tado°, a Munich-based startup which is on its way to become the European market leader in intelligent home climate control, today announced another $17.1 million financing round from leading venture capital funds. This brings their total funding to $34 million. 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.
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.
“There is no doubt that home climate control will be digital in the future and will deeply integrate with local service providers. 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,” says Christian Deilmann, Co-Founder and CEO of tado°.
tado° is headquartered in Munich and was founded in 2011. With its Smart Thermostat and Smart AC Control, tado° revolutionizes the way energy is consumed at home. The venture capital unit of Siemens AG and Statkraft Venture Capital, the investment company of Europe’s largestproducer of renewable energy, have invested alongside the venture capital funds Target Partners, Shortcut Ventures, BayBG and others.