Deako Lighting, a Seattle-based startup that manufactures smart light switch technology, recently secured a $3.4 million convertible note in funding. This comes nearly two years after a $13.4 million Series B round. The company plans to use the additional funds to expand its product offerings and scale operations to meet the growing market demand. The funding round was backed by the lead Series B investor, Kinetic, as well as more than 25 other investors who have previously supported Deako, according to CFO Chris Miller.
Founded in 2015, Deako’s smart light switches enable homebuilders and homeowners to easily incorporate remotely controlled lighting into their homes. The technology is designed to work with the existing wiring in a house, allowing builders to market their projects as smart homes with minimal additional costs. Some of Deako’s recent products include the Nightlight Switch, Simple Timer Switch, and Astronomical Timer Switch, along with additional backplate configurations for increased compatibility. The company has expanded its presence to over 36 states and has partnered with leading homebuilders, resulting in Deako products being adopted in one out of every eight newly constructed single-family homes in the U.S.
Chris Miller expressed that Deako has seen significant growth in 2024 and believes that the new financing will help fuel this momentum. With a focus on innovation and expanding their reach, Deako aims to continue providing cutting-edge smart lighting solutions to its customers. The company’s success can be attributed to its ability to meet the demand for smart home technology in the housing market and establish partnerships with key players in the industry. Led by CEO and founder Derek Richardson, Deako has raised a total of approximately $50 million in funding to date.
As part of their efforts to further develop their product offerings, Deako has introduced a range of smart light switches that cater to the specific needs of homeowners and homebuilders. The company’s commitment to providing easy-to-install, high-quality solutions has resonated with customers, leading to increased adoption of their products in the market. By continually innovating and expanding their footprint across the U.S., Deako has positioned itself as a leader in the smart lighting industry and continues to gain traction in the competitive market landscape.
With the support of investors like Kinetic and a strong leadership team led by Derek Richardson, Deako is well-positioned to capitalize on the growing demand for smart home technology. The recent funding round will enable the company to further enhance its product offerings, expand its operations, and solidify its position as a frontrunner in the smart lighting sector. By leveraging its innovative technology and strategic partnerships, Deako is poised for continued growth and success in the evolving smart home market.
