Circadian rhythm prepares the body to cope with expected changes during the day. When circadian rhythm is disrupted, sleep problems can occur. Amber Leong has created a solution with a light therapy lamp called Circadian Optics. She landed a deal with Lori Greiner and Mark Cuban on Shark Tank. Circadian Optics is estimated to be worth $7 million by 2024.
Amber Leong’s Background
Amber Leong is a Malaysian whose parents used their $10,000 retirement savings to send her to the United States. She settled in Bemidji, Minnesota, and attended Bemidji State University.
Amber received her BA in Communications, Journalism, or a related major in 2006. While in school, she worked as an event coordinator for Unilever and a marketing assistant for Atech Scientific Measurement.
Two years later, she went to Saint Mary’s University in Minnesota to pursue her MBA, majoring in Marketing. Before graduating in 2010, Amber was hired by Capsule as an account management intern and served as the Associate Brand Manager for Jack Link’s Beef Jerky.
The birth of circadian optics
At Jack Link’s Beef Jerky, where she was promoted to brand manager, Leong found the office drab and boring. While working in the winter, she developed seasonal affective disorder (SAD) due to lack of sunlight, which affected her circadian rhythm, sleep and health.
Her internal body clock was disrupted, and she set out to fix that by creating a lighting device that could mimic the solar cycle, and the result was Circadian Optics, which she founded in 2015.
It provides bright light therapy, which has been shown in multiple studies to be an effective treatment for seasonal affective disorder. Leong’s lamps have a 70% profit margin. Before joining Tank, the company had lifetime sales of $7.4 million and annual revenue of $4 million.
Shark Tank
In 2019, Amber Leong entered the Tank in season 11, asking for $750,000 in exchange for 10% of the business. She recounted the sacrifices her parents made to give her a better life.
The Sharks were so moved by the story that Kevin O’Leary even cried. When the entrepreneur started talking about the success of her product, the Sharks were also deeply moved. This caused the Sharks to split into two teams.
Kevin O’Leary and Barbara Corcoran teamed up to offer $750,000 for a 20% stake. Mark Cuban and Lori Greiner offered the same price but offered a $50,000 bonus for Liang’s parents. Mark and Lori’s $50,000 bonus was a nice touch and the deciding factor in the deal.
What happened after Shark Tank?
Unfortunately, the deal with Mark and Lori never seemed to be done. Neither Shark lists the company on their personal websites. Despite the setback, Circadian Optics’ business is still booming. In 2021, Circadian Optics was acquired by Thrasio, which specializes in acquiring Amazon businesses.
They now offer more lamp sizes. In addition, they have entered retail chains such as Walmart and Best Buy. Their products are selling well on Amazon, and their light therapy lamps have over 6,264 reviews. Despite the pandemic, sales have increased as people spend more time at home.
According to Zoominfo.com, the company has an annual revenue of $5 million. These figures are expected to increase over time. Currently, Circadian Optics is valued at $7 million. In April 2022, Amber co-founded G-Works Venture Studio, a startup accelerator under General Mills.
Categories: Shark Tank
Source: svlsf.edu.vn