ATLANTA, Sept. 10, 2014 /PRNewswire/ -- Soneter, a company that offers smart home water leak detection and metering solutions has announced the close of a $6 million committed financing investment round led by the GRA Venture Fund. The company also announced a strategic partnership with Flextronics and that Diana Murphy, Managing Director, GRA Venture Fund and Mike Dennison, President of the Consumer Technology Group for Flextronics will be appointed to its board of directors.
'"The smart home and connected building market is experiencing rapid growth," said Diana Murphy, Managing Director, GRA Venture Fund. "We are delighted to have led the investment and look forward to working with Soneter on taking its cutting-edge solution to market."
Soneter's patented wireless sensing technology easily integrates into homes and businesses to provide water detection, sub-metering and usage information. Founded in 2010, Soneter's solution is based on technology licensed from the Georgia Institute of Technology and supported through the GRA Ventures program via Georgia Tech's VentureLab.
"We are eager to be entering the next phase of our company's growth and are excited to be able to meet the needs of our customers," said Jeff Leaders, President and CEO, Soneter. "The partnership with the GRA Venture Fund and the strategic partnership with Flextronics will enable us to rapidly advance our offering."
"Flextronics sees Soneter as a game changer in the connected home market," said Mike Dennison, President of the Consumer Technology Group, Flextronics. "We are happy to partner with Soneter and strategically help with accelerating the deployment of its SMARTFlow technology."
About GRA Venture Fund, LLC
The GRA Venture Fund, LLC is a private investment fund helping to finance promising companies emerging from Georgia's universities. The Fund makes seed, early-stage and mid-stage investments in companies originating from GRA Ventures, the commercialization arm of the Georgia Research Alliance. Fund investors are the State of Georgia, private individuals, corporations and foundations. www.graventurefund.org
Flextronics is a leading end-to-end supply chain solutions company that delivers design, engineering, manufacturing and logistics services to a range of industries and end-markets, including data networking, telecom, enterprise computing and storage, industrial, capital equipment, appliances, automation, medical, automotive, aerospace and defense, energy, mobile, computing and other electronic product categories. Flextronics is an industry leader with $26 billion in sales, generated from helping customers design, build, ship, and service their products through an unparalleled network of facilities in approximately 30 countries and across four continents. Flextronics service offerings and vertically integrated component technologies optimize customer supply chains by lowering costs, increasing flexibility, and reducing time-to-market. www.flextronics.com
Soneter is a leading provider of water leak detection, sub-metering and detailed usage information services to the consumer, multifamily housing and industrial markets. Soneter's SMARTFlow H20 is a non-invasive solution that uses ultrasound signals and proprietary algorithms to measure water flow. The company is headquartered in Atlanta at Georgia Tech's Advanced Technology Development Center. http://smartflowh2o.com
Director, Public Relations
Georgia Research Alliance
SOURCE Georgia Research Alliance; Soneter