German smart thermostat maker Tado recently announced that it has successfully secured 12 million euros from the U.S. investor S2G Ventures. The Munich based company, which is developing energy-saving solutions for European households, raised funds to expand its European presence, targeting energy-conscious homes.
The top-up comes two months after the Russian incursion into the Ukraine, prompting Europeans to become more aware of energy usage, with Tado’s data gathered from households with its meters pointing in the same direction. This investment now brings the total funds raised by the company to 55 million euros, a major milestone in its plan of achieving profitability in 2023.
Christian Deilmann, Co-founder and Chief Product Officer of Tado, expressed his excitement over the new funding and expressed his plans of providing a unique energy management solution to reduce heating costs and carbon dioxide emissions. With the collapse of an important venture backing company, Silicon Valley Bank, there has been a bit of a panic in the venture capital community, but Mark Carney, the UN Special Envoy on Climate Action and Finance, believes that there is still plenty of capital for such businesses.
Tado is a German Internet-of-Things (IoT) home automation company that specializes in Wi-Fi connected smart thermostats, designed to reduce energy bills. Founded in Munich in 2011, the company is best known for its Smart Thermostat, a product that supports geofencing and can be operated through an app on a mobile device. It has gained substantial investor interest over the past few years and plans to integrate Apple’s HomeKit and Google’s Nest devices into its product.
Christian Deilmann is the co-founder and chief product officer of Tado. He is passionate about energy management and believes that technology can help us to reduce our energy consumption and carbon emissions. He believes that his unique energy management solutions will make a difference to homes and businesses in reducing both heating costs and carbon emissions. He has been involved in the development of the smart thermostat since its inception and will be integral in its success going forward.