European company tado has raised €10m ($13.6m) in venture capital funding from Target Partners and Shortcut Ventures.
tado has developed intelligent climate control solutions which enhance comfort in the home and enable households to save on energy costs. Its heating or air conditioning (AC) systems automatically adjust to users’ needs with a geo-aware app for presence detection. The tado smartphone app automatically recognizes when the user leaves or returns home and sets the temperature accordingly. The smart device can achieve up to 31% in energy savings. tado° has developed control interfaces for over 5,000 different types of heating systems. The first product, tado° Heating, was launched in Germany, Austria and Switzerland in November 2012 and in the UK a year later. It was followed by the tado° Cooling product for AC. Distribution is via utility companies and through retail partners as well as the company's website www.tado.com.
The company, which has a staff of 40, plans to use the funding for expansion throughout Europe according to Christian Deilmann, CEO. Deilmann founded the company - which is headquartered in Munich - with Johannes Schwarz and Valentin Sawadski in 2011.
The name “tado” was inspired by the Japanese greetings “tadaima” and “okaeri” which, loosely translated, mean “I'm home” and “Welcome home”.