Deako Lighting, a Seattle-based maker of smart light switch technology, raised $13.4 million, according to a new regulatory filing.
Deako CEO and founder Derek Richardson confirmed the new funding. He declined to name specific investors but called them “key industry players.” Total funding to date is $49.7 million.
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.
Richardson said the company has continued to grow amid a volatile housing market. The smart home market is expected to reach $31.4 billion this year, and grow to $48.1 billion in 2026, according to Statista.
Richardson was an early employee at BlackBerry and spent 12 years at Cypress Semiconductor before launching Deako, which now employs 70 people.
The company’s former COO Wes Nicol stepped down earlier this year and is now CEO at digital display maker Videri. In July the company hired Tyson Lunsford, former senior director of global sales at Impinj and a former colleague of Richardson at Cypress, as chief revenue officer.
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