Soon after making Ring its asset, Amazon’s new target is Ecobee, a smart thermostat company

Soon after making Ring its asset, Amazon’s new target is Ecobee, a smart thermostat company

Ecobee, a smart thermostat maker company, has finalized its deal with Amazon Alexa Fund, Thomvest and Relay Ventures. This mega deal was closed at a cracking $35 million, which would grant a financial freedom to Ecobee in developing latest home technologies by simplifying and enriching people’s lives.

This new acquisition was finalized just one week after Amazon took over Ring, a doorbell based home security company prized at $1 billion.

President and CEO of Ecobee, Stuart Lombard, said that, “These investments enable Ecobee to drive significant operational improvements, profitable growth and future product innovations for our customers.” Further adding, “We see this as a strong vote of confidence in our market-leading products and the growth potential of the connected home market.”

Ecobee is known to be able to adapt well with softwares and systems manufactured by Amazon, Apple, IFTTT, Google and Samsung. Furthermore, it has been selling its products online through Amazon as well as they are made available at commercial stores like Apple, Best Buy, Home Depot and Lowe’s.

As per the market statistics, Ecobee has encountered a 100% year-over-year growth rate and ranked first on the Navigant’s annual Smart Thermostat Leaderboard. This rapid growth of the company signifies its technical prowess and thrilling offers for residential industry.

Vice President of Amazon Alexa, Steve Rabuchin commented, “This funding round marks our largest single Alexa Fund investment to date and builds on our existing relationship with Ecobee, who was instrumental in helping us build the Alexa Smart Home Skill API.” Adding further, he stated, “We’ve been impressed with Ecobee’s innovative smart home technologies and their ability to improve the everyday lives of homeowners. We’re excited to see what the future holds for this growing company and the new voice experiences they’ll bring to Amazon Alexa customers.”

The latest version of Ecobee 4 features built-in Alexa which enables users to instruct the device to make adjustments without even using switches of the remote. Not only this, the wifi operated smart thermostat can order pizza, request for an Uber ride or inquire about weather forecast or news updates.

“We see considerable room for growth in this industry, with Ecobee well-positioned to build upon its previous successes,” commented John Albright, Cofounder and Managing Partner of Relay Ventures. “Ecobee has continued to impress us with its top user ratings across consumer channels, and we believe the company’s products will remain leading performers in the market.”

Stefan Clulow, Managing Director and Chief Investment Officer at Thomvest Asset Management complimented Ecobee saying, “Ecobee’s sharp focus on product design and execution has enabled it to surpass competitors within the crowded connected home market. We look forward to supporting the company as it continues to win customers and increase market share in this fast-moving sector.”