When we last heard from Tado, the German developer of a smart thermostat, they had raised 10 million Euro for European expansion and completed their Kickstarter campaign, which delivered the startup around $204,000 (against a goal of $100,000) from just over 1,600 backers. Now, they are back with more funding news, revealing that they have picked up another $17.1 million, bringing the total raised to $34 million. This latest round is led by the investment wing of Siemens AG and Statkraft Venture Capital, as well as BayBG, current investors Target Partners and Shortcut Ventures, and others. With this latest funding, the startup says online that they will accelerate product innovations and international growth.
As a reminder, Tado was founded in 2011 as a European challenger to Nest and has developed a system that can make almost any AC unit “smart”. With both their heating and cooling systems, the idea is to help users save money by using geofencing to determine when they are at home or out and about and adjusting the units accordingly. But what is interesting is that the heating unit goes a step beyond that, as well, checking upcoming forecasts to determine when it would be proper to let the sun do its natural work and heat the home or when you will need an artificial boost. Tado currently only allows users to control one AC unit at a time, but says that the ability to control multiple units within the home is coming in a few weeks.
The heating device, which Tado bills as being compatible with 95% of units, is currently on sale for a flat fee of 249 Euro, but can also be rented for 4.99 Euro/month (first year. 9.99 Euro/month after that). The cooling device, which billed as compatible with basically any infrared-controlled AC unit, retails for 179 Euro.