tado°, the European market leader in intelligent home climate control, has raised another € 20 million in a new financing round. This brings total funding of the Munich-based IoT startup to € 50 million. The new financing comes from international investor INVEN CAPITAL, a venture capital arm of the CEZ GROUP, a multinational energy conglomerate based in the Czech Republic.
The new financing round firmly establishes tado° as one of the world’s best funded IoT startups. The company’s CEO Christian Deilmann who co-founded the company in 2011 stated: “We plan to use the new funding to expand our market leadership and develop further services for our users.”
The tado° Smart Thermostat and Smart AC Control 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.
Christian Deilmann explains: “Our ambition is to lead this market with superior user experiences, saving money and maximising comfort. tado° is an integral part of any smart home. Through interfaces to the main smart home platforms, existing and future customers can rest assured that they are equipped for the future,”
To further increase customer benefits, tado° is developing its services in cooperation with local heating installers. Installers can use a remote service portal to help ensure a customer’s heating system is running smoothly and efficiently. Partnerships with local utilities can also enable each News tado° user to contribute to the stabilisation of the energy network for a smarter and more efficient national grid.
Smart thermostats are currently the only part of the smart home that generate measurable value of savings and comfort. Not only does tado° reduce energy bills by up to 31% but it has an equally measurable impact on the environment, playing a significant role in the fight against climate change.