Google Buys Nest, Maker of ‘Smart Home’ Devices, for $3.2 Billion

Househappy —  January 16, 2014 — Leave a comment

Last week, Samsung introduced their new Smart Home app to the world, now Google is getting in on the ‘connected home’ action. On Monday, the company announced that they will be purchasing Nest, maker of smart thermostat and smoke detectors, for the bargain price of $3.2 billion dollars.

Nest was launched in 2011 with the mission to “reinvent unloved but important devices in the home,” and has since raised around $80 million from investors including Shasta Ventures, Kleiner Perkins, and Google Ventures.

“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!”

After the transaction is complete (it is expected to close in the next few months), Nest will continue to operate under the direction of CEO Tony Fadell, previously known for leading the development of Apple’s iPod.

“We’re thrilled to join Google,” he said. “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.”

This latest purchase is further evidence that companies are looking at the ‘connected home’ as one of the next big things in technology.

Source: Google, Venture Beat



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