ecobee Raises $6.73 Million in Funding from The Ontario Emerging Technologies Fund, JLA Ventures and Tech Capital

Jan 20, 2010, 07:30 ET from ecobee

TORONTO, Jan. 20 /PRNewswire/ -- ecobee, a leader in the Smart Grid space, has received $6.73M in venture capital financing. The funding will be used to expand ecobee's sales, marketing and product footprint. The financing, totaling $6.73 million, comes from the Ontario Emerging Technologies Fund (OETF), JLA Ventures and Tech Capital Partners.

"This investment represents a strong endorsement for our company and our traction in the Smart Grid space," says Stuart Lombard, President/CEO of ecobee. "ecobee is honored to have the solid financial backing of this investment team."

"ecobee has demonstrated tremendous success in the Utility markets and the company's sector-changing technologies are why we are committed to this company," states Tawfiq Arafat, Partner, JLA Ventures.

"ecobee is a model of innovation and entrepreneurialism, and continues to surpass our expectations," said Tim Jackson, Partner at Tech Capital Partners. "Their success in the competitive North American market exemplifies why we chose to invest."

About ecobee

ecobee was founded in July 2007 to deliver intelligent conservation solutions for real people. The company is engaged in Utility Smart Grid projects across North America. ecobee's products are being sold through leading HAVC Distributors and Contractors for use in single family homes (both new and retrofitted), multi-family dwellings and light commercial properties. ecobee has received prestigious national awards and honors. For more information, visit www.ecobee.com.

About the Ontario Emerging Technologies Fund

The Ontario Emerging Technologies Fund (OETF) is a direct investment fund established in 2009 by the Province of Ontario and administered by the Ontario Capital Growth Corporation (OCGC), an agency of the Ministry of Research and Innovation. The OETF is a $250-million, five-year fund that co-invests alongside qualified investors in innovative, high-growth, private Ontario companies. The fund focuses on investments in Ontario companies in three sectors: clean technology, life sciences and advanced health technologies, and digital media and information and communications technology.

SOURCE ecobee



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