LOS ANGELES, May 9, 2019 /PRNewswire/ -- Phyn, the leader in intelligent water solutions, today announced a $12M investment from its parent companies Belkin International and Uponor. The new investment will be used towards ongoing research and new product development, growing its footprint in the U.S., and continuing its expansion into global markets.
"Phyn has had a remarkable start to the year with our expansion into Europe, and exciting partnerships with insurance providers and municipalities," states Ryan Kim, CEO, Phyn. "This new round of funding is a validation of our current leadership position in the smart water solutions market and paves the way for us to continue to seize the incredible growth opportunities that lay before us."
The investment comes on the heels of Phyn's 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. On the domestic front, Phyn 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 help business owners conserve water, prevent plumbing-related issues and save on operating costs while providing valuable data driven insights to the utility and city managers.
Phyn Plus, Smart water assistant + shutoff is a powerful smart home device 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 Phyn app. Homeowners can also ask Amazon Alexa about their water consumption and even turn off their water using voice commands.
Phyn is a joint venture between Belkin International and Uponor. With this investment, Phyn will continue to be equally owned by Belkin International and Uponor.
About Phyn Phyn is the leading intelligent water brand, bringing solutions to market that help people protect their homes, conserve water and save money. Built upon nearly a decade of research and patented technological innovation, Phyn is poised to change the way consumers interact with water and help solve the major challenges threatening the world's supply of clean, healthy water. Phyn is backed by Belkin International, a global leader in consumer technology, Networking, Smart Home and Smart City, and Uponor, a leading provider of plumbing for residential and commercial spaces worldwide with North American headquarters located in Apple Valley, Minn. The parent company Uponor Corporation is listed on Nasdaq Helsinki, Finland. Phyn is headquartered in Torrance, Calif. To learn more, visit www.phyn.com.