Smart Home Startup ecobee Raises $36M For New Products

Smart device maker ecobee announced that it has raised additional funding amounting to $47 million CAD, i.e. $36 million USD. The funding came from a recent round of investment led by Caisse de dépôt et placement du Québec, AGL Energy Ltd, and Business Development Bank of Canada, raising the lifetime funding of the company to the equivalent of $155 million. The device maker believes the new investment should allow it to implement its new international expansion plans and the money will also be used to fund the development of new smart home device offerings, which will add to its current product portfolio of smart thermostats and connected light controllers. This is not the first time that the OEM obtained new funding this year. The startup already received additional investment from Amazon through the online retail giant’s Alexa Fund. However, the exact amount of Amazon’s previous investment was never disclosed.

Moreover, the device maker also announced the appointment of three new executives to its leadership team: Scott Cleaver, who is appointed as the firm's new Chief Operating Officer, and David Brennan, who will serve as the Chief Financial Officer. Jackie Poriadjian-Asch, on the other hand, will serve as ecobee's new Chief Marketing and Revenue Officer, having been tasked with refining the startup's promotional strategy.

The Canadian firm was founded in 2007, and more than a decade later, it now holds over a third of the global smart thermostat market, as per its own estimates. The tech company has previously stated that it plans to develop a comprehensive smart home ecosystem that could accept a wide variety of solutions, including third-party systems. To ensure compatibility with a broad range of smart home setups, the products offered by the tech firm can be controlled by Amazon Alexa, Google Assistant, and Apple Homekit, three of the world's most popular smart home platforms.

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Mark Real

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Mark Real has written for Androidheadlines since 2017 and is a Staff Writer for the site. Mark has a background in sciences and education. He is passionate about advancements on hardware and software technologies and its impact on people’s lives. Contact him at [email protected]
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