Tado°, the European market leader in intelligent home climate control, has announced the completion of a $17.1m financing round.
Backing came from leading venture capital funds and European blue chip companies bringing total funding to $34 million.
The venture capital unit of Siemens AG and Statkraft Venture Capital, the investment company of Europe’s largest producer of renewable energy, have invested alongside the venture capital funds Target Partners, Shortcut Ventures, BayBG and others.
The tado° Smart Thermostat and Smart AC Control products connect any heating and air conditioning system to the internet.
The geo-aware tado° smartphone app automatically senses when nobody is at home and turns down the heating or AC to save energy.
As soon as one of the residents starts to head home, tado° reacts immediately and warms or cools the house to the desired temperature.
Local weather forecasts and adapting algorithms further help to save up to 31% on energy costs, while improving home comfort. Users also benefit from repair and energy-related services such as the ‘tado° Care’ offering.
“There is no doubt that home climate control will be digital in the future and will deeply integrate with local service providers,” said Christian Deilmann, co-founder and CEO of tado°.
“Tado° is dedicated to being the market leader in this field with the most compatible products, the most intelligent app and the best service offerings.”
Smart thermostats are on the rise. They are considered to play one of the biggest roles in the fight against climate change. According to a new study by Frost & Sullivan, the global smart thermostat market is forecast to reach $2.5 billion by 2019.
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