American Family Ventures invests in Wyze

Seattle-based smart home technology provider Wyze Labs has raised $10 million in a round led by previous investor Norwest, with participation from American Family Ventures, the corporate venture arm of American Family Insurance.

Founded in 2017, Wyze is on a mission to make quality smart home technology accessible to everyone. The company’s first product was the Wyze Cam, a smart home camera packed with features, including 1080p full HD video, smart motion and sound alerts, and 14-day free cloud storage, that goes for $19.99. Since then, Wyze has added to its product line sensors, locks, smart plugs, a weight scale, and even a wrist band that tracks activity and heart rate and can control Wyze devices for the low price of $24.99.

“We are going to use the funds to continue building the smart home for mass adoption.” – Dave Crosby, cofounder and head of marketing at Wyze.

Bottom Line: as of late 2019, Wyze had over 2.4 million users.