The $50 million round, announced this morning, also E.ON, Total Energy Ventures, Energy Innovation Capital, Inven Capital, the European Investment Bank. The deal brings tado, which makes products that can control heating and air conditioning systems, to $102 million in total funding.
“We are convinced that soon every building will be heated and cooled intelligently. Now is just the right time to raise capital and utilize it to position us as the number one in this fast-growing market,” Toon Bouten, CEO of tado said in a statement.
This is not Amazon’s first smart home investment, nor is it even the first time Amazon has invested in a smart thermostat maker. Back in 2016, Amazon’s Alexa Fund joined a $35 million round for ecobee, which at that point was the biggest investment the fund had made.
Amazon’s most notable smart home deal in recent memory was the acquisition of Ring, reportedly valued at more than $1 billion. Last month, Amazon invested in a modular building startup for the first time, Planet Prefab.
Amazon’s push into the smart home is evident not just in its investments in other companies but its own product roadmap. Last month Amazon unveiled a flurry of new devices, many of them focused on the home, such as a microwave, wall clock, subwoofer and amplifier and more.