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.
“With this new investment we plan to expand sales of our products to all major European countries and to continue building a global brand. We are very proud of having a great group of investors on board and we appreciate their trust in our company. Target Partners and Shortcut Ventures have made very valuable contributions to help build our company over the last few years,” said Christian Deilmann, founder and CEO of Tado.
“Building a fully scalable Internet of Things technology platform and at the same time developing control interfaces for over 5,000 different types of heating systems has been a challenge over the last three years. We are proud of what we have achieved with our team and we are fully committed to creating great products and cutting-edge technology. The new investment will further strengthen our position and allow us to maintain the huge technological head start we have gained in covering Europe’s varying heating landscape,” said Johannes Schwarz, founder and CTO of Tado. The company employs 40 people, two-thirds of whom are software developers.
The first product, Tado Heating, was launched in Germany, Austria, and Switzerland in November 2012. One year later the company entered the United Kingdom market and this was followed by a worldwide launch of the new Tado Cooling product for air conditioning. Currently, the company’s products are available through retail partners, utility companies, and on www.tado.com.
Publication date: 7/21/2014