Phyn, a Torrance, Calif.-based provider of intelligent water solutions, raised $12M in funding.
Backers included parent companies:
– Belkin International, a global leader in consumer technology, Networking, Smart Home and Smart City, and
– Uponor, a provider of plumbing for residential and commercial spaces worldwide with North American headquarters located in Apple Valley, Minn.
The company intends to use the funds to ongoing research and new product development, growing its presence in the US, and continuing its expansion into global markets.
Led by Ryan Kim, CEO, Phyn provides Phyn Plus, a smart water assistant that continuously monitors a home’s entire plumbing system to detect leaks, conserve water, and save money. Utilizing patented machine learning technology, the device measures tiny changes in water pressure – 240 times a second – to detect plumbing issues (i.e. freezing pipes, pinhole leaks or catastrophic bursts) in real time and can remotely shut off the main water supply to prevent costly damage. Phyn Plus provides granular detail on water usage allowing homeowners to view water consumption across fixtures such as sinks, toilets, showers, and sprinkler systems all through the app. Homeowners can also ask Amazon Alexa about their water consumption and even turn off their water using voice commands.
The investment follows the launch across the European market. In addition to the U.S. and Canada, Phyn Plus now brings its intelligent water management to the smart home experience for customers in Finland, Sweden, France and Spain, with Germany and other countries to follow later this year.
In the USA, the company is partnering with local government entities to advance water conservation efforts including a rebate program with Southern Nevada Water Authority in Las Vegas, and a commercial pilot with the City of Santa Fe, New Mexico.
As part of this pilot, Phyn Plus units have been installed in restaurants throughout the city to allow business owners to conserve water, prevent plumbing-related issues and save on operating costs while providing valuable insights to the utility and city managers.
FinSMEs
10/05/2019