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(Deako Image)
Deako Lighting, makers of smart light switch technology, raised a $3.4 million convertible note, the company confirmed Tuesday. The funding comes almost two years after a $13.4 million Series B round.
The Seattle-based startup said the additional funds will be used to expand product offerings and scale operations to meet increasing market demand.
Backers include the lead Series B investor, Kinetic, as well as more than 25 additional investors, many of whom have previously backed Deako, according to CFO Chris Miller.
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“Deako has experienced significant growth in 2024 so far, and this new financing will enable us to continue this upward momentum,” Miller said.
Founded in 2015, Deako’s light switches allow homebuilders and homeowners to swap in remotely controlled lighting. Its technology works off a home’s existing wiring and lets homebuilders market their projects as smart homes, without much of the upfront cost.
Several recent products include the Nightlight Switch, Simple Timer Switch, and Astronomical Timer Switch, along with additional backplate configurations for increased compatibility.
Miller said Deako has expanded its footprint to more than 36 states, partnering with a number of top homebuilders, which he said has contributed to the adoption of Deako products in one out of every eight newly constructed single-family homes in the U.S.
Led by CEO and founder Derek Richardson, Deako has raised approximately $50 million to date.
