tado, a Munich, Germany-based smart home product provider, raised $23m in venture capital funding.
Backers included Inven Capital, the venture capital arm of the Čez Group, a multinational energy conglomerate.
The company, which has raised $57M to date, intends to use the funds to continue to expand in the USA, where it recently listed its product range at Amazon, Best Buy and Home Depot, and secured a number of connected home partnerships, including AT&T Digital Life.
Led by Christian Deilmann, Co-Founder and CEO, Tado provides a smart climate control product with smartphone-controlled heating and cooling units, which automatically detects a user’s proximity to their residence and adjusts the temperature accordingly. It also allows users to adjust the temperature using their phone from any location inside or outside the home.