Nest Labs Inc. buys Boston’s MyEnergy
On the heels of raising $80 million in venture capital funding earlier this year, the fast-growing California thermostat maker Nest Labs Inc. has bought Boston start-up MyEnergy.
The acquisition is the first one for Nest, which was founded by two former Apple Inc. executives in 2010 and has quickly grown into one of the hottest Silicon Valley technology start-ups.
Nest would not reveal terms of the deal to buy MyEnergy, a 12-person company that was founded in 2007 and has raised $4 million in venture funding.
“Nest came looking for us because of the MyEnergy technology,” said Ben Bixby, chief executive officer of MyEnergy, which provides an online service for analyzing energy consumption and for consumer to track utility bills. “We are able to take this technology of Nest – this iPhone that sits on your wall – and help you know exactly when it’s paid for itself.”
Indeed, the founders of Nest, Tony Fadell and Matt Rogers, were both senior managers at Apple who worked on the development of the iPod. They started Nest in Palo Alto, Calif., to create a smarter thermostat, which sells for about $250, that can be controlled remotely through mobile devices, and adjusts itself by learning users’ schedules and temperature preferences.
For the time being, MyEnergy will remain a separate brand and platform. It’s still being determined which MyEnergy employees will remain in Boston and which ones will relocate to California, where Nest has 210 employees.Michael B. Farrell can be reached at firstname.lastname@example.org.