- Smart Vents Systems are currently sold in over 500 Lowe's and 95 Best Buy stores, with other distribution deals in the pipeline
- Over $2.3M in sales to date
- Partnership with the Herjavec Group for marketing and distribution support
- New Smart Filter product line and subscription service adds air purification and potential for recurring revenue
- Amount raised:
- Round Size: US $6,000,000
- Series A :
- Minimum Investment: US $1,000 per investor
- : Preferred Equity
- US $15,000,000 :
For a homeowner, their home is most often their most valuable asset—it is a place where they have heavily invested both financially and emotionally.
Keen Home develops proactive hardware and software products to protect and enhance a home's core systems. Keen Home aims to make products that provide homeowners with increased comfort, improved efficiency, and a better maintained home.
The company's first product, the Smart Vent System, controls a home's heating and cooling airflow on a room-by-room level, which studies show results in improved comfort and efficiency. The Smart Vent launched in Lowe's Home Centers in November 2015 and began shipping to customer the following month. Keen Home sold out of their first 30,000 units within 10 months of launching, a huge milestone for a startup.
Keen Home believes it software platform will serve as an innovative proactive home health dashboard while offering partners data for lead generation, actuarial insight for risk pricing, and control for peak load management.
Keen Home strives for a future where all homes can take care of their occupants—a future that restores one’s home to a place of peace and sanctuary.
By deploying beautiful, innovative hardware and software products at scale, Keen Home believes it will give its users peace of mind and provide business partners valuable data.
Metrics and Momentum
- Keen Home has sold over 30,000 Smart Vents and grossed over $2.3M in revenue in the 12 months since launch.
- Current distribution in over 500 Lowe's Home Improvement Centers and in 95 Best Buy stores throughout the US.
- Launched their second product, the Smart Filter, in August 2016. Smart Filters come in four sizes and attach to the Smart Vents a homeowner already has.
- Recurring revenue program with the Keen Home Smart Filter and Keen Air Care subscription expected to launch early 2017.
- Keen Home has strategic partnerships with Google’s Nest and Samsung’s SmartThings.
- Integration with Ecobee's smart thermostat launching this winter.
- Keen Home’s co-founders appeared on ABC’s Shark Tank in February 2015 and received one of the highest valued offers in the show’s history from Robert Herjavec—who is now an advisor to the company.
- Keen Home has raised more than $4.4M in financing from such high profile investors as Techstars Ventures, Galvanize Ventures, R/GA Ventures, and American Family Ventures.
- Keen Home believes the dual value propositions of comfort and energy efficiency helps the Smart Vent stand out in the smart home category.
- Strong repeat purchase behavior: customers often try the product by buying 1-2, then purchases 4-6 more after a few months.
“Keen Home is not a vent company it’s a tech company. I believed in them when I saw them in the Tank, and they have expanded beyond my vision. I am very optimistic about their potential.” - Robert Herjavec
"As an early investor in Keen Home, I was impressed with the team and the vision for the company. Today, I feel they have executed flawlessly which, in my investing experience, rarely happens." - Andrew Mitchell, Brand Foundry Ventures
"A rare instance where I am not sure if I prefer the team or the concept. Both are exceptional." - Russell Rosenblum, RMR Capital
"As an early investor in Keen Home, I have marveled at their ability to execute and deliver on their promises to customers. The connected device space is full of pretenders, and Keen Home has shown the rare ability to launch a smart product at scale and forge high profile strategic partnerships along the way. I can't wait to see what this team will accomplish in the future!" - Michael Wolf, Blazer Ventures
"An intelligent vent is a great market opportunity with a team that has executed to date means this is a great investment." - Nicole Glaros, Techstars Ventures
The average U.S. household spends approx. 50% of its energy bill on heating or cooling, or about $2,000 per year. This same household has an average of two to four rooms that are overheated or overcooled at various times throughout the day. Up until now, there has been innovation in thermostat technology, but we believe that is only part of the solution.
The Keen Home Smart Vent regulates a home’s heating/cooling airflow on a room-by-room level, which the company believes results in improved comfort and efficiency. A smarter, cheaper, and aesthetically pleasing alternative to professionally installed zoning systems a Smart Vent System gives users complete control of their home’s airflow.
Over 30,000 Smart Vents have been sold to date and are available for sale at Lowe's and Best Buy.
Human beings consume more air daily than any other substance and chemicals and toxins are easily absorbed through the lungs. In fact, respiratory illness is on the rise in the U.S.; according to the Centers for Disease Control and Prevention about 1 in every 12 people (some 25 million) has asthma, a 28-percent uptick since 2001. According to the EPA, indoor air is the U.S.’s number-one environmental health problem.
With the launch of the Smart Filter in August 2016, Keen Home brought smart air purification to the most logical location in a home—it’s air vents. The Smart Filter is specially designed for high airflow and allows room-by-room purification without the noise, cost, and limitations of stand-alone air purifiers.
The Keen Home Smart Filter is built using 3M technology and designed to providing filtration against common household contaminants like pollen, lint, household dust, dust mite debris, and mold spores. The Smart Filter also contains an active carbon layer to remove offensive odors and eliminate common household toxins like benzene, formaldehyde, and trichloroethylene. Smart Filter refills “click” into a Smart Vent’s removable faceplate in seconds.
