Tado, a Munich, Germany-based heating app for homes and small businesses, secured $13.6m in funding.
The company plans to use the funds to expand sales of its products to all major European countries and to continue building a global brand.
Founded by CEO Christian Deilmann, CTO Johannes Schwarz and Valentin Sawadski in 2011, tado provides an intelligent climate control which enables households to save on energy costs while reaching comfort. Heating or AC systems automatically adjust to users’ needs with a geo-aware app for presence detection. The smartphone app automatically recognizes when residents are leaving or approaching home and sets the temperature accordingly.
The first product, tado° Heating, was launched in Germany, Austria and Switzerland in November 2012. One year later, the company entered the UK market and this was followed by a worldwide launch of the new tado° Cooling product for air conditioning.
Currently tado° products are available through retail partners, utility companies and on www.tado.com.
The company currently employs 40 people.