Plumbing products provider Uponor provided $10m of funding for US-based smart water monitoring device developer Phyn, a joint venture between Uponor and connectivity technology producer Belkin, on Tuesday.
Founded in May 2016, Phyn is developing a smart home device called Phyn Plus that uses sensors and machine learning technology to detect leaks by measuring small changes in pressure in plumbing systems.
Once Phyn Plus detects an issue within a system it can prevent damage by suspending the water supply. It will be made commercially available through a network of affiliated plumbers and water specialists in 30 US cities later this year.
The funding will go to expanding the company’s operations as it prepares to commercialise the product. Belkin and Uponor each own 50% of Phyn following the deal, which takes Uponor’s overall investment in the company to $25m.
Uponor invested $15m in Phyn at the time of its launch in exchange for a 37.5% stake while Belkin, which provided technology, assets and labour for the company valued at $25m, owned 62.5%.
Chet Pipkin, founder and chief executive of Belkin International, said: “We are thrilled with Uponor’s continued commitment and additional investment in Phyn.
“It will help accelerate the already phenomenal things that Phyn is achieving, bringing water resource management to the forefront of the smart home and a critical solution for creating smart cities.”