Wyze Labs Secures $15 Million

By Amit Chowdhry ● July 30, 2020
  • Wyze Labs, Inc. announced it has closed $15 million in financing led by Norwest Venture Partners

Wyze Labs, Inc. announced it has closed $15 million in financing led by Norwest Venture Partners with participation from American Family Ventures, Marcy Venture Partners (venture firm co-founded by Jay-Z, Jay Brown, and Larry Marcus) and Amino Capital.

The $15 million funding round will be used to continue building the smart home for mass adoption by further improving the IoT infrastructure and artificial intelligence in current product offerings and by expanding into new product categories. Launched in 2017, Wyze has developed a reputation for making high-quality smart home devices at a fraction of the price of competitors.

In about 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 the most recent Wyze Cam Outdoor.

With this funding round, Wyze will soon add several new products to the Wyze ecosystem including a thermostat and a video doorbell. And the funding is in addition to the previous seed funding investment from iSeed ventures and Series A Investment from Norwest Venture Partners.

KEY QUOTES:

“We resonate with their innovative and adaptive culture and vision to make smart home accessible to everyone.”

— Larry Marcus, Co-Founder and Managing Director at Marcy Venture Partners.

“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.”

— Yun Zhang, Co-Founder and CEO of Wyze.

“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. We’re thrilled with the company’s progress and excited to deepen our partnership with Yun and his team.”

— Parker Barrile, Partner at Norwest Venture Partners