German smart home startup tado°, known mostly by its wall-mounted and radiator thermostats, has secured $50 million in funding from Amazon, E.ON, Total Energy Ventures, Energy Innovation Capital, Inven Capital, the European Investment Bank, and others. This round brings the total amount raised by the company to $102 million.
The main products of tado° are smart thermostats that allow users to manage their heating and air conditioning over the internet. Thanks to machine learning algorithms, the thermostats can help to save up to 31 percent on heating costs, the company claims. The AI engine developed by tado° takes into account when residents are leaving or approaching their home, as well as weather forecasts.
“We are convinced that soon every building will be heated and cooled intelligently,” said CEO of tado° Toon Bouten. “Now is just the right time to raise capital and utilise it to position us as the number one in this fast-growing market.”
The company currently has “has hundreds of thousands of active users,” a spokesperson for tado° told Tech.eu. The strongest markets are Germany, Austria, Switzerland, the UK, Benelux, and Italy. It’s also partnered with some 30 utility providers across Europe, including E.ON in the UK, Germany, and Italy; SSE UK; Essent Belgium; Naturgy Spain, and more.
tado° is planning to use the fresh funding for service-related research and development activities, a spokesperson told Tech.eu. One of the features coming to the thermostats soon is boiler health monitoring, which would notify the customer if their boiler needs attention and connect them to a local or national installer.