovent. Ecovent employed comparable technology, but concentrated on the construction and HVAC industries.
Keen was designed for do-it-yourselfers. When both companies began incorporating smart thermostats, the pairing seemed obvious.
As part of that deal, Connect M Technology Solutions purchased Keen for an unknown fee. The company is still in operation as of January 2022, with lifetime revenue of $2.6 million.
Competitors of Keen Home Smart Vent
Keen Home Smart Vent competes on the market with similar smart vents. Ecovent, Honeywell Lyric, and Wink smart home are the primary competitors.
Net Worth of Keen Home Smart Vent
During the pitch, the firm was valued at $7.5 million; following Robert Herjavec’s investment, the company was valued at $5.8 million. The firm was bought by Connect M Technology Solution in 2021 for an undisclosed sum; hence the company’s net value is unknown.
Keen Home Smart Vent FAQs
What is Keen Home Smart Vent?
The Keen Home Smart Vent is a smart vent for your HVAC system. A smartphone app is used to control it wirelessly. Turning off vents in areas you’re not using may help you save money on your utility bill.
Who is the founder?
The company’s founder and CEO is Ryan Fant. He left a software profession to bring the smart vent to market.
How much were they seeking on Shark Tank?
They were seeking for $750,000 for a 10% stake in their firm, which was worth $7.5 million.
Were they able to close the deal?
Yes, Robert Herjavec made a $750,000 offer in return for a 13 percent stake in the firm.
Is Keen Home Smart Vent still in operation?
Yes, the company is still in operation, although it has been purchased.
Who bought Keen Home Smart Vent?
Connect M Technology Solutions currently owns Keen Home Smart Vent.
Where is Keen Home Smart Vent located?
Keen Home Smart Vent is headquartered in San Diego, California.
What is the Keen Home Smart Vent app?
The app is available for free on the App Store and Google Play. The interface for controlling the vents is intended to be simple and straightforward. It may be operated from anywhere by simply turning the gadget on or off with your smartphone or tablet.
How does the Keen Home Smart Vent function?
It is equipped with a little sensor that is attached to the air vent. Connect the Keen Home smart vent to an AC wall socket and install the free app on your smartphone.
Is installing Keen Home Smart Vent a good idea?
When a room requires a certain quantity of airflow, the smart vent increases the air pressure (by closing vents on other rooms). Smart vents, on the other hand, can aid in redirecting excess airflow to another room when a room has an excessive volume of airflow.
Is it true that Keen Home Smart Vent vents work?
Smart Vents Are 100% Risk-Free (and More Affordable). There is no situation in which enough pressure is produced in the system to result in anything other than increased airflow from open supply vents unless users cover all of their vents while operating their HVAC system (which users should not do).
How many Keen Home Smart Vents will I need?
Each enclosed space must have at least two vents, one on each of at least two different sides of the outside walls. The flood vent opening’s bottom must not be more than 12 inches above the adjacent slope.
Is the Keen Home Smart Vent secure?
Users may have heard that smart vent technology can be harmful to their HVAC system. Contrary to popular belief, adjusting or blocking a few vents will not harm either the furnace or the air conditioner.
How is the Keen Home Smart Vent powered?
The vents are powered by four AA batteries that have a life span of three to five years. The system requires at least one smart hub and one compatible smart thermostat.
Is it necessary to turn off the Keen Home Smart Vent in unused rooms?
Closing vents may use more energy than leaving them open. Because closing vents in empty rooms causes the central air system to transfer excess air to other parts of the house.
Is it necessary to pay for the Keen Home Smart Vent?
The app is completely free. There are no monthly fees to pay.
Is it necessary to hire a tech expert to install the Keen Home Smart Vent?
No, professional installation is not required. It takes about an hour to fully install.