US-based water security and management system developer Flo Technologies took its overall funding to more than $11m having raised an undisclosed amount of series A funding from backers including financial services group USAA.
The amount raised in the series A was not revealed but the funding was secured earlier this year, according to a press release issued by Flo this week. Deals database PitchBook has identified the date as March 21, though no regulatory filings are available to confirm the details.
The series A round was led by venture capital firm Crosslink Capital and included investment and advisory firm Anthemis Group. Details of previous funding rounds could not be ascertained.
Flo Technologies announced the series A investment at the same time as it unveiled its lead product, a water monitoring and conservation device for home users. The system is able to measure water pressure, flow rate and temperature, and uses artificial intelligence to detect usage patterns.
The data is used to identify abnormalities, helping to detect even tiny leaks before flooding occurs. The product is currently available through a limited, early adopter program with a public launch scheduled for the first quarter of 2018.
Gabriel Halimi, chief executive and co-founder of Flo Technologies, said: “With 13% of a home’s water being lost each year in leaks, the Flo system can pay for itself over time.
“In the coming months, we look forward to rolling out Flo to homes across America and also sharing exciting new collaborations with partners that can help consumers save even more money.”