Whatever Happened To Keen Home Smart Vents After Shark Tank Season 6?
Smart home products are more popular than ever, and this certainly was the case when Nayeem Hussain and Ryan Fant brought their smart vents to "Shark Tank." Keen Home Smart Vents is a line of wireless smart HVAC vents managed individually by an app, so users can control the temperature of each room using a smartphone. Hussain and Fant were both MBA students at NYU Stern when they met and quickly bonded over their shared interest in technology and entrepreneurship. Fant approached Hussain about the idea for smart vents and they realized there was a need for a product that would allow people to control the temperature of their homes more precisely.
They started working on a prototype for a smart vent that could be controlled by a smartphone app. They entered their idea into the 2012 NYU Entrepreneurs Challenge, which garnered the attention of TechCrunch. They were invited by the tech news site to compete in the Disrupt Startup Battlefield, prompting them to build a working prototype inside of two months. The coverage they received helped drive a successful crowdfunding campaign and orders of more than 500 Smart Vents. They then raised an additional $1.5 million in seed funding.
What happened to Keen Home Smart Vents on Shark Tank?
Ryan Fant and Nayeem Hussain had set out to seek a significant investment of $750,000 in exchange for a 10% equity stake in Keen Home during their appearance on "Shark Tank" in Season 6 Episode 20. Their innovative smart vent solution impressed the Sharks, but they were skeptical of the company's high valuation of $7.5 million. Despite receiving multiple equity offers from the Sharks, Fant and Hussain were firm in their belief of the value of Keen Home and did not want to compromise.
However, the Sharks were unwilling to let go of such a promising opportunity. Kevin O'Leary came up with an innovative deal of offering a $750,000 loan to the founders, which Lori Greiner quickly joined. Meanwhile, Robert Herjavec revised his proposal to $750,000 for a 13% equity stake, and Daymond John adjusted his equity to 25%. In the end, Hussain and Fant decided to partner with Robert Herjavec, who shared their vision for Keen Home's future.
Keen Home Smart Vents after Shark Tank
Keen Home saw a significant boost in demand and growth after Hussain and Fant appeared on Shark Tank in February 2015. To keep up with the increased interest, the company launched a new website and a pre-order campaign that included a generous 30% discount, which was a massive hit with customers and resulted in thousands of orders. However, during its growth spurt, the company encountered a few challenges with its hardware and software development, leading to some unforeseen delays in delivering the vents.
As expected, this caused a lot of reactions from their customers, who were eagerly waiting for the systems. Some were patient and understood the complexities of product development, while others were frustrated and concerned about the postponed delivery. Keen Home took responsibility for the setbacks and kept their customers in the loop by providing explanations and updates regarding the delays. Finally, in November 2015, the company successfully shipped its first Smart Vent Systems, months after its expected summer delivery dates.
Is Keen Home still in business?
Keen Home continues to operate and offer its innovative smart home solutions. The company weathered the challenges it faced during its early growth stages, including delays in product delivery, and has since made noteworthy strides in establishing a presence in the smart home technology market. Its merger with Ecovent in 2019 was a significant milestone, bringing together two technology-driven companies with complementary expertise. This strategic move allowed Keen Home to further strengthen its market position and expand its product offerings, providing customers with a wider range of solutions to improve home comfort and energy efficiency.
In addition to its base in New York City, Keen Home has diversified its sales channels to reach a broader audience. Customers can easily access their products through their website, major online retailers such as Amazon, and physical stores like Lowe's. The company has also established partnerships with industry leaders, including Nest, Honeywell, and Ecobee, allowing for seamless integration with established smart home platforms. By doing so, Keen Home has made its products more accessible and convenient for customers.
What's next for Keen Home's founders?
Nayeem Hussain and Ryan Fant are leading the way in the field of smart home technology, and their future, along with that of the company, looks bright. Keen Home is flourishing, expanding, and exploring new horizons and opportunities. The founders' primary focus is on the company's progress, and they are continuously expanding their product line to fulfill the ever-changing requirements of homeowners.
Keen Home's introduction of the Keen Home Smart Thermostat in 2023, which seamlessly integrates with their smart vents, enables users to optimize their heating and cooling systems, resulting in reduced energy consumption and utility bills. Keen Home collaborates with 3M for smart home filtration, and they are currently developing the Keen Home Smart Filter, an innovative device designed to improve indoor air quality. Hussain and Fant's commitment to creating solutions that genuinely enhance daily living is evident in their efforts to improve home technology.