German smart AC and thermostat control manufacturer Tado has reportedly announced that it has raised over $50 million in a new funding round from several noteworthy strategic investors, including e-commerce giant and major smart home space player, Amazon, Inc.
Reports cite, the European Investment Bank, Total Energy Ventures, E.ON, Inven Capital and Energy Innovation Capital were some of the other investors that participated in the new funding round to extend their support to the Munich-based temperature-control firm.
According to a press release, the latest funding round has brought the total amount of funding to around $102 million since the company’s establishment back in 2011. The company intends to utilize the collected amount to expand its service offerings and to reinforce its position in the space with top-of-the-line products.
Reportedly, Amazon’s contribution in the investment has been the most noteworthy as it highlights its growing presence in the smart home segment. According to reports, Amazon has taken significant steps to shape itself as a major player of the smart home space in recent years which includes the acquisition of home security camera and smart doorbell makers – Blink and Ring – the latter in which Amazon was an investor through its Amazon Alexa Fund prior to the acquisition. Moreover, the company has also supported Ecobee – a smart thermostat firm.
Furthermore, the tech giant’s prowess in the smart home segment is reportedly also reinforced by Echo, which is powered by Alexa and can operate a diverse smart home environment through a single voice interface. The other tech giants like Google and Apple offer similar services through Google Home and Siri respectively.
According to reports, the Tado smart controller can be interfaced and controlled through all three of the major voice assistant programs from Google, Amazon and Apple in the market today. The device can reportedly be purchased from Apple and Amazon retail stores.