Tado, a Germany-based developer of home climate control technology, secured $17.1m on Wednesday in a series B round featuring industrial equipment manufacturer Siemens and renewable energy producer Statkraft.
The corporates, which invested through their respective Siemens Venture Capital and Statkraft Venture Capital units, were joined in the round by Target Partners, Shortcut Ventures and BayBG.
Tado has created a smart climate system that incorporates a smart thermostat and air conditioning control system that can be controlled using a smartphone app. The app also senses when no one is home and automatically turns down heating or air conditioning to save energy.
Target Partners and Shortcut Ventures previously invested a reported $4.6m in Tado across two rounds up to 2013, before returning for a $13.6m series A round in July 2014.
Christian Deilmann, Tado’s co-founder and CEO, said: “There is no doubt that home climate control will be digital in the future and will deeply integrate with local service providers. Tado is dedicated to being the market leader in this field with the most compatible products, the most intelligent app and the best service offerings.”