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Smart thermostat maker Nest reportedly raises $80M with $800M valuation

Following strong momentum, smart thermostat startup Nest Labs has raised $80 million in new funding, with a valuation of $800 million, according to a GigaOM report.

Palo Alto, Calif.-based Nest Labs attracted a lot of attention in 2012 and launched the second-generation of its smart thermostat back in October. That model is slimmer and offers compatibility with 95 percent of low-voltage heating and cooling systems in the U.S.

A Nest spokesperson told VentureBeat that “we don’t comment on funding,” so we only have GigaOM’s report to go on.

Google Ventures reportedly led the new round of funding, while Venrock participated as a new investor. In the past, Nest has raised “tens of millions” but hasn’t specified exactly how much. Previous investors include Kleiner Perkins, Generation Capital, Lightspeed Venture Partners, and Shasta Ventures.

Nest is apparently shipping 40,000 to 50,000 of its high-class thermostats per month, a figure that could reach 1 million per year if the company’s sales continue to rise. Most of Nest’s sizable growth is happening in Europe and the United States.

Nest photo via Devindra Hardawar/VentureBeat

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