Tado, a Munich-based manufacturer of smart home climate control products, has received additional financing from venture capital firms and European investors to accelerate product innovations and international growth.
The company said it raised $17.1 million financing from the venture capital unit of Siemens AG and Statkraft Venture Capital, an investment company of Europe’s largest producer of renewable energy. It joins venture capital funds from Target Partners, Shortcut Ventures, BayBG and others.
The Tado Smart Thermostat and Smart AC Control products are said to connect any heating and air conditioning system to the Internet. The company’s smartphone app automatically senses when a consumer is not at home and turns down the heating or air conditioner to save energy. Once a consumer heads home, the device will warm or cool the house to the desired temperature.
“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,” said Christian Deilmann, co-founder and CEO of Tado.
Smart thermostats are on the rise, according to a new study by Frost & Sullivan, which forecasted the European smart thermostat market to reach $2.5 billion by 2019.