Intelligent climate control technology is set to see greater global availability. High-tech startup Tado has now closed a round of funding totaling $13.6 million with the goal of expanding the reach of its smart thermostat tech to a wider audience.
Tado is currently the leader in the European market when it comes to climate control. The company’s thermostats adjust to your preferences over time and allow you to reduce energy costs. Its smartphone app can tell when you’re about to leave or about to come home and will adjust the temperature accordingly. It can also adjust the temperature based on the weather outside to maximize efficiency.
The new funds will help Tado “expand sales of our products to all major European countries and to continue building a global brand,” says Christian Deilmann, founder and CEO.
The company’s other founder and CTO, Johannes Schwarz, notes that it has been a challenge to develop control interfaces “for over 5,000 different types of heating systems” but that the team is committed “to creating great products and cutting-edge technology.” He says the new funds will allow the team to keep doing what they’re doing and “maintain the huge technological head start” they’ve built across the heating systems available in Europe.
Current backers made up the bulk of the financing, including Target Partners, Shortcut Ventures, and other investors. Previously, Tado raised $2.6 million in a Series A funding round in September 2013 to expand across Europe, at which time Target Partners and Shortcut Ventures led the round.
Tado was founded in 2011 and launched in November 2012 in Germany, Austria, and Switzerland. It expanded to the UK market a year later. A global launch soon followed. The company is based in Munich, Germany and has 40 employees.
With 225 million Euro under management, Target Partners is one of the leading venture capital investors in Germany. Target Partners invests in young technology companies in Germany, Austria ... All Target Partners news »
Shortcut Ventures is a German Venture Capital Enterprise created by founders for founders. The main focus of Shortcut Ventures investment strategy is on international startups specializing i... All Shortcut Ventures news »
At tado° we believe that unnecessarily wasting energy should be a thing of the past. Therefore we strive to create solutions that optimize energy consumption at home without sacrificing com... All Tado news »