Nest Hits 40K Shipments Per Month, Raises $80 Million
Nest is a company that manufactures the smart thermostat product known as Nest. Nest has raised $80 million in additional funding at a post-funding valuation of $800 million. Google Ventures led the round of funding and Venrock participated as a new investor according to GigaOM.
Nest is currently shipping around 40,000-50,000 thermostats per month and could hit as high as 1 million per year by summer. The aforementioned shipment numbers are not actual sales, but the figures are closely related to each other.
The company is seeing rapid growth in Europe and the U.S. especially. Nest sells their thermostat online and through large retail companies like Best Buy, Lowe’s, and Apple.com.
Nest will use the funding to build a smart home service to complement the hardware product.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry