Business

Nest: Meet Google's new $3.2 billion thermostat company...

Google's already got phones, your TV (if you've been Chromecasting), and your maps. And now, it's entering the thermostat business.

On Monday, Google's investor relations department announced the purchase of company Nest Labs for $3.2 billion in cash.

Nest was launched in 2011 by Tony Fadell, a former Apple pioneer and "the guy most responsible for the iPod after Steve Jobs" according to the Business Insider. The company had raised $230 million in funding since its founding.

The company designs digital thermostats that sell for $250, and digitally operated carbon monoxide detectors that sell for $219.

Nest's devices can be controlled through a personal smartphone (perfect for Google, right?) and can learn someone's behaviour and automatically adjust.

From the company's website:

"Most people leave the house at one temperature and forget to change it. So the Nest Learning Thermostat learns your schedule, programs itself and can be controlled from your phone. Teach it well and the Nest Thermostat can lower your heating and cooling bills up to 20%."

Google CEO Larry Page spoke about the company's newest acquisition on Monday.

"Nest's founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family," Page said. "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."

From Fadell:

"We're thrilled to join Google. 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."

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