Max Gunawan is the founder of Lumio, and he’d like the Shark Tank to consider investing in his company, which creates modern lighting solutions.

He says his unique designs offer beautiful lighting options anywhere, and that they help people ‘live large with less.’ Thanks to their unique design and strong magnets, the lights can be used in a wide variety of ways. The lights run on batteries that are good for about eight hours, and take two to three hours to charge. His company made Entrepreneur magazine’s Top 10 Most Innovative Crowdfunded Companies list in 2013.

In the past year, the company made around $1 million, including about $560,000 on a Kickstarter. He’s been able to get his production cost down to $65 per unit, and sells them for $180 per unit. He says he spent four months in the factory in China, watching the production process, and believes that with what he learned, he can reduce production costs to $50 per unit. He’s expecting revenue between $2 million and $2.5 million for the next year.

He’s asking the sharks to invest in Lumio so he can keep up with demand. He also wants to be able to produce the next product in his line: a mini-light, which also provides portable power to charge mobile devices.

For a $250,000 investment, Gunawan is offering equity in the amount of 8%.

The sharks seemed impressed with the product, and satisfied with Gunawan’s willingness to put himself into the company.

Robert Herjavec was first out of the gate with an offer. For a 10% stake, he would invest the requested $250,000.

Kevin O’Leary had an offer too. To begin with, he said that he thought the business should be valued at $6 million — about twice what Gunawan had stated. His offer was to invest the $250,000, and be paid back at the rate of $7 per unit, until he had doubled his investment. Afterward, he’d have a 4% ownership, and would also invest in purchase costs. He hinted that his involvement would be the most valuable.

Mark Cuban had a question before he would make an offer. Would Gunawan need to purchase inventory to be ready to sell online to Shark Tank viewers? Assured that e-commerce was top priority, Cuban made his bid: $500,000 for 16% of the company.

Lori Greiner was the next to make a play. She’d give the requested $250,000, in return for 12% of the company, and add another $250,000 line of credit as well.

Daymond John’s offer was $750,000, for 20% of the company, and a $10 million line of credit.

Kevin and Daymond fought a bit for Gunawan’s attention — Kevin pointed out that his offer included a higher valuation and would be helpful if Gunawan wanted to sell, and Daymond maintained that there was no reason to sell the company.

“But he wants twenty percent of your company,” Kevin pointed out, leading Daymond to insist that his work in the company would be well worth the equity.

Sensing a potential loss of a good investment, Herjavec modified his offer. Instead of $250,000, he’d offer $350,000 for the same 10%.

Gunawan accepted almost immediately.

Final Deal: Robert Herjavec invested $350k in Lumio for a 10% stake.

Photo: Lumio