Ecobee Raises $35 Million Funding Round
In another Toronto startup success story, Internet of Things retailer Ecobee recently closed a $35 million funding round. Lead investors include Amazon, Thomvest and Relay Ventures. The investment will support the development of the Ecobee3 smart thermostat, a Wi-Fi-enabled device with remote sensors.
Notably, this financing represents the single largest investment yet from Amazon's $100-million Alexa Fund. The Alexa Fund, named after Amazon's cloud-based personal assistant platform, is a fund intended to spur third-party development for the Amazon Echo device and fuel voice technology innovation. Ecobee collaborated with Amazon on the Alexa Skills Kit, an open-source set of tools for third-party developers, and is now reaping the benefits of that engagement, as shown by this remarkable financing round.
This financing brings Ecobee's total venture capital investment to $51 million, providing another reminder of the potential of the Internet-of-Things market for household devices, as well as underscoring the value of partnering with established retail and hardware leaders like Amazon. In a vastly competitive market, the ongoing relevance of this Canadian tech company is reason for optimism about the sector.
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