Phyn Announces Additional $10M Investment from Uponor to Accelerate Growth
LOS ANGELES, February 13, 2018-– Phyn, the company bringing intelligent water solutions to market, has announced the completion of an additional $10 million investment from Uponor, a leading supplier of plumbing for residential and commercial spaces worldwide. The new investment will be used to further accelerate Phyn’s market penetration and scale the company’s operations as it gears up to ship its debut product the Phyn Plus, smart water assistant + shutoff.
"This funding from Uponor further cements Phyn's position as the leading solution in the smart water space," said Ryan Kim, CEO of Phyn. "It comes at a pivotal time for our company and allows us to grow our world-class team further as we continue to dedicate our efforts to solving some of the toughest challenges facing water, so that we all not only protect our homes, but also become better stewards of water, our most precious natural resource."
Phyn Plus is an intelligent water monitor that attaches to the main water line of homes. Through a combination of high-definition pressure sensing and machine learning, Phyn Plus detects leaks and plumbing issues and can automatically shut off the main water supply when needed to prevent costly damage. Phyn Plus will be available for purchase starting late spring for $850 exclusively through the Uponor Pro Squad, a nationwide network of expertly trained plumbers and water specialists.
“Uponor is proud of the innovative work that Phyn is doing and we see tremendous potential in the solutions that Phyn is bringing to market,” added Jyri Luomakoski, President and CEO, Uponor Corporation. “Our additional investment represents our commitment to the shared vision for the future of intelligent water systems.”
Phyn is a joint venture between Uponor and Belkin International, a global leader in consumer technology, networking, smart home and smart city. Uponor initially invested $15 million in Phyn at the formation of the joint venture, and, with this second round funding, its total investment in Phyn is $25 million. With this investment, Phyn is now equally owned by Belkin International and Uponor.
“We are thrilled with Uponor’s continued commitment and additional investment in Phyn. It will help accelerate the already phenomenal things that Phyn is achieving, bringing water resource management to the forefront of the smart home, and a critical solution for creating smart cities” said Chet Pipkin, founder and CEO of Belkin International.
Phyn is bringing intelligent water 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 supplier of plumbing for residential and commercial spaces worldwide with North American headquarters located in Apple Valley, Minnesota. The parent company Uponor Corporation is listed on Nasdaq Helsinki, Finland. Phyn is headquartered in Torrance, California. To learn more, visit www.phyn.com.
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