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Smart Thermostat company tado° raises $17.1 million financing round
The funding from the Venture Capital Unit of Siemens, Statkraft Ventures, Target Partners, Shortcut Ventures and BayBG will accelerate product innovations and international growth.
Munich, Oct 7th, 2015 - tado°, the European market leader in intelligent home climate control, announces another $17.1 million financing round from leading venture capital funds and European blue chip companies bringing total funding to $34 million. The venture capital unit of Siemens AG and Statkraft Venture Capital, the investment company of Europe’s largestproducer of renewable energy, have invested alongside the venture capital funds Target Partners, Shortcut Ventures, BayBG and others.
The tado° Smart Thermostat and Smart AC Control products connect any heating and air conditioning system to the internet. The geo-aware tado° smartphone app automatically senses when nobody is at home and turns down the heating or AC to save energy. As soon as one of the residents starts to head home, tado° reacts immediately and warms or cools the house to the desired temperature. Local weather forecasts and adapting algorithms further help to save up to 31% on energy costs, while improving home comfort. Users also benefit from repair and energy-related services such as the ‘tado° Care’ offering.
“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,” says Christian Deilmann, Co-Founder and CEO of tado°.
Smart thermostats are on the rise. They are considered to play one of the biggest roles in the fight against climate change. According to a new study by Frost & Sullivan, the European smart thermostat market is forecast to reach $2.5 billion by 2019.*
High-resolution images are available here: https://www.tado.com/gb/press
Headquartered in Munich, tado°, the European market leader in intelligent home climate control solutions, was founded in 2011. tado° revolutionises the way energy is consumed at home. Through the use of a geo-aware app, tado° automatically adjusts the temperature based on the residents’ locations, enabling households to significantly save on energy costs while reaching a higher level of comfort.
About the Venture Capital Unit of Siemens
The Venture Capital unit of SFS (SFS VC) and corporate venture capital organization of Siemens invests in early stage technology companies and established technology growth companies, focusing on the energy, healthcare, industry, and infrastructure & cities markets and hence plays a key role in Siemens' global innovation network. The aim is to identify innovative solutions from which Siemens and its customers can profit and to strengthen business partnerships with innovative industry players. To date, the company has invested in about-180 start-up companies. For more information, visit: www.siemens.com/venturecapital
About Statkraft Ventures
Statkraft Ventures GmbH is a European venture capital firm working with exceptional entrepreneurs disrupting the energy sector. The company is exit-driven and backed by the Statkraft Group, Europe’s largest producer of renewable energy. Statkraft Ventures invests on common venture capital terms. The company operates in an evergreen structure with 10 million EUR to invest each year. For more information, visit: www.statkraftventures.com.
The venture capital division of BayBG headquartered in Munich, Germany, is currently invested in 33 start-ups with a volume of €40m across industries such as cleantec, medical engineering, telecommunication and IT. In total BayBGs active portfolio of about €300m currently includes 500 small and medium sized companies. BayBGs investments are focused on Bavaria, the southeastern part of Germany. For more information, visit: www.baybg.de.
About Target Partners
With €300 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in new startup and early-stage companies, and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States. For more details: www.targetpartners.de.
About Shortcut Ventures
Shortcut Ventures is the venture capital company from founders for founders, which helps start-ups get onto the fast lane without any detours. The investment strategy of Shortcut Ventures focuses on international start- ups in the Internet, mobile and social media sectors. In addition to financial support, the companies benefit from direct access to the extremely valuable founder know-how. Shortcut Ventures is managed by the successful founders and entrepreneurs Dirk Freise and Martin Ostermayer (such as forblau.de, handy.de). Their portfolio includes the start-ups Mediakraft Networks, SumUp, tado and ZenMate. For more information, visit: www.shortcut.vc.
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