Ecobee brings series C to $97m

The round, already backed by Amazon Alexa Fund, has been increased by $36m through an extension that featured Business Development Bank of Canada.

Canada-based smart thermostat producer Ecobee has boosted its series C round to $97m after securing C$47m ($36m) in an extension that featured power company AGL Energy.

Caisse de dépôt et placement du Québec (CDPQ) and Business Development Bank of Canada, both government-backed financial institutions, also joined the series C round.

Ecobee had achieved an initial close of $61m in March 2018 led by Energy Impact Partners, a private equity firm backed by AGL, and featuring Amazon Alexa Fund, an investment vehicle of e-commerce firm and cloud computing technology provider Amazon.

The initial close also included Thomvest, Relay Ventures, North Leaf Capital Partners, Ontario Capital Growth Corporation, Tech Capital, GXP – Great Plains Energy and state-backed Export Development Bank of Canada.

Founded in 2007, Ecobee has developed a smart thermostat that measures room temperature and detects how many people are in a room. The company has also introduced a smart light switch.

Alexa Fund, Thomvest and Relay Ventures previously backed a $35m series B 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.

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