Ecobee Plans To Expand Beyond Smart Thermostats, Sets $1 Billion Revenue Goal

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October 25, 2016

Ecobee has stayed in its lane for seven years, but now wants to join giants like Google, Microsoft, and Amazon.

Fast Company reports that the company, which has made thermostats almost exclusively since its founding in 2007, will try to enter the broader smart home market. It set a goal of $1 billion in revenue by 2020.

Ecobee has kept a close eye on Nest, which expanded beyond thermostats to introduce smoke detectors, security cameras, and a home communications platform. Nest, though, has been fighting through some company turmoil, including some conflict with its new parent company, Google.

For one thing, Ecobee says it won't build its own broad connected home platform like Nest has attempted. Instead, Ecobee wants to be a major partner in what it sees as the most important ecosystems right now: Apple HomeKit, Amazon Alexa, Samsung SmartThings, and IFTTT.

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