PITTSBURGH, Nov. 13, 2019 /PRNewswire/ -- Conservation Labs, Inc., maker of smart water monitor H2know™, announced that it has successfully raised a $1.7 million seed round investment. The round was led by IrishAngels with additional investment from the Amazon Alexa Fund, Serra Ventures, Mountain State Capital, and Innovation Works.
The new investment round will enable Conservation Labs to launch H2know, an innovative product that monitors water use. By combining simple technology with machine learning, Conservation Labs invented an affordable way to protect a property from water damage. Their innovation will allow H2know to be one third the cost of existing products and easily installed in 5 minutes without the help of a plumber. H2know will launch in early 2020 to commercial customers, starting with multi-family properties and restaurants, followed by the residential sector.
"The team and I are excited to be working at the intersection of IoT and machine learning to not only make a difference in people's lives but also create a more sustainable future," said Mark Kovscek, Founder and CEO of Conservation Labs. "Because of our innovative and low-cost approach, we see a path to make a difference in all aspects of water distribution and use across the globe."
"Smart water technology is expected to hit $2 billion in the US residential sector alone in five years" commented Lauren DeLuca from IrishAngels who will join the board with the seed round. "As water rates increase, environmental concerns heighten, and consumers grow more accustomed to smart-home devices, we felt now was the time to invest in Conservation Labs and help bring H2know to customers. We are excited to partner with an amazing team of researchers, developers, and co-investors to solve a globally-important problem."
"We know customers want to make smart, sustainable choices about their consumption, and monitoring water resources and utilization is one of the many interesting applications for smart home technology," said Paul Bernard, director of the Alexa Fund. "Conservation Labs is taking an innovative approach to this through sound data and machine learning, and we're thrilled to be reinvesting in the company as part of its seed round. We can't wait to see what they build in the future."
About Conservation Labs
Founded in 2016, Conservation Labs mission is to enable cost-effective and sustainable water use. We invented a way to understand water flow with machine learning. H2know™ by Conservation Labs delivers actionable water insights, leak alerts and custom conservation recommendations with a low cost and easy to install sensor and app. H2know can help save 20% of water use and water-related expenses and identify leaks in real-time. Conservation Labs is a graduate of the Alexa Accelerator, powered by Techstars. Please visit www.conservationlabs.com or email us at email@example.com for more information.
Founded in 2012, the IrishAngels investing group is dedicated to furthering startup growth through early-stage investments. IrishAngels is comprised of 225 investors with startup or finance backgrounds in a variety of sectors. IrishAngels members are interested in identifying and investing in the most promising early-stage ventures and are able to leverage the extensive Notre Dame network to provide value to our portfolio companies.
SOURCE Conservation Labs