Netatmo, a France-based producer of internet of things devices such as smart thermostats, has secured €30m ($32m) in series B funding led by building infrastructure services provider Legrand, TechCrunch reported yesterday.
Iris Capital, a venture capital firm backed by telecoms company Orange and advertising firm Publicis, France’s sovereign wealth fund Bpifrance, angel investor Pascal Cagni and Netatmo’s chief executive and co-founder Fred Potter also took part in the round.
Founded in 2011, Netatmo markets internet of things connected devices for the home. The company’s product range includes a weather station and air quality sensor, a smart thermostat and a security camera system.
The company will use the money to add more features to its current products and to research and develop additional devices. Netatmo will also hire more staff and increase sales and marketing efforts.
Netatmo previously obtained $6m for a series A round in 2013 from Iris Capital, Bpifrance and Cagni.
Gilles Schnepp, chief executive and chairman of Legrand, said: “We are proud to provide Netatmo, a French benchmark in connected devices for the home, the resources for continued strong growth.
“This link-up will facilitate potential future collaboration between both brands in developing connected and interoperable electrical and digital infrastructure products for professionals and the general public.”