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ecobee closes USD35m funding from Amazon Alexa Fund, Thomvest and Relay Ventures

Wi-Fi thermostat producer ecobee has closed on a USD35 million funding round led by the Amazon Alexa Fund, Thomvest and Relay Ventures.

“These investments enable ecobee to drive significant operational improvements, profitable growth and future product innovations for our customers,” says 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 per cent year-over-year growth, and has recently been named number one on Navigant’s annual Smart Thermostat Leaderboard rankings.
 
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 ability to control room temperature with their voice. In addition to voice control through Alexa-enabled devices, the ecobee3 delivers an average of 23 per cent 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,” says 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,” says 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.”

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