Thursday, May 9, 2019

Phyn Finds $12M More For Smart Water Monitoring

Los Angeles-based Phyn, the Belkin spinout which is developing very advanced, machine learning-driven smart water usage monitoring systms, has raised $12M more in a funding round, the company announced on Thursday. The funding came from Belkin International and Uponor, both prior investors in Phyn. According to Phyn, the new funding will go towards research and new product development, to help it grow its footprint in the U.S., and continued expansion in global markets. The startup, led by CEO Ryan Kim, develops a smart water monitoring device which only needs a single point of install, but which uses sophisticated software to measure individual water usage down to the appliance level. Phyn says it recently launched its product into the European market, offering up its systems to customers in Finland, Sweden, France and Spain, with Germany and other countries to follow later this year. The company's technology uses machine learning and sensors to measure tiny changes in water pressure, to enable it to provide such water usage details as specific amount of water used by sinks, toilets, showers and sprinkler systems. The product also includes a remote shut off feature, in case of a catastrophic failure--one of the biggest costs to home insurance companies.