Tado, a Germany-based home climate management platform developer, has raised $50m from investors including e-commerce group Amazon and energy utilities Eon and Čez Group.
The round also featured Total Energy Ventures, a subsidiary of oil and gas producer Total, as well as Energy Innovation Capital, European Investment Bank and unnamed additional backers. Čez Group took part through its corporate venturing unit Inven Capital.
Founded in 2011, Tado has developed a system that consists of a smart thermostat, air conditioning control technology and sensors, enabling users to set a precise temperature in each room through an app.
The system detects when a home is empty and alerts the user when a radiator is turned on in a room with an open window. The latest cash injection will allow Tado to expand its offering and strengthen its market position.
Tado has now raised $102m in funding to date, it said last week, though it had previously stated it had received a total of $57m after Inven Capital invested $23m in 2016.
Statkraft Venture Capital and Siemens Venture Capital, respective subsidiaries of consumer electronics producer Siemens and power producer Statkraft, both participated in a $17.1m round for Tado in 2015 that included BayBG, Target Partners and Shortcut Ventures.
