A St. John's-based tech company specializing in smart thermostats is poised for significant growth following an injection of $20 million in venture capital.
The announcement Wednesday by the owners of Mysa is just the latest in a string of upbeat announcements from Newfoundland and Labrador's growing tech sector.
"This is a massive investment round and we're so excited to be able to put this new capital to work," Josh Green, CEO and co-founder of Mysa, told employees, politicians, investors and reporters during an event at the company's Harvey Street offices.
Almost all of the new money is being invested by three companies — Cycle Capital Management, Round 13 Capital and Climate Innovation Capital — out of Ontario and Quebec, with further capital from existing partners Killick Capital, Export Development Canada and BDC.
Expanding to international markets
Green said the money will be used to expand the marketing efforts for its existing products, invent new smart thermostats, and expand its sales efforts beyond Canada and the United States.
Within a few years, Green said, he expects the current workforce of just under 100 employees to double, with 50 new hires in 2022.
"We have so much hiring and great people to find here in Newfoundland and Labrador," said Green, who founded the company with his younger brother, Zach.
The infusion of cash doubles the previous investments into the company, Josh Green added, and said it's a vote of confidence in the company, its products and its workforce.
"We're going to be inventing new smart thermostat products right here in Newfoundland and Labrador with the amazing people that we have here," he said.
Improving energy efficiency, fighting climate change
Mysa offers a selection of three smart thermostats that allow homeowners to control and monitor their home heating from their mobile devices.
Mysa launched its smart thermostat for baseboard heaters in 2017, and has since expanded to include smart thermostats for in-floor heating systems and mini-split heat pumps.
The thermostats retail for between $130 and $250. And while some stores carry the products, most of the company's business is done through e-commerce, or online sales.
The company boasts that its products allows homes to be more energy efficient, which also helps in the fight against climate change.
In just seven years, the company has grown from an idea and a prototype, to annual sales of $10 million in 2020.
And Green predicts a bright future for Mysa.
"We want to go another order of magnitude to bring our products globally and continue our pace and scaling of growing here in Newfoundland and Labrador," he said.