Phyn, a US-based smart water monitoring device developer formed by water technology provider Uponor and connectivity technology producer Belkin, has received an additional $12m from its founders.
Founded in 2016, Phyn has built a smart home device called Phyn Plus that is designed to detects leaks by using sensors and machine learning technology to measure changes in water pressure. The system then cuts the water supply once an issue is detected to prevent further damage.
Belkin and Uponor have each invested $6m in the company that will fund research and product development in addition to expansion in North America and Europe, following the launch of Phyn Plus in March this year.
Jyri Luomakoski, Uponor’s president and chief executive, said: “Our customers have shown great interest in the new product, but creating a new product category takes time and patience. Therefore an additional investment was needed.”
Belkin initially invested $25m to launch the company, taking a 62.5% stake in the process, while Uponor provided $15m to take the remaining 37.5%. The latter increased its stake to 50% through a $10m investment in February 2018.