Nest Founders Tony Fadell and Matt Rogers

The era of the smart home is not yet upon us, but if Silicon Valley’s latest mega VC round is anything to go by, it’s right around the corner. The Palo Alto-based Nest Labs, known for its smart appliances, is reportedly about to secure a massive $150 million in funding to help take the connected universe to the next level.

Established in 2010 by former Apple senior vice president Tony Fadell and colleague Matt Rogers, Nest has made a name for itself by putting a Big Data twist on antiquated household electronics. The company offers a Learning Thermostat that tracks usage trends and optimizes power consumption accordingly, and recently launched a sophisticated smoke detector called Protect. The $129 gizmo sets itself apart from more competitively priced alternatives through Wi-Fi integration with other devices (including the Learning Thermostat) and an array of convenience features such as the ability to wave off false alarms.

Nest’s pioneering efforts to reinvent the modern home – and get a head start on the Internet of Things – earned it the support of Yuri Milner’s Digital Sky Technologies, which is leading the soon to be completed funding round. The venture capital firm has a knack for spotting companies, having previously invested in the likes of Facebook and Groupon.

DST is joined by the company’s formidable line of existing backers, which includes Google Ventures, Shasta Ventures, Kleiner Perkins, Lightspeed Venture Partners and others. When closed, the funding will bring Nest’s total funding to $380 million and valuation to $2 billion, a major milestone for the four-year-old firm. Nest had previously received $80 million in Series C financing to boost sales, which at the time stood at 40,000 to 50,000 monthly thermostat shipments.