Starting in early 2017 with the launch of Keen Home Air Care, Keen Home will automatically mail Smart Filter refills based on real-time HVAC usage analysis every three to six months.
Nayeem, Ryan, and Will all grew up in homes with central air. They all suffered from the typical hot and cold spots that many homeowners deal with on a daily basis. In early 2013, Ryan was lying in his bed, with hot air pouring on him from the air vent above his head. He thought how much more comfortable he’d be if he could control the airflow from his phone, which was lying on his bedside table. Ryan brought the idea to Nayeem and Will and all three began running experiments in their homes that winter. They observed that selectively closing certain vents enhanced both comfort and efficiency of a home’s central HVAC system. The Smart Vent was born.
Building a connected device from the ground up was a serious challenge. After some initial exposure at the TechCrunch Disrupt Startup Battlefield, the team was selected to participate in a Techstars accelerator program. Upon completing the program, the team raised $1.62M in seed funding from Techstars Ventures, RMR Capital, Galvanize Ventures, Brand Foundry Ventures, and R/GA Ventures among others. In February 2015, Ryan and Nayeem appeared on the popular ABC show, Shark Tank where they shook on one of the largest deals in the show’s history from Robert Herjavec. After the episode aired, the parties decided to pursue an advisory relationship that would bring Robert on board as a key advisor to the company.
Minimum Dollar Invested
- Keen Home Smart Home Bundle, choice of: Smart Vent Starter Kit, 1 free year of Keen Air Care or Keen Home’s recommended smart home bundle, which will include our favorite smart home products
- Keen Home Smart Home Bundle, choice of: Smart Vent Whole Home Bundle, 2 free years of Keen Air Care and 1 Ecobee3 kit or Keen Home’s recommended smart home bundle, which will include our favorite smart home products
- Keen Home Smart Home Bundle, choice of: Smart Vent Whole Home Bundle, 5 free years of Keen Air Care and one Ecobee3 kit or Keen Home’s recommended smart home bundle, which will include their favorite smart home products
- Free future faceplate upgrades
Ticket to a VIP investor event in Las Vegas hosted by Keen Home and one of the company's largest investors
- Keen Home Smart Home Bundle, choice of: Smart Vent Whole Home Bundle, free Keen Air Care for life and one Ecobee3 kit or Keen Home’s recommended smart home bundle, which will include our favorite smart home products
- Free future faceplate upgrades
- VIP investor event with the Keen Home team and several Keen Home investors
- Fly the investor to NYC and invite to a brainstorming session and dinner with the Keen Home product team
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
The graph below illustrates theor the of Keen Home's prior rounds by year.
Per the 2009 Census, there are over 100M homes in the U.S. and Canada with a central HVAC system. With an average of 4 rooms over-conditioned at various times, the U.S. market alone is estimated to be at least 360M rooms with air vents at suboptimal temperatures. With new home construction steadily increasing, these numbers continue to rise. Segmented for income, there are approx. 25M households in the U.S. and Canada which can benefit from the Smart Vent. Further segmented by geography, we estimate our total target market is approximately 20M households which equates to $6.4B of revenue at our current average order value of $320 per customer.
Start-up investing is risky. Investing in startups is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company which can be found in this company profile and the documents in the data room below.
Your shares are not easily transferable. You should not plan on being able to readily transfer and/or resell your security. Currently there is no market or liquidity for these shares and the company does not have any plans to list these shares on an exchange or other secondary market. At some point the company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when the company either lists their shares on an exchange, is acquired, or goes bankrupt.
The Company may not pay dividends for the foreseeable future. Unless otherwise specified in the offering documents and subject to state law, you are not entitled to receive any dividends on your interest in the Company. Accordingly, any potential investor who anticipates the need for current dividends or income from an investment should not purchase any of the securities offered on the Site.
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Investment in personnel. An early-stage investment is also an investment in the entrepreneur or management of the company. Being able to execute on the business plan is often an important factor in whether the business is viable and successful. You should be aware that a portion of your investment may fund the compensation of the company’s employees, including its management. You should carefully review any disclosure regarding the company’s use of proceeds.
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Frequently Asked Questions
"The SEC has qualified this offering" means the SEC has permitted Keen Home to offer for sale the securities described in the Offering Circular to investors such as you. The SEC is not judging the merits, accuracy, or completeness of the offering and information in the Offering Circular. Rather, the SEC is merely ensuring Keen Home has met all legal disclosure and regulatory requirements necessary to make these shares available to you.
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Keen Home. Once Keen Home accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Keen Home in exchange for your shares. At that point, you will be a proud owner in Keen Home.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or government-issued identification
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your shares have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please email us at email@example.com. Please include your name, the company's name, the amount, the investment number, and the date your made your investment.
Currently there is no market or liquidity for these shares. Right now Keen Home does not plan to list these shares on a national exchange or another secondary market. At some point Keen Home may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Keen Home either lists their shares on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement.
This is Keen Home's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity. You will also find a copy of the Keen Home's Offering Circular, which has been qualified by the SEC. The Offering Circular includes important details about Keen Home's fundraise that you should review before investing.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in Keen Home’s profile and Offering Circular.