Statkraft Ventures’ portfolio company tado° raises $23m to internationally scale its service offerings
Düsseldorf, 26 April 2016 – tado°, the European market leader in intelligent home climate control, has raised another $23 million Dollar in a new financing round. This brings total funding of the Munich-based IoT company to $57 million. The new financing comes from international investor INVEN CAPITAL, a venture capital arm of the ČEZ GROUP, a multinational energy conglomerate based in the Czech Republic.
“We are very impressed to see how much traction tado° has gained since we invested last fall”, says Dr. Matthias Dill, Managing Director of Statkraft Ventures GmbH, “getting INVEN CAPITAL on board is a great boost for tado°'s further international expansion.”
One third of the world’s energy consumption is used for the heating and cooling of buildings, while over one billion households have a heating or air conditioning system. “Our products are perfectly matched for the world today. It is only a matter of time until all households have an intelligent heating control,” comments tado° CEO and Co-Founder Christian Deilmann. “We plan to use the new funding to expand our market leadership and develop further services for our users.”
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.
To further increase customer benefits, tado° is developing its services in cooperation with local heating installers and engineers. Installers can use a remote service portal to help ensure a customer’s heating system is running smoothly and efficiently. Partnerships with local utilities can also enable each tado° user to contribute to the stabilisation of the energy network for a smarter and more efficient power grid.