Wyze Labs has added an additional $5 million to a Series A-1 financing round, closing out $15 million in new funds to further improve upon its line of smart home products and build new devices.
Additional interest in the round came from Marcy Venture Partners, co-founded by hip-hop star Jay-Z, Larry Marcus and Jay Brown. The firm has made prior investments in such companies as Hipcamp, Hungry, Wheels and Versed.
“We resonate with their innovative and adaptive culture and vision to make smart home accessible to everyone,” Marcus said about Wyze in a news release.
Seattle-based, Wyze, which was founded in 2017, has expanded beyond its initial offering of a low-cost security camera. The company said its plan is to “continue building the smart home for mass adoption by further improving the IoT infrastructure and AI in current product offerings, and by expanding into new product categories.”
Among those new products, Wyze plans to offer a thermostat and a video doorbell.
The new funding is in addition to $10 million reported at the end of May, led by Norwest Venture Partners. Wyze has raised $36 million to date.