Tado raises €17.1m from Siemens Venture et al.

Existing backers Target Partners and Shortcut Ventures also participated. The fresh capital brings Tado's total funding to €30m.

In 2014, Tado launched a device for controlling air conditioners through the crowdfunding platform Kickstarter. Internationally, the company competes with Nest, also a developer of intelligent thermostats, which was bought by Google for $3.2bn in March 2014.

Tado is the first European investment for Siemens Venture Capital this year. The VC's last activity on the continent was a participation in the €10m funding round for PE International, a Germany-based sustainability consultancy firm and software developer, in September 2014.

Previous funding
Target Partners and Shortcut Ventures took part in the €10m series-C round for Tado in July 2014. The same investors previously backed the startup during its €2m round in September 2013.

Target Partners led the company's seed round in 2011, backing the product launch in November that year.

Company
Founded in 2011 and headquartered in Munich, Tado develops home climate control technology. Through the use of a geo-localised app, Tado automatically adjusts the temperature based on the residents' location, potentially saving on energy costs. The company has 85 employees.

People
Christian Deilmann is the founder and CEO of Tado.

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