What is Deako?
Founded in 2014 by Derek Richardson, Deako addresses a critical gap in the smart home market. The company's core innovation lies in a modular light switch system designed for easy installation, support, and warranty, thereby removing the traditional barriers that builders faced when integrating smart home technology into new constructions. This user-friendly approach aims to make smart home features accessible and appealing to a broader consumer base, moving beyond niche adoption. Deako's strategy focuses on simplifying the smart home experience for both builders and homeowners, positioning itself as a key enabler of widespread smart home adoption.
How much funding has Deako raised?
Deako has raised a total of $47.2M across 9 funding rounds:
Private Equity
$2M
Multiple Rounds
$12.1M
Unspecified
$2.1M
Series A
$4.8M
Debt
$350K
Series B
$12.5M
Unspecified
$13.4M
Private Equity (2015): $2M, investors not publicly disclosed
Unspecified (2016): $1.8M led by Y Combinator
Private Equity (2016): $6.8M, investors not publicly disclosed
Series C (2016): $3.5M, investors not publicly disclosed
Unspecified (2017): $2.1M, investors not publicly disclosed
Series A (2018): $4.8M with participation from not disclosed
Debt (2020): $350K led by PPP
Series B (2021): $12.5M, investors not publicly disclosed
Unspecified (2022): $13.4M, investors not publicly disclosed
Key Investors in Deako
Y Combinator
Y Combinator is a renowned startup accelerator that provides seed funding and mentorship to early-stage companies. Their investment in Deako suggests a belief in the company's foundational concept and market potential.
What's next for Deako?
With the recent major strategic investment, Deako is poised to accelerate its expansion and further refine its product offerings. The substantial capital injection, totaling $47.2M, suggests a strategic focus on scaling operations, enhancing research and development, and potentially expanding market reach. This funding will likely enable Deako to solidify its position in the competitive smart home sector, driving innovation in modular electrical components and smart home integration. The company's trajectory indicates a strong potential for future growth as it continues to simplify and democratize smart home technology.
See full Deako company page
