SEATTLE, Jan. 31, 2019 /PRNewswire/ -- Wyze Labs, Inc. today announced its $20 million Series A funding to build the next generation of accessible and affordable smart home products. Led by Norwest Venture Partners, the round comes on the heels of Wyze's category-defining success in selling over 1.5 million units of its first products, Wyze Cam and Wyze Cam Pan, since launching in October 2017. This funding is in addition to the previous seed funding investment from iSeed Ventures.
"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 Yun Zhang, Co-Founder and CEO of Wyze. "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 will use the funding to grow their existing team, as well as bring more affordable and accessible products to the smart home ecosystem. With the emergence of the smart home in recent years, Wyze is committed and well-positioned to offer easy-to-use products at a reasonable price.
"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," said Parker Barrile, Partner at 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."
About Wyze Labs, Inc.
Based in Seattle, WA, Wyze Labs was born out of the belief that quality smart home technology should be accessible to everyone. The company partners with innovators and best-in-class manufacturers who share its mission and values: to create high-quality products that are easy to use and have the features customers care about at a fraction of the price. For more information, visit www.wyzecam.com.
About Norwest Venture Partners
Norwest is a premier multi-stage investment firm managing more than $7.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About iSeed Ventures
iSeed Ventures is a Silicon Valley venture capital fund that invests in early stage companies. The firm partners with entrepreneurs looking to make a decisive mark in the consumer, healthcare and IOT markets. iSeed is a hands-on investor and often is the first and only investor in the genesis of the company.
SOURCE Wyze Labs, Inc.