Amazon is acquiring home Wi-Fi start-up Eero

Amazon said on Monday that it’s acquiring Eero, a developer of internet routers that can be easily connected in the home. Terms of the deal weren’t disclosed.

tweet

A single Eero device costs $199 and covers up to 1,500 square feet. Users can add a so-called beacon for another room for an additional $149 or can buy both combined for $299. The company also sells a security service for $99 a year.

“You have to be able to react quickly to customers, and at the same time, you have to think far enough ahead to think about what the hardware needs to do in the future,” Weaver said in a 2016 interview. A graduate of Stanford University and former venture capitalist, Weaver has been fixing home networking systems since he was 10.

More than 150 people are listed as Eero employees on LinkedIn. The company raised at least $90 million from investors including Index Ventures, Playground Global and Redpoint Ventures. Eero laid off one-fifth of its employees last year, TechCrunch reported.

Amazon previously dabbled in the Wi-Fi market as an investor. In 2016, the company backed a start-up called Luma as part of a $12.5 million round. Luma, which also raised money from GV (formerly Google Ventures), was acquired last year by First Alert, a unit of Newell Brands.

Subscribe to CNBC on YouTube.

Source link

Leave a Comment

Can video consultations combat global doctor shortages?Exclusive: Walmart, Google-backed Deliv end online grocery partnership