Smart Thermostat Company ecobee Announces $35 Million Funding Round from Amazon Alexa Fund, Thomvest and Relay Ventures
September 6, 2016
Investment Marks Amazon Alexa Fund’s Largest Investment To Date
Toronto (Aug. 18, 2016) – ecobee, the company that brought you the smarter Wi-Fi thermostat with room sensors, today announced that it has closed on a funding round from the Amazon Alexa Fund, Thomvest and Relay Ventures. The financing enables ecobee to continue developing leading connected home technologies that make people’s lives simpler and better.
“These investments enable ecobee to drive significant operational improvements, profitable growth and future product innovations for our customers,” said Stuart Lombard, President and CEO of ecobee. “We see this as a strong vote of confidence in our market-leading products and the growth potential of the connected home market.”
Since its founding in 2007, ecobee has experienced more than 100 percent year-over-year growth, and has recently been named No. 1 on Navigant’s annual Smart Thermostat Leaderboard rankings. ecobee’s rapid growth demonstrates the company’s technical expertise and the exciting promise of the connected home industry.
The ecobee3 smarter Wi-Fi thermostat with room sensors was the first thermostat to be directly compatible with Amazon Echo through the Alexa Smart Home Skill API, offering homeowners the added convenience and comfort of controlling room temperature with their voice. In addition to voice control through Alexa-enabled devices, the ecobee3 delivers an average of 23 percent savings on household heating and cooling bills.*
“This funding round marks our largest single Alexa Fund investment to date and builds on our existing relationship with ecobee, who was instrumental in helping us build the Alexa Smart Home Skill API,” said Steve Rabuchin, Vice President of Amazon Alexa. “We’ve been impressed with ecobee’s innovative smart home technologies and their ability to improve the everyday lives of homeowners. We’re excited to see what the future holds for this growing company and the new voice experiences they’ll bring to Amazon Alexa customers.”
“ecobee’s sharp focus on product design and execution has enabled it to surpass competitors within the crowded connected home market,” said Stefan Clulow, Managing Director and Chief Investment Officer at Thomvest Asset Management. “We look forward to supporting the company as it continues to win customers and increase market share in this fast-moving sector.”
“We see considerable room for growth in this industry, with ecobee well-positioned to build upon its previous successes,” says John Albright, Co-Founder and Managing Partner of Relay Ventures. “ecobee has continued to impress us with its top user ratings across consumer channels, and we believe the company’s products will remain leading performers in the market.”
ecobee Inc. introduced the world’s first smart Wi-Fi thermostat to help millions of consumers save money, conserve energy and seamlessly bring home automation into their lives. The newly launched ecobee3 has been praised for its pioneering room sensor technology to deliver comfort in the rooms that matter most, its simple touchscreen interface and native mobile app, leading it to become a top-selling smart thermostat on the market today and achieve a No. 1 ranking on Navigant’s Smart Thermostat Leaderboard. Find out more at ecobee.com.
About Amazon Alexa Fund
The Alexa Fund—named for Alexa, the cloud-based voice service that powers Amazon Echo and other devices—provides up to $100 million in investments to fuel voice technology innovation. Whether that’s creating new Alexa capabilities with the Alexa Skills Kit or building devices that use Alexa for new and novel voice experiences using the Alexa Voice Service, the Alexa Fund is open to anyone with an innovative idea for how voice technology can improve lives.
Thomvest Asset Management Inc. is a Toronto-based investment management firm controlled by Peter J. Thomson. Thomvest makes investments in companies that leverage disruptive technologies and business models to pursue high-growth commercial opportunities. We are committed to the success of our entrepreneur partners. The capital we invest is our own, enabling us to be more creative, flexible, strategic and patient than most investors. It takes time to build great companies and Thomvest is committed to supporting its entrepreneurs throughout their journey. To learn more about Thomvest and its affiliates, please visit us at www.thomvest.com.
About Relay Ventures
“Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting incumbent industries and creating new markets with the power of mobile computing. Relay exclusively focuses on mobile-first technology (from the sensor to the cloud), creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Menlo Park and Toronto, the firm is active throughout North America.”
*Visit www.ecobee.com/savings for more information.