Target, Shortcut up investment in smart thermostat company Tado


tadoTarget Partners and Shortcut Ventures have renewed their commitment to German smart thermostat company Tado by backing a €10m financing round.

The business makes products which automatically adjust heating or air-conditioning systems to user needs, with the app recognising when users are leaving or approaching home and setting the temperature accordingly.

Tado says its control strategy, which takes into account weather forecasts, house characteristics and smart algorithms, can reduce household energy costs by more than 30 per cent.

In January Google bought private equity-backed smart home automation company Nest Labs for $3.2bn.

The company, which was launched in 2010, previously secured financing from corporate venturing group Google Ventures.

Google Ventures led Nest’s Series B round of financing in May 2011, and the company’s Series C in 2012.

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