Smart home technology company, Tado, which has products including smart thermostats that contact providers like Capital Plumbing & Heating, has recently secured $50m in funding from its investors, including e-commerce titan Amazon, via their Alexa Fund.
The investment was also supported by the energy company Energy Innovation Capital, E.O.N, European Investment Bank, Inven Capital and, Total Energy Ventures.
This additional funding ups the company’s funding up to $102m. The new investment will then be used for the strengthening of the company’s position, as well as extending its service offerings.
As part of their deal, Tado’s smart thermostat products are now available to purchase from Amazon, with a starting kit costing £199.
Notably, this investment in smart home technology is not the first time that Amazon has invested into prop tech. The Alexa Fund provides up to $100m in venture capital funding for the voice technology investments for developers, manufacturers as well as companies. In September of 2018, the Alex Fund invested in prefab housing company Plant Prefab.
Director Paul Bernard, of the Alexa Fund, says that voice is now the method of choice for customers when it comes to interacting with the tech in their homes, as it provides a natural, seamless way to control everything, from lights to even security systems, even appliances and thermostats. One of the more popular smart home experiences with Alexa are with climate control systems, and that is why, Bernard says, the Alexa Fund is excited to support Tado as they bring their devices to more people across Europe, all of which are Alexa-compatible.
CEO Toon Bouten says that they are convinced they hope that every building will have intelligent heating and cooling, and that the market climate is great for raising capital as well as to utilize to position them as a market leader.
Tado’s smart thermostats connect heating and air conditioning systems to the internet, allowing for them to connect to providers like Capital Plumbing & Heating, for services like Geofencing, Weather Adaptation, and Boiler Repair Services, among others. The thermostat’s ability to detect the presence of people allow to save energy in the home, set the temperature efficiently, as well as save up on heating costs thanks to access to weather forecasts and adapting algorithms.