The company's venture round will be led by DST Global. Other VCs, including Google Ventures and Shasta Ventures, will also join the round. January 2, 2014 6:04 AM PST The new Nest Protect, a smart, connected smoke and carbon monoxide detector. (Credit: Lindsey Turrentine/CNET) Nest, the smart home startup best known for its thermostat, is closing in on some serious cash, according to a new report. Nest is closing in on the end of a financing round in which it'll raise at least $150 million on a $2 billion valuation, Recode is reporting on Thursday, citing people familiar with the talks. Nest could raise as much as $200 million on a $3 billion valuation, the site's other sources say. Related stories Tech to keep your resolutions on track Next step for connected devices? Connect the devices Google said to be considering a smart thermostat, again Nest Labs CEO advice: Startup? More like lawyer up Ways to share travel expenses Over the last few years, Nest has become one of the more popular device makers in the smart home business. The company was founded by Tony Fadell, a former Apple executive many credit with inventing the iPod. Nest is best known for its thermostat, which learns user habits and aims at reducing energy usage. The company recently launched the Nest Protect, a combined carbon monoxide and smoke alarm that can "talk" to its thermostat. Recode didn't say when Nest might announce its financing round. There's also no word on what the company might use its funding for in the event it closes the deal. One can bet, though, that Nest has its sights set on other household gear that might be in need of a 21st century update.
The company's venture round will be led by DST Global. Other VCs, including Google Ventures and Shasta Ventures, will also join the round.
The new Nest Protect, a smart, connected smoke and carbon monoxide detector.
(Credit: Lindsey Turrentine/CNET)
Nest, the smart home startup best known for its thermostat, is closing in on some serious cash, according to a new report.
Nest is closing in on the end of a financing round in which it'll raise at least $150 million on a $2 billion valuation, Recode is reporting on Thursday, citing people familiar with the talks. Nest could raise as much as $200 million on a $3 billion valuation, the site's other sources say.
Related stories
- Tech to keep your resolutions on track
- Next step for connected devices? Connect the devices
- Google said to be considering a smart thermostat, again
- Nest Labs CEO advice: Startup? More like lawyer up
- Ways to share travel expenses
Over the last few years, Nest has become one of the more popular device makers in the smart home business. The company was founded by Tony Fadell, a former Apple executive many credit with inventing the iPod. Nest is best known for its thermostat, which learns user habits and aims at reducing energy usage. The company recently launched the Nest Protect, a combined carbon monoxide and smoke alarm that can "talk" to its thermostat.
Recode didn't say when Nest might announce its financing round. There's also no word on what the company might use its funding for in the event it closes the deal. One can bet, though, that Nest has its sights set on other household gear that might be in need of a 21st century update.
