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03/07/2018

Report: Amazon invests in smart thermostat company

A new investment proves that Amazon isn’t worried about losing the chance to sell Nest merchandise.

The online giant is investing in Ecobee, a smart thermometer manufacturer. The company raised around $62 million in a series C round of funding from investors, including the Amazon Alexa Fund, according to CNBC.

Ecobee’s smart thermostats work in conjunction with software and systems from Amazon, as well as those from Apple, IFTTT, Google and Samsung. While the devices are sold on Amazon, merchandise is also available in stores across Apple, Best Buy, Home Depot and Lowe’s, CNBC reported.

The deal coincides with Amazon’s growing interest in smart home technology. Last week, Amazon acquired video doorbell supplier Ring in a deal worth $1 billion. This followed the online retailer’s December acquisition of Blink, a startup that makes smart home security cameras and security systems.

The Ecobee deal also comes on the heels of Amazon’s announcement this week that it will stop selling smart home products made by Google-owned Nest.

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