Google has acquired ‘father of the iPod’ Tony Fadell’s Nest, maker of the Nest Learning Thermostat, for US$3.2bn in cash. Nest is on a mission to reinvent devices in the home.
Google stated that Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity.
“Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family,” said Google CEO Larry Page.
“They’re already delivering amazing products you can buy right now–thermostats that save energy and smoke/CO alarms that can help keep your family safe. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”
Nest’s mission is to reinvent unloved but important devices in the home such as thermostats and smoke alarms.
Since its launch in 2011, the Nest Learning Thermostat has been a consistent best seller, and the recently launched Protect (Smoke + CO Alarm) has had rave reviews.
“We’re thrilled to join Google,” said Fadell. “With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”
Nest, which was founded in 2010, has raised US$230m in A, B, C and D funding rounds from investors including Shasta Ventures, Kleiner Perkins Caulfield & Byers, Google Ventures, Lightspeed Venture Partners, Intertrust, Venrock and Generation Investment Managers.