Current backers of smart thermostat company tado has refreshed their confidence by investing another €10 million in fast-growing European business. Target Partners and Shortcut Ventures are joined by some individual angel investors.
Germany’s answer and a hard-tp-beat rival for Nest in Europe, tado claims to be the continental market leader in intelligent climate control for consumers today. The company says the new capital will be used in expanding products to remaining major markets in Europe and building a global brand in a very short time span.
Munich-based tado’s products enable households to very comfortably control energy-consuming systems (heating, air conditioning, etc.) through a centralized system while saving significantly (up to 31%) on energy cost. The tado smartphone app recognizes the presence of people in the room and sets temperatures accordingly. It also use weather forecasts, housing characteristics and smart algorithms to modify the heating/cooling ‘strategy’ in a house.
“Building a fully scalable Internet of Things technology platform and at the same time developing control interfaces for over 5,000 different types of heating systems has been a challenge over the last three years. We are proud of what we have achieved with our team and we are fully committed to creating great products and cutting-edge technology. The new investment will further strengthen our position and allow us to maintain the huge technological head start we have gained in covering Europe’s varying heating landscape” says Johannes Schwarz, founder and CTO of tado, in a statement
The company who employs 40 people (with two thirds being software developers) currently operates in Germany, Austria, Switzerland and the UK. The products are available through retail partners, utility companies and company web site.