Ecobee, a Toronto-based developer of smart grid technology, has raised $6.73 million in a Series B financing round.
Backers include the Ontario Emerging Technologies Fund (OETF), JLA Ventures, and Tech Capital Partners. OETF is an investment vehicle administered by the Ontario Capital Growth Corporation (OCGC), an agency of the Ministry of Research and Innovation.
In a prepared statement released Wednesday Ecobee CEO Stuart Lombard said:
This investment represents a strong endorsement for our company and our traction in the Smart Grid space.
The company says it will use the cash to expand its sales and marketing network. It closed its inaugural Series A funding in October 2007.
Also in Boston, Ember, a provider of wireless smart meter technologies, has raised $5 million in venture debt funding from Wellington Financial, a bridge financing and venture fund headquartered in Toronto.
Ember previously raised around $89 million in venture capital funding from Chevron Technology Ventures, Stata Venture Partners, Polaris Venture Partners, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures, New Atlantic Ventures, and WestLB Mellon Asset Management, reports PeHUB.