Phyn Raises $12M
Phyn, the company offering “intelligent water solutions,” announced a $12m investment from its parent companies Belkin International and Uponor, which will be used towards ongoing research and new product development, growing its footprint in the US, and continuing its expansion into global markets.
The company’s product – Phyn Plus – is a smart water assistant device with a shutoff feature that continuously monitors a home’s entire plumbing system to detect leaks, conserve water and save money. The device measures “tiny changes” in water pressure – 240 times a second – to detect plumbing issues such as freezing pipes, pinhole leaks or catastrophic bursts in real time and can remotely shut off the main water supply to prevent costly damage. The device also provides granular detail on water usage allowing homeowners to view water consumption across fixtures such as sinks, toilets, showers and sprinkler systems through the Phyn app. Homeowners can also ask Amazon Alexa about their water consumption and turn off their water using voice commands.
“Phyn has had a remarkable start to the year with our expansion into Europe, and exciting partnerships with insurance providers and municipalities. 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.” – CEO of Phyn, Ryan Kim.