July 23, 2014: European Smart Thermostat Company Raises Funds for Global Expansion
Company Provides Intelligent Climate Control for Consumers
MUNICH — Smart thermostat company Tado, headquartered in Munich, Germany, announced that it has closed a new round of financing, raising €10 million ($13.6 million) from current backers Target Partners, Shortcut Ventures, and other investors with the intention of building a global brand.
Tado is a European leader in intelligent climate control for consumers. Heating or air conditioning systems with Tado products automatically adjust to users’ needs with a geo-aware app for presence detection. The smartphone app automatically recognizes when residents are leaving or approaching their home and sets the temperature accordingly. In addition, weather forecasts, housing characteristics, and smart algorithms are incorporated in the control strategy, which can achieve up to 31 percent in energy savings, said the company.