Tony Fadell, the man credited with selling Steve Jobs on the iPod and the iPhone (News - Alert), left his role as the hardware development chief at Apple two years ago to launch a Silicon Valley startup with former iPhone software manager Matt Rogers.

With two innovative, consumer-focused designers at the helm, the expectations surrounding Nest Labs were huge, leading to investments from all the big names in the VC space, including Kleiner Perkins, Lightspeed Venture Partners and Google (News - Alert) Ventures, according to Reuters.

The company even pilfered top talent from some of the tech world's major players, headlined by Yoky Matsuoka, former head of innovation at Google, and Lee Mighdoll, former vice president for engineering at Twitter and director of engineering at Microsoft (News - Alert).

So with all this talent and funding, what must-have invention did Nest Labs come up with? The short answer: a thermostat.

All kidding aside, it's a pretty amazing invention, and one that consumers may clamor for due to its attractive price point and its ability to save energy (and, of course, money).

The product, dubbed the Nest Learning Thermostat, is a smart device that adjusts heating and cooling systems automatically based on user behavior and additional metrics, such as the amount of sunlight in the room and if the lights are off. So, if sunlight is pouring into a room, the Nest can adjust the temperature accordingly to keep the feel of the room static, while also saving energy.

Quite obviously, a thermostat that simply turns heating and cooling systems off when a user leaves the home is inadequate, as short trips to the store would cause the device to go haywire. Instead, the Nest Learning Thermostat programs itself by "studying" user behavior in the first week and projecting heating and cooling patterns going forward. The system will then adjust as user patterns change.

As Fadell explained to Reuters (News - Alert), if a user turns the heat down at 10 p.m. every night, the thermostat will catch on and begin automatically adjusting the temperature moving forward. One-time changes won't affect the system; only patterned behavior.

That thermostat accomplishes the above tasks using temperature sensors and a 150° activity sensor that can identify if anyone is in the room. In classic Apple fashion, the thermostat is sleek and simple – a big differentiating factor from some of the other smart devices on the market.

“It was unacceptable to me that the device that controls 10 percent of all energy consumed in the U.S. hadn’t kept up with advancements in technology and design,” Fadell noted in a statement. “[We] set out to reinvent the thermostat using advanced technologies, high-quality manufacturing processes and the thoughtful design elements the iPhone generation has come to expect.”

The thermostat lights up when a user approaches and turns red or blue when it begins heating or cooling. The Nest will even display a green leaf to let users know when they are being as energy-efficient as possible.

In addition, the device works through Wi-Fi, so it can check weather reports and update itself automatically. This also enables users to set temperatures remotely from their computer, smartphone or tablet.

With a suggested retail price of $249, the Nest may be able to pay for itself rather quickly. The average home may be able to save up to $300 in a calendar year with lower energy bills, according to the New York Times.

The Nest thermostat will be available online and in stores like Best Buy (News - Alert) in mid-November. Nest is already taking pre-orders on their website.