E-commerce firm and cloud computing technology provider Amazon has contributed to a $61m series C round for Canada-based smart thermostat producer Ecobee through its Amazon Alexa Fund.
Private equity firm Energy Impact Partners led the round, which also featured the state-backed Export Development Canada and Ontario Capital Growth Corporation, Thomvest Ventures, Relay Ventures, North Leaf Capital Partners, Tech Capital and GXP Investments.
Ecobee has created a smart thermostat that connects to a user’s wifi system. It is capable of measuring room temperature and detecting how many people are in a room, and the system can work in up to 32 rooms of a building simultaneously.
The funding will enable the company to develop more smart home products that make use of its sensor, voice-control and artificial intelligence technology.
Ecobee introduced a version of the thermostat in 2017 that incorporated Alexa voice-control technology, and its next product, an Alexa-equipped smart light switch, will be released later this month.
The round increased Ecobee’s overall funding to $146m since it was founded in 2007, the company said. Alexa Fund, Thomvest and Relay Ventures all participated in its last funding, a $35m round that closed in 2016.
Ecobee’s earlier investors include energy provider Just Energy and temperature regulation technology provider Carrier, which supplied undisclosed amounts in 2012 and 2015 respectively, as well as Ontario Emerging Technologies Fund, JLA Ventures and Tech Capital Partners.
Lindsay Luger, a partner at Energy Impact Partners, will join Ecobee’s board of directors in conjunction with its investment. Barclays was financial adviser for the round.