Smart thermostat maker Tado has raised another $50 million from companies including Amazon, bringing its total raised to $102 million.
The new investments will be used to extend the company’s product offerings and strengthen its market position.
“We are convinced that soon every building will be heated and cooled intelligently,” stated Toon Bouten, CEO of Tado. “Now is just the right time to raise capital and utilize it to position us as the number one in this fast-growing market.”
Tado smart thermostats connect heating and air conditioning systems to the internet, with a smartphone app detecting when a resident leaves or approaches their home, automatically setting temperatures. Weather forecasting and adapting algorithms in the system aim to further improve heating costs.
“Feeling warm and comfortable at home is a basic human need,” stated Christian Deilmann, co-founder and chief product officer of Tado. “Tado’s goal is to increase customer value even more by investing the fresh capital into new services to fully manage our users’ home climate.”