Tado, a Germany-based smart climate control technology producer, received $23m in series C funding from Inven Capital, the corporate venturing division of energy utility Čez Group, yesterday.
Founded in 2011, Tado has developed a system that integrates a smart thermostat and air conditioning control technology with a smartphone app that detects when a user is coming or leaving home, and automatically adjusts the temperature accordingly.
The system can be integrated with local weather forecasts and adapts to user behaviour. Homeowners can also manually control the temperature from anywhere.
The money will go drive further global expansion with a particular focus on the US. Tado has raised $57m in total funding, according to its latest press release.
Siemens Venture Capital and Statkraft Venture Capital, the respective investment vehicles of electronics manufacturer Siemens and energy company Statkraft, previously backed a $17.1m series B round in October 2015 that also included Target Partners, Shortcut Ventures and BayBG.
Target Partners and Shortcut Ventures contributed to a $13.6m series A round in 2014 alongside other, unnamed investors. The two firms reportedly also supplied $4.6m in seed capital leading up to 2013.