Nest Buys Energy Usage Tracking Company MyEnergy
Nest Labs is a smart thermostat company that has acquired MyEnergy. Through the acquisition, Nest will be able to provide customers with information about their energy usage. MyEnergy monitors electric, water, and gas usage. This information is presented in an aesthetic dashboard. The terms of this deal was undisclosed.
MyEnergy has users in all 50 states in the country and works with over 1,500 utility territories. Tony Fadell, the founder and CEO of Nest, believes that MyEnergy will be a great fit for Nest.
“Giving our customers more in-depth access and analysis of their energy usage has always been part of the Nest vision,” said Fadell. “We’ve made great strides in the past year and a half; by bringing MyEnergy into the Nest family, we can reach our goals even faster. The MyEnergy team is incredibly like-minded, and we’ve already begun working with them to find ways to integrate their technology into Nest products.”
According to CrunchBase, Nest Labs has raised a total of $80 million in funding from Kleiner Perkins, Google Ventures, Lightspeed, Intertrust, Shasta Ventures, Generation Investment Management, and Venrock. In the company’s last round of funding, they were given a valuation of $800 million.
Nest is a company that builds sensor-driven and WiFi-enabled programmable thermostats. The Nest learning thermostat is now in its second-generation. Nest is compatible with most standard HVAC systems.