Phyn, a Torrance, CA-based provider of a water monitor that attaches to the main water line of homes, raised USD$10m in second funding round.
Nasdaq Helsinki listed Uponor made the additional investment, which brings its total investment in the company to USD$25m.
The company, a joint venture between Uponor (50%) and Belkin International (50%), will use the funds to further accelerate market penetration and scale operations as it prepares for commercialization in late spring of its debut product the Phyn Plus, smart water assistant + shutoff.
Led by Jyri Luomakoski, President and CEO, Maija Strandberg, CFO, Phyn provides Phyn Plus, an intelligent water monitor that attaches to the main water line of homes. Through a combination of high-definition pressure sensing and machine learning, Phyn Plus detects leaks and plumbing issues and can automatically shut off the main water supply when needed to prevent costly damage.
Phyn Plus will be available for purchase in the U.S. for USD$850 exclusively through the Uponor Pro Squad, a nationwide network of expertly trained plumbers and water specialists.
Uponor is an international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering.
Uponor employs about 3,900 employees in 30 countries, mainly in Europe and North America. In 2016, net sales totalled €1.1 billion.