The smart thermostat startup tado° has closed a new round of financing, raising €10 million from current backers Target Partners, Shortcut Ventures, and other investors.
tado°, which is based in Munich, is the European market leader in intelligent climate control for consumers. The promising startup is also a competitor to the Google-owned hardware company Nest. The tado° products enable households to save significantly on energy costs while also reaching a higher level of comfort. Heating or AC systems with tado° automatically adjust to users’ needs with a geo-aware app for presence detection. The tado° smartphone app automatically recognizes when residents are leaving or approaching home and sets the temperature accordingly. Additionally, weather forecasts, housing characteristics and smart algorithms complete tado°’s control strategy, which can achieve up to 31% in energy savings.
The startup’s first product, tado° Heating, was launched in Germany, Austria and Switzerland in November 2012. One year later the company entered the UK market and this was followed by a worldwide launch of the new tado° Cooling product for air conditioning. The company employs 40 people, two thirds of whom are software developers.
Christian Deilmann, founder and CEO of tado°, stated: “With this new investment we plan to expand sales of our products to all major European countries and to continue building a global brand. We are very proud of having a great group of investors on board and we appreciate their trust in our company. Target Partners and Shortcut Ventures have made very valuable contributions to help build our company over the last few years,”