Siemens, Statkraft Ventures, Target Partners, Shortcut Ventures and BayBG have all helped tado° reach a new funding goal, with the company raising $17.1m (£11m) in its latest financing round.

Total funding of tado° has now reached $34m (£22m) which should allow it to take on the likes of Nest and British Gas’ Hive in the marketplace.

Tado°’s product line-up includes its smart thermostat and smart AC control products, which allows users to control any heating or air conditioning system over the Internet.

The geo-aware tado° smartphone App can also automatically sense when nobody is at home and turns down the heating or AC to save energy.

As soon as one of the residents starts to head home, tado° reacts immediately and warms or cools the house to the desired temperature.

Tado° can also adapt its heating settings dependent on local weather forecasts, which the company says could save up to 31% on energy costs.

“There is no doubt that home climate control will be digital in the future and will deeply integrate with local service providers,” says Christian Deilmann, co-founder and CEO of tado°.

“Tado° is dedicated to being the market leader in this field with the most compatible products, the most intelligent app and the best service offerings.”

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