Wyze Labs, Inc. closes $15 million in new financing
SEATTLE, July 29, 2020 /PRNewswire/ -- Wyze Labs, Inc. has closed 15 million in financing led by Norwest Venture Partners, with participation from American Family Ventures, Marcy Venture Partners and Amino Capital.
The $15M fund will be used to continue building the smart home for mass adoption by further improving the IoT infrastructure and AI in current product offerings, and by expanding into new product categories.
Wyze was founded in 2017 and has built a reputation for making high-quality smart home devices at a fraction of the price of competitors.
"We resonate with their innovative and adaptive culture and vision to make smart home accessible to everyone," said Larry Marcus, Co-Founder and Managing Director at Marcy Venture Partners.
In just 3 years, Wyze has brought several products to market including Wyze Cam, Wyze Cam Pan, Wyze Sense, Wyze Bulb, Wyze Plug, Wyze Lock, Wyze Band, Wyze Scale, and most recently Wyze began accepting preorders for the Wyze Cam Outdoor.
With this investment, Wyze will soon add several new products to the Wyze ecosystem, including a thermostat and a video doorbell.
"Being friends with customers is at the heart of everything we do. This new fund will allow us to continue on our mission to make smart home technology accessible to all by building features and new products recommended by our users," said Yun Zhang, Co-Founder and CEO of Wyze.
The funding is in addition to the previous seed funding investment from iSeed ventures, and Series A Investment from Norwest Venture Partners.
"Since we last invested, Wyze has released several game-changing devices and gone from upstart to leader in smart home technology. They've tapped into a level of customer love that's extremely rare and strongly correlated with long-term success," said Parker Barrile, Partner at Norwest Venture Partners. "We're thrilled with the company's progress and excited to deepen our partnership with Yun and his team."
About Wyze Labs, Inc.
About Norwest Venture Partners
About American Family Ventures
About Marcy Venture Partners (MVP)
About AMINO Capital
About iSeed Ventures
SOURCE Wyze Labs, Inc.