Nest Labs, a US-based home energy management startup launched by ex-Apple executive Tony Faddell, has attracted funding from corporate venturing unit Google Ventures, VC firms Kleiner Perkins Caufield & Byers (KPCB), Lightspeed Venture Partners and Shasta Ventures, investment management firm Generation Investment Management, and corporate and professional services firm Intertrust. The financing is said to be more than $50m according to technology magazine Wired.
John Doerr, a partner at KPCB and a member of Google’s board of directors has since retweeted the article on his Twitter feed. Nest Labs confirmed the identity of the investors but not the level of investment, stating that any precise figure reported would represent ‘a complete guess’.
Nest Labs’ lead product is a thermometer that can be pre-programmed at home or on the move via Nest’s website on mobile devices, and stores temperature information to help customers save energy. After it has been used for a certain amount of time it programs itself according to the customers’ behaviour.
The product was publicly launched on Monday via Faddell’s blog on the Nest Labs website and is available for pre-order. The product will officially ship in November.