The thermostat is a component of the heating system that senses the temperature in the environment and performs action to maintain the temperature at a comfortable level. Tado, a German smart thermostat startup has recently raised $50 million in a Series F funding from a very prominent supporter – Amazon. Now, its total funding has nearly doubled.
Tado’s device and app can be integrated into the heating and cooling system. It works by adjusting the temperature according to usage so that energy efficiency will be maximized. The Tado device is compatible with Amazon’s Alexa voice assistant.
Aside from Amazon, the other backer is German energy giant E.ON, gas company Total and an investment bank in Europe. Hundreds of thousands of users have partnered with energy companies across the European Union, mostly in Central Europe. The infusion of funding will allow Tado to focus on research and development like the improvement of boiler health monitoring capacity.
Is Amazon jealous of Nest? Google purchased Nest in 2014 for $3.2 billion and since then, it has remained the world leader in the United States. Tado went global with its product on 2015 although it was founded in 2011, a year later after Nest.
The global market for smart thermostats is expected to reach $6.8 billion by the end of 2022. According to a partner with Bryan, Garnier & Co, one of the leading European independent investment banks, Tado is a prime candidate for an initial public offering (IPO).
According to TechCrunch, Tado’s engineering is more than just a simple smart phone and location-based control for the home’s heating and cooling system. Tado’s smart thermostat was engineered to connect to the digital serial interface of thousands of different boilers. Aside from temperature modulation, the smart thermostat can perform local diagnostics and grid-wide energy consumption management.
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