Seattle-based Wyze Labs has raised $20 million in Series A funding to build accessible and affordable smart home products. This round of funding was led by Norwest Venture Partners. And this funding is in addition to a previous seed funding investment from iSeed Ventures. News about the funding comes on the heels of Wyze hitting 1.5 million Wyze Cam and Wyze Cam Pan units sold since launching October 2017.
“We’ve had a singular focus on making pragmatic hardware and software that actually improve people’s lives, and this new capital infusion will help us continue that mission,” said Wyze co-founder and CEO Yun Zhang in a statement. “Without our tremendous and wonderful community, we would never have been able to build a $100 million company in just one year. We’re looking forward to offering them more, and listening to the community’s feedback as we continue to expand into new areas of the home.”
Wyze Labs was created out of the belief that smart home technology should be accessible to everyone. And the company partners with innovators and manufacturers who share its mission to create high-quality products that are easy to use at a fraction of the price.
And Wyze is planning to use the funding to grow its team and bring more affordable and accessible products to the smart home ecosystem.
“Wyze proved that a smart home camera doesn’t have to be expensive to be great, which has driven adoption across a much broader base of consumers than ever before,” added Parker Barrile of Norwest Venture Partners. “I’m excited to partner with Yun and his team to build the next generation of smart home devices and services that everyone can afford.”