Ecobee, a Toronto-based smart thermostat company, announced an additional US$36 million raised from its Series C funding.
Altogether, this round of funding will bring US$98 million to Ecobee. Amazon’s Alexa Fund also participated in this round of funding. The company has raised over US$155 million to date.
“This round of funding will allow Ecobee to continue transforming the way consumers control their homes as we build the world’s first home operating system that leverages voice, advanced sensor technology and powerful AI,” said Stuart Lombard, the founder and CEO of Ecobee, in a statement.
Along with the announcement, Ecobee said it has brought three key executives to its team. Jackie Poriadjian-Asch, the ex-CMO at Canada Goose and an executive overseeing global brand marketing at UFC, will take the role of the Chief Marketing and Revenue Officer. Scott Cleaver, the ex-Chief Operations Officer at Rakuten Kobo, joined as the Chief Operations Officer. David Brennan, ex-vice president of finance at PixStream (acquired by Cisco), will serve as Ecobee’s new Chief Financial Officer.
In the thermostat market, Ecobee competes directly with Google’s Nest. However, Lombard told Business Insider that “Our goal is to win with consumers. We’re not going to outspend Nest.”
As Nest actively expands its smart home portfolio, from thermostats to security cameras, smart doorbells and home security systems, Ecobee is adopting a slower and steadier approach to grow its product lineup. “Every company needs to have a core and a focus.” Lombard said.
The company’s most recent model, Ecobee4 thermostat, works as a temperature controller at home as well as a smart speaker. It has Amazon Alexa built-in and can work just like Amazon Echo.
In addition to Alexa, Ecobee also integrates with Apple HomeKit, Samsung SmartThings and Google Assistant. Just recently, Ecobee launched a smart light switch called the Switch+ – its new device category for the smart home market.