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Internet of Things

With New Funding, Nest Is Reportedly Valued At More Than $2 Billion

The home tech startup bringing us smart thermostats and smoke detectors is raising more than $150 million.

[Image courtesy of Nest]

Nest, one of the firms at the vanguard of building a brain for your home with its smart thermostat, is close to raising more than $150 million, according to Kara Swisher—whose new site, Re/code launched yesterday. The funding, from Yuri Milner's DST Global investment body, will value Nest at over $2 billion. If completed, Nest's value will have almost tripled in less than a year.

The firm, helmed by former Apple bright spark Tony Fadell, has a new venture, a smart smoke and carbon monoxide detector.

Nest's backers include Google Ventures, which revealed in its end-of-year-figures that the smart thermostat had saved 1.2 billion kilowatt hours in 2013.

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