German smart thermostat startup Tado has raised $50 million in Series F funding round.
The round saw participation from Amazon, E.ON, Total Energy Ventures, Energy Innovation Capital, Inven Capital, the European Investment Bank and others.
This brings the total funds raised to to bring total funding to $102 million.
The fresh capital will be used to strengthen its position with best-in-class products and to extend its service offerings.
Founded in 2011, tado° is fully dedicated to make an impact in this space. The main products of tado° are smart thermostats that allow users to manage their heating and air conditioning over the internet. Thanks to machine learning algorithms, the thermostats can help to save up to 31 percent on heating costs, the company claims. The AI engine developed by tado° takes into account when residents are leaving or approaching their home, as well as weather forecasts.
The global smart thermostat market is expected to reach a value of $6.8 billion by the end of 2022, at a projected annual growth (CAGR) of 54% until 2022.
The company currently has customers spread out in Germany, Austria, Switzerland, the UK, Benelux, and Italy. It’s also partnered with some 30 utility providers across Europe, including E.ON in the UK, Germany, and Italy; SSE UK; Essent Belgium; Naturgy Spain, and more.