ecobee raises $80 million to invest in voice tech, AI

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Toronto-based smart thermostat maker ecobee has raised an $80 million Series C in a round led by Energy Impact Partners, followed by eight institutional investors including Thomvest, Relay Ventures, and the Amazon Alexa Fund.

To date, ecobee has raised $190 million. The funding will allow ecobee to build upon its suite of smart home technologies, integrating whole-home-voice control, sensor technology, and artificial intelligence.

“Our goal is to build a home that learns and anticipates your needs, making your home an intelligent space that simplifies your life rather than complicates it,” said Stuart Lombard, president and CEO of ecobee. “We believe that by building voice capabilities, advanced sensor technology and powerful AI into the operating system of your home, we are helping to create a new computing platform. This technology will transform the way consumers interact with their favorite services for the better.”

Founded in 2007, ecobee has captured a third of the smart thermostat market, and says it has experienced 100 percent YoY growth. Last year, ecobee introduced the ecobee4 smart thermostat with built-in Amazon Alexa voice control. Later this month, ecobee will launch its Alexa-enabled smart light switch, ecobee Switch+.

“ecobee is one of the fastest-growing connected home companies and a leader at bringing voice into the home,” said Lindsay Luger, partner at Energy Impact Partners who will be joining the ecobee board of directors. “Their product suite delivers comfort, ease and entertainment, while at the same time reducing costs and environmental footprint by optimizing what usually represents half of a homeowner’s electricity bill.”

Additional institutional investors contributing to ecobee’s Series C investment include North Leaf Capital Partners, Export Development Canada, Ontario Capital Growth Corporation, Tech Capital and GXP Investments. Barclays served as financial advisor for this transaction.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.