Berlin-based smart home startup Yetu AG has closed its Series A financing. Although the exact financial terms were not disclosed, the company revealed the figure to be “mid-range, single-digit million euros”. Bilfinger Venture Capital led the round with participation from KfW Banking Group’s ERP Start Fund.
Yetu AG, headquartered in Berlin, has successfully completed its Series A financing. Bilfinger Venture Capital as lead investor and KfW Banking Group’s ERP Start Fund are together investing a mid-range single-digit million Euro amount.
yetu is developing a novel smart home platform based on open standards in order to allow people to use the internet at home consistently across devices and operating systems for communication, entertainment, home automation or security.
“Following the mobile internet, smart home will become the next major growth area in the internet for private users”, says Christopher Schläffer, Chief Executive Officer of yetu.
Schläffer founded yetu in 2010 after leaving his position as Chief Product & Innovation Officer and Member of the Executive Operating Board of Deutsche Telekom for exactly that purpose. yetu’s Chief Operating Officer is Dr. Boris Maurer who until 2010 was a
Partner at McKinsey & Company where he spent 14 years working with companies and institutions in high tech, telecommunications, media, energy and the public sector.
yetu will use the invested capital to complete its smart home platform and for market launch. Beyond that addressing the commercial customer segment (“smart buildings) and extending the product portfolio will be topical.
“yetu impressed us with clear customer benefit, extensive expertise and its first-class founder and management team”, says Andreas Wigger, Managing Director of Bilfinger
Venture Capital. Bilfinger Venture Capital also sees substantial value added in the area of commercial real estate as a result of yetu’s non-intrusive measurement and visualization of the activity and consumption of electrical devices.
“Together with the yetu team and operating companies in the Bilfinger Group, we intend to successfully tap into this potential and the associated market”, explains Dr. Karl Ludwig Kley, Managing Director at Bilfinger Venture Capital.
“With its innovative smart home platform, yetu can contribute substantially to enhanced sustainability”, says Torsten Dolezilek, Director Venture Capital at KfW and responsible for the ERP Start Fund. “We are looking forward to strengthening our cooperation with
Bilfinger Venture Capital with this investment”.
Christopher Schläffer, yetu´s Chief Executive Officer was pleased with the closing the financing round: “We welcome our new investors and their confidence in the performance of our team. This investment strengthens us to fully focus on our product and the
international market launch.”
yetu´s mission is to enable people to discover a new world at home. Following the mobile internet, smart home is becoming the next major growth area in the internet for private users. The internet will change and enrich the way people live at home. yetu is committed
to its users, open standards and perceives data security and protection of privacy as
indispensible. For further information see www.yetu.com
About KfW´s ERP Startfond
KfW finances and supports, among other things, business start-ups, small and medium sized enterprises (SMEs) as well as investments for growth and employment in Germany.
The ERP-Startfond, which is co-financed and administered by KfW, especially supports technology-oriented businesses with strong growth potential. Financing is provided for research and product development as well as market launch of new products, methods or
services. KfW always gets involved together with a lead investor and under market conditions. Since 2004 the ERP-Startfond has had access to about €730 million for investment in young and technology oriented businesses. For further information see www.kfw.de
About Bilfinger Venture Capital
Bilfinger Venture Capital invests in young and technology-oriented businesses which are related to the strategic and operational interests of Bilfinger. We are thus part of Bilfinger´s innovation strategy.Investments are always oriented towards a long-term partnership. Starting with the seed phase through to market success, Bilfinger Venture Capital accompanies and supports young start-ups. Bilfinger Venture Capital also helps to identify additional investors, who, together with us, ensure long term entrepreneurial success.
For further information see www.vc.bilfinger.com