Smart home device manufacturer White Lab GeekWire learned on Friday that it has raised $110 million in new funding, which has prompted the Kirkland, Washington-based company to plan to improve its existing product line and launch more products.
Wyze has launched more than 30 products, including everything from security cameras to robotic vacuum cleaners to thermostats, many of which were launched in a series of events in the past year or so.
Wyze co-founder and chief marketing officer said: “We are redoubled efforts and invested heavily to integrate world-class artificial intelligence into our camera products. Dave Crosby Tell GeekWire. “Just last year, our AI team has built people detection, vehicle detection, package detection, and pet detection into our cameras.
“Now that we have added AI features to our work, we really think these features will change the rules of the game for any camera, let alone a camera that costs less than $36,” Crosby said of the company’s signature Wyze cam Monitor.
Crosby said Wyze also plans to use cash to improve internal processes, such as customer service and transportation.
Wyze was founded in 2017 by three Amazon veterans. Its business scope goes far beyond the original low-cost security cameras. It hopes to adopt smart homes on a large scale. Since then, it has been weakening higher-priced competitors. Smart floor lamp released in April; $19.99 smart watch Last December; the smart sprinkler control system in November last year; the smart vacuum cleaner before this; and the outdoor camera last summer.
Series B financing was funded by Marcy Venture Partners, Co-founded by hip-hop stars Jay-Z, Larry Marcus and Jay Brown.The company has made Previous investment In companies such as Hipcamp, Hungry, Wheels, and Versed, and was part of the $15 million Wyze round last summer. American Family Ventures and others, who previously supported Wyze, also invested.
To date, Wyze has attracted $146 million in funding and has approximately 300 employees.
In July of this year, the company sued Chinese consumer electronics giant Xiaomi and robot vacuum cleaner manufacturer Roborock in Seattle federal court in an attempt to invalidate its 2019 “automatic cleaning device” patent. At stake is the Amazon listing of Wyze’s own robotic vacuum cleaner.