Ecobee Inc, the Toronto-based maker of a smart Wi-Fi thermostat, has secured $80 million in a Series C financing, bringing its total funding to date to about $188 million. Energy Impact Partners led the latest round. It was joined by Amazon Alexa Fund, EDC, GXP, Northleaf Capital Partners, Ontario Capital Growth Corp, Relay Ventures, Tech Capital and Thomvest. Since its founding in 2007, Ecobee said it has won more than a third of the smart thermostat market and shown over 100 percent year-over-year growth. Led by President and CEO Stuart Lombard, it will use the funds raised to advance its product suite using voice capabilities, sensor technology and artificial intelligence.
ecobee Closes $61 Million Funding Round Led by Energy Impact Partners
Series C Investment Marks ecobee’s Largest Funding Round To-Date
March 07, 2018
TORONTO–(BUSINESS WIRE)–ecobee Inc. today announced that it has closed on a $61 million USD ($80 million CAD) Series C funding round led by Energy Impact Partners, followed by eight institutional investors including Thomvest, Relay Ventures, and the Amazon Alexa Fund. This funding will allow ecobee to build upon its suite of smart home technologies connected by whole-home-voice control, sensor technology and artificial intelligence. It brings ecobee’s total funding to approximately $146 million USD to-date.
“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 A.I. 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.”
Since its founding in 2007, ecobee has captured more than a third of the smart thermostat market* and experienced over 100 percent year-over-year growth, demonstrating strong market demand. In 2017, 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+, bringing the power of voice and intelligence to every room.
ecobee’s smart thermostats are compatible with the company’s signature room sensor technology, which measures temperature and occupancy in up to 32 rooms of the home. This technology increases comfort by solving for hot or cold spots in the rooms that matter most. It also helps homeowners save energy by adjusting settings based on occupancy. To date, ecobee customers have saved an estimated three terawatts of energy which is equal to preventing 2.6 million tons of greenhouse gas emissions. This would be the same as taking the city of Pittsburgh off-the-grid for a year.
“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.”
“We’re excited to continue our support of ecobee through participation in its Series C financing and our broader work together across a number of important Alexa capabilities,” said Paul Bernard, Director of the Alexa Fund at Amazon. “ecobee is a leader in driving the adoption of voice in the smart home and continues to innovate through the creation of new products like the ecobee4 smart thermostat and ecobee Switch+, both of which have Alexa built in.”
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.
ecobee Inc. introduced the world’s first smart Wi-Fi thermostat to help millions of consumers live better and save more. The company’s mission is to create smarter devices that are beautifully designed, easy to use and provide savings for families, while being good for our planet – most recently realized with its next-generation smart thermostat, ecobee4. With ecobee’s pioneering room sensor technology, Amazon Alexa voice service, far-field voice recognition, and a wide array of smart home integrations, ecobee combines smart home technology and voice to help customers manage their home’s comfort, energy and busy lives. For more information, visit www.ecobee.com.
About Energy Impact Partners
Energy Impact Partners is a private equity firm that strategically invests in innovative technologies, services, and products throughout the electricity supply chain from generation to consumption. Through close collaboration with its investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.
Photo courtesy of ecobee