Beyond Thermostats: Ecobee Dreams Of Being A Billion-Dollar Smart Home Giant

Jared Newman for FastCompany:  For the last nine years, Ecobee hasn't strayed from being a maker of smart thermostats.

Unlike rival Nest, Ecobee never built its own smart home platform, and hasn't expanded into new product categories. The $170 Ecobee3 Lite, announced last week, is the company's first new hardware in two years, and it's just a budget variant of the existing Ecobee3, ditching room sensor support while knocking down the price by $80.

So far, the singular focus has served Toronto-based Ecobee well. Thermostats are the most popular type of self-installed smart home devices, according to The NPD Group, and Ecobee—whose revenues have been doubling every year—is not far behind Nest in sales. Ecobee hopes to reach first place in 2017.  Cont'd...

